Understanding Tax-Free Savings Account (TFSA)

Tax-Free Savings Account

What is Tax-Free Savings Account (TFSA)? A Tax-Free Savings Account (TFSA) is a registered investment account that allows Canadian residents 18 years of age or older to earn tax-free investment income. Since 2009, federal government, through TFSAs allow individuals to contribute a set amount each year to the account, up to […]

Canada Corp Tax: Deadlines & Deductions 2024

Canadian Corp Taxes

Small company owners must concentrate on completing their taxes while Canadians finish their income tax returns. Self-employed people have until June 30 to file their tax forms, and the payment deadline is still May 2. The deadline for filing for people with incorporated businesses is six months following the conclusion of […]

Guide to Personal Tax Returns in Canada (2024 Edition)

personal tax returns

Ah, tax season. For many Canadians, it’s a period filled with dread, a time for scrambling to gather receipts and decipher confusing forms. But fear not! With some knowledge and the right resources, tackling your personal taxes can be a smooth (and potentially rewarding) experience. This blog post serves as your guide […]

Second Additional Canada Pension Plan: Exploring Benefits and Considerations

second additional canada pension plan

The Second Additional Canada Pension Plan (CPP), also known as CPP2, introduced in 2024. It enhances retirement income for Canadian citizens and residents who contribute to the regular CPP.  It allows individuals to contribute to a higher earnings ceiling and potentially receive higher retirement benefits. What is Second Additional Canada Pension […]

Tax Credits and Tax Deductions 2024

tax credits and tax deductions

The rising living expenses and inflation are putting hardships on a lot of Canadians. Tax credits and tax deductions can help minimize the load on your finances. Also, they put more money in their pockets by saving on taxation. Every cent you can save on tax is a dollar more you […]