Taxes

1031 Exchange Canada: Does It Exist?

1031 Exchange Canada: Does It Exist?

If you are wondering whether Canadians enjoy a similar capital gains tax deferral benefit like the 1031 like-kind exchange, here’s what you need to know.

How to File Taxes if You Have No Income in Canada

How to File Taxes if You Have No Income in Canada

You may need to file your income tax and benefit return even if you do not make any income in the year. This is why.

How Does Income Splitting Work in Canada?

How Does Income Splitting Work in Canada?

Income splitting helps households to reduce overall income tax payable. Here's how you can split income for tax purposes.

What are the Superficial Loss Rules in Canada?

What are the Superficial Loss Rules in Canada?

When you make a superficial loss on capital property disposition, you cannot claim this loss when filing your taxes. Here's what a superficial loss is.

How To Pay Taxes in Canada (Online, In Person, By Mail)

How To Pay Taxes in Canada (Online, In Person, By Mail)

If you need to pay taxes to the Canada Revenue Agency after receiving your tax assessment, these are the options available for individuals and businesses.

What is Withholding Tax in Canada?

What is Withholding Tax in Canada?

If you have a full-time employment contract, your employer withholds tax on your gross salary and remits it to the Canada Revenue Agency.

What is a Notice of Assessment NOA in Canada?

What is a Notice of Assessment NOA in Canada?

When you submit your tax return to the Canada Revenue Agency (CRA), you will receive a notice of assessment (NOA). Here's what the NOA contains.

Dividend Tax Rate in Canada Explained

Dividend Tax Rate in Canada Explained

Remember to claim the dividend tax credit if you've received investment income from qualifying Canadian corporations.

What is GST/HST in Canada?

What is GST/HST in Canada?

The Goods and Services Tax, also referred to as GST is a sales tax that the Canadian government applies to purchases and sales in Canada.

How Much is Income Tax in Canada? (2022)

How Much is Income Tax in Canada? (2022)

If you earn income from a Canadian source, you may be subject to income tax. The income tax you pay will depend on your total taxable income.

How Does the Medical Expense Tax Credit Work in Canada?

How Does the Medical Expense Tax Credit Work in Canada?

Here's what you need to know about the medical expense tax credit when filing your tax return in Canada.

Is CPP Income Taxable?

Is CPP Income Taxable?

Your Canada Pension Plan payments are subject to tax in Canada. Here's what you need to know.

A Guide to Cryptocurrency Tax in Canada

A Guide to Cryptocurrency Tax in Canada

Cryptocurrency gains may be great, but do not forget the tax implications of these gains in Canada. Here's how the CRA treats crypto tax in Canada.

What is the Lifetime Capital Gains Exemption (LCGE) in Canada?

What is the Lifetime Capital Gains Exemption (LCGE) in Canada?

You may be eligible for capital gains tax deduction when you dispose of certain property. Find out more about the Lifetime Capital Gains Exemption.

How Long Does It Take to Get Your Tax Return in Canada?

How Long Does It Take to Get Your Tax Return in Canada?

Your tax return filing method can impact how soon you receive a notice of assessment from the CRA. This is how long it can take.

What is Form T1213 Request to Reduce Tax Deductions at Source?

What is Form T1213 Request to Reduce Tax Deductions at Source?

Use the T1213 form to reduce your taxable income and income taxes for a specific tax year, this is how you can do this.

What is the T2209 Federal Foreign Tax Credits Form?

What is the T2209 Federal Foreign Tax Credits Form?

If you have earned income from a foreign company while being a resident of Canada, the T2209 form helps you claim federal foreign tax credits.

What is a T5 Slip Statement of Investment Income in Canada?

What is a T5 Slip Statement of Investment Income in Canada?

As a Canadian resident, if you have earned investment income in a tax year then you need a T5 tax slip. Here's what you need to know about the T5.

How Much is Land Transfer Tax?

How Much is Land Transfer Tax?

When you purchase a home in Canada, you may be required to pay a land transfer tax. This article shows how to calculate a land transfer tax in each province.

What is a Tax Write Off in Canada?

What is a Tax Write Off in Canada?

Tax write-offs are a good way to reduce your taxable income and income tax payable through tax deductions and tax credits. Read more to find out how.

