What Tax Credits Can I Claim in Canada?
Tax credits are amounts that you can claim against your taxable income to reduce your taxable income. In Canada, there are two types of tax credits: refundable and non-refundable. Refundable tax credits are tax credits that you can claim whether you have any taxable income or not. That means that the Canada Revenue Agency will […]
What are the Advantages of RDSPs (Registered Disability Savings Plans)?
A registered disability savings plan, or RDSP, are savings plans that offer extraordinary benefits for those who qualify for and use them, or even in estate planning and trusts for those with disabled dependents. The RDSP is a federal plan for people with disabilities that provides the following advantages: – Tax Free Earnings – Government […]
What Tax Changes are in Store for Small Businesses?
What Tax Changes Brought 2019 for Small Businesses? It seems every year brings about new tax changes, and 2019 was no exception. The 2019 taxes for small business came with some changes. Some were good, such as the reduction on the federal small business tax rate, others not so much for instance the CPP changes […]
As a Non-Resident, What Taxes Should I Pay on my Canadian Rental Property Income?
As a Non-Resident, What Taxes Should I Pay on my Canadian Rental Property Income? If you are a non-resident of Canada, but own a rental property and generate Canadian rental income in Canada, you might be confused about what your tax requirements are. Non-residents tax obligations can be confusing, so read on to see what […]
Tracking Your Expenses for a Business Trip: Which Receipts Should You Save?
Tracking Your Expenses for a Business Trip: Which Receipts Should You Save? Whether you are on business trips every week, or are about to embark on your first trip ever, one of the most common question is which receipts to save when tracking your business expenses. When doing business taxes, there are many write-offs […]
Can I Claim the Exception for the Speculation & Vacancy Tax?
British Columbia’s new Speculation and Vacancy tax is an annual tax for owners of residential property in certain taxable regions of B.C. The main idea behind this new BC tax is to discourage housing speculation and encourage owners of vacant houses to make these properties available for rental. Thankfully, the BC NDP government has claimed […]
