Feb 3, 2023 | Income Tax, Personal Finance
As a new year begins, here are some of the tax rules and changes to keep in mind. First-Time Home Savings Account (FHSA)The FHSA is a new tax-free savings vehicle for first-time home buyers to save up to $40,000 tax-free towards the purchase of a first home in Canada....
Dec 2, 2022 | Income Tax, Personal Finance, Small Business
Many of our clients ask us how to register for a CRA account. We’ve outlined the process below. CRA’s My Account is a secure portal for viewing and managing your income tax information online. You can check for your refund, check benefits and credit payments,...
Jun 10, 2022 | Income Tax, Personal Finance
It’s important to know who has access to your CRA account. For example, if you’ve had your taxes filed by a tax professional in previous years, you may have added them as a representative at the time of your tax preparation so that they could make inquiries with the...
Apr 15, 2022 | Income Tax, Personal Finance
The simplest way to ensure you keep receiving government benefits is to file your tax return on time. Even if you don’t have a tax balance owing, it is always advantageous to file a tax return. Filing a tax return is the first step to applying for various...
Mar 24, 2022 | Income Tax, Personal Finance
Taxpayers in a common-law relationship should be aware of how their relationship status affects their income tax filing. To begin, let’s review the definition of living common-law according to the CRA: This person has been living with you in a conjugal relationship...
Mar 18, 2022 | Income Tax, Personal Finance
Taxpayers often confuse the terms tax deduction and tax credit or think of the terms as being interchangeable. A tax deduction is not the same as a tax credit. Depending on the expense, it is considered either a tax deduction or a tax credit. An expense that is...
