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.

Filing a Tax Return With No Income or No Taxes Owing

Filing a Tax Return With No Income or No Taxes Owing

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.

Income Splitting: What Is It & How Does It Work

Income Splitting: What Is It & How Does It Work

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

Superficial Loss: What Is It and What Are The Rules?

Superficial Loss: What Is It and What Are The Rules?

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.

Withholding Tax for Canadians Explained

Withholding Tax for Canadians Explained

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? (CRA NOA)

What is a Notice of Assessment? (CRA NOA)

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.

The Dividend Tax Rate and Dividend Tax Credit for Canadians Explained

The Dividend Tax Rate and Dividend Tax Credit for Canadians Explained

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

What is GST & HST in Canada and How Much Is It

What is GST & HST in Canada and How Much Is It

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.

What is Income Tax and How Much Is It

What is Income Tax and How Much Is It

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.

The Medical Expense Tax Credit: A Simple Guide

The Medical Expense Tax Credit: A Simple Guide

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

Is CPP Taxable? YES, Here Are The Details

Is CPP Taxable? YES, Here Are The Details

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

Cryptocurrency Tax in Canada: Do I Need To Pay?

Cryptocurrency Tax in Canada: Do I Need To Pay?

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.

The Lifetime Capital Gains Exemption (LCGE) for Canadians Explained

The Lifetime Capital Gains Exemption (LCGE) for Canadians Explained

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

Tax Returns & Refunds: Here’s When You Can Expect Them

Tax Returns & Refunds: Here’s When You Can Expect Them

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.

T1213 Form: Understanding When To Use It

T1213 Form: Understanding When To Use It

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

Form T2209: Federal Foreign Tax Credits Explained

Form T2209: Federal Foreign Tax Credits Explained

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.

A Guide to the T5 Tax Slip: Statement of Investment Income

A Guide to the T5 Tax Slip: Statement of Investment Income

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.

Land Transfer Tax: Who Pays & How Much

Land Transfer Tax: Who Pays & How Much

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? Here Are Some Examples

What is a Tax Write Off? Here Are Some Examples

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 & How Do I Submit One?

What is a T1 Adjustment & How Do I Submit One?

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 Tax Slip & How Do I Get Mine?

What is a T4 Tax Slip & How Do I Get Mine?

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.

T2033 CRA Tax Form Explained

T2033 CRA Tax Form Explained

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

A Guide To Line 10100 On Your Tax Return

A Guide To Line 10100 On Your Tax Return

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.

T2200 Tax Form: A Simple Guide to the Declaration of Conditions of Employment Form

T2200 Tax Form: A Simple Guide to the 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.

A Guide To Inheritance Tax and Estate Tax in Canada

A Guide To Inheritance Tax and Estate Tax in Canada

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.

A Guide to the Ontario Focused Flow-Through Share Tax Credit

A Guide to the Ontario Focused Flow-Through Share Tax Credit

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

T5018 Tax Form Explained

T5018 Tax Form Explained

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

Capital Gains Tax in Canada Explained

Capital Gains Tax in Canada Explained

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.

The T1 General Tax Form: A Simple Guide

The T1 General Tax Form: A Simple Guide

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.

Understanding Pension Adjustments and Reversals in Canada

Understanding Pension Adjustments and Reversals 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.

Marginal Tax Rate in Canada: What It Is & How To Calculate

Marginal Tax Rate in Canada: What It Is & How To Calculate

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.

Capital Dividend Account for Canadian Businesses Explained

Capital Dividend Account for Canadian Businesses Explained

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).

Here’s How Long to Keep Tax Records in Canada

Here’s How Long to Keep 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.

Net Income for Individuals and Businesses Explained

Net Income for Individuals and Businesses Explained

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

T778 Explained: Child Care Expenses Deduction

T778 Explained: Child Care Expenses Deduction

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 Can You Earn Before Paying Taxes in Canada?

How Much Can You Earn Before Paying Taxes in Canada?

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).