What is a T1 Adjustment Form in Canada CRA?

What is a T1 Adjustment Form in Canada CRA?

Do you need to make an adjustment to your T1 tax filing? Check out our simple guide to making a T1 adjustment.

What is a T4 Statement of Remuneration Paid Slip in Canada?

What is a T4 Statement of Remuneration Paid Slip in Canada?

The T4 is an important tax slip used to file the Income Tax and Benefit Return if you worked for an employer in Canada. Here's what you should know.

What is the T2033 Form for Direct Transfer of Registered Account

What is the T2033 Form for Direct Transfer of Registered Account

A T2033 is a form that you can fill to make entitled transfer payments between registered plans on a tax-free basis.

What is Line 10100 on Tax Return? (Formerly Line 101)

What is Line 10100 on Tax Return? (Formerly Line 101)

Line 10100 on your Income Tax and Benefit Return form represents your employment income. If you had to submit a tax return before the tax year 2019, this would have been known as line 101.

What is the T2200 Form Declaration of Conditions of Employment Form

What is the T2200 Form Declaration of Conditions of Employment Form

The T2200 is a form that declares the conditions of employment of an employee for work expenses incurred by the employee.

How Canadian Inheritance Tax Works

How Canadian Inheritance Tax Works

Whether you expect to receive any form of inheritance, have already inherited any assets, or on the flip side, are planning to leave some inheritance for someone in Canada, this article covers the key information on what you need to know.

What is the Ontario Focused Flow-Through Share Tax Credit? T1221

What is the Ontario Focused Flow-Through Share Tax Credit? T1221

Find out how you can claim a tax credit for your eligible investments in Ontario mining exploration.

What is the T5018 Form Statement of Contract Payments (Construction Industry)

What is the T5018 Form Statement of Contract Payments (Construction Industry)

Everything you need to know to successfully manage your construction-related tax filings, via the all-important T5018.

Capital Gains Tax in Canada Explained (2022)

Capital Gains Tax in Canada Explained (2022)

No one said taxes were simple! Here is everything you need to know about capital gains tax in Canada, so you can stay financially efficient.

T1 General Form Explained for Canadians

T1 General Form Explained for Canadians

Often referred to as the income tax and benefit return form, the T1 summarizes all income earned and any eligible tax credits, benefits, and returns.

What is a Pension Adjustment in Canada?

What is a Pension Adjustment in Canada?

If you belong to a pension plan, this is how your pension adjustment gets calculated and how your RRSP deduction limit is affected for the tax year.

What is the Marginal Tax Rate in Canada?

What is the Marginal Tax Rate in Canada?

As a taxpayer in Canada, you will belong to a tax bracket that is determined by the amount of your taxable income. Here's how it works.

What is a Capital Dividend Account (CDA) in Canada?

What is a Capital Dividend Account (CDA) in Canada?

If you need to elect to pay a capital dividend as a private corporation, here's what you need to know about the Capital Dividend Account (CDA).

How Long Do You Have to Keep Your Tax Records in Canada?

How Long Do You Have to Keep Your Tax Records in Canada?

If you file tax returns in Canada, the Canada Revenue Agency requires you to keep supporting documents. Here's how long you should keep them for.

What is Net Income in Canada for Individuals and Businesses

What is Net Income in Canada for Individuals and Businesses

Learn how net income is calculated for individuals and businesses in Canada.

What is the T778 Form Child Care Expenses Deduction in Canada?

What is the T778 Form Child Care Expenses Deduction in Canada?

The CRA allows you to claim certain child care expenses for tax deductions. Here's what you should know about claiming deductions with the T778 form.

How Much Money Can I Make Before Paying Taxes in Canada? (2022)

How Much Money Can I Make Before Paying Taxes in Canada? (2022)

Wondering if you need to file a personal income tax? This guide provides key information on what you should know.

How to Authorize or Cancel a Representative with the AUT-01 Form (Formerly T1013)

How to Authorize or Cancel a Representative with the AUT-01 Form (Formerly T1013)

Do you need to authorize or cancel a tax representative ? Learn how to do so by filling out the AUT-01 form (previously known as the T1013 form).