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, the federal government, through TFSAs allow individuals to contribute a set amount each year to the account, up […]
Understanding the significance of the tax due date of 2024 is crucial for effective financial planning. This guide offers key insights into the tax deadline 2024 and empowers your tax strategy. Key Takeaways: – Understanding income tax due dates is vital for financial planning. – Late filings can result in penalties, […]
Understanding the complexities of corporate