Apr 11, 2025 | Income Tax, Personal Finance
As kids get their first part-time or summer job, the question we get asked a lot from parents is when does their teenager need to file their first tax return. In Canada, there’s no minimum age requirement to file a tax return. What matters is whether the person...
Jan 28, 2025 | Bookkeeping, Income Tax, Personal Finance
Tax season is right around the corner, so it’s best to plan ahead to make this year’s tax filing less stressful. Here’s how you can start to get ready for the upcoming tax season. 1. Know the Deadlines The deadline for most individuals to file their return and...
Nov 8, 2024 | Personal Finance
A TFSA (Tax Free Savings Account) is a popular and powerful tool for Canadians to grow their wealth without paying tax on investment income. However, going over the contribution limit can lead to costly penalties from the Canada Revenue Agency (CRA). What is...
Jan 5, 2024 | Income Tax, Personal Finance, Small Business
To make the most of your rental income, it is crucial to be aware of the income tax deductions available to owners of rental properties. Below are some of the key deductions that every Canadian landlord should be aware of that can help reduce the amount of income tax...
Dec 1, 2023 | Bookkeeping, Income Tax, Personal Finance, Small Business
When it comes to managing finances and preparing for tax season, professional bookkeeping is an indispensable service. Bookkeeping serves as the foundation for accurate tax preparation, ensuring compliance with regulations, and maximizing tax deductions and...
Nov 10, 2023 | Income Tax, Personal Finance
The Canada Revenue Agency (CRA) collects information on marital status as part of the tax filing process. This information is important for determining your tax obligations, credits, and benefits. In this blog post, we will explore why the CRA needs to know your...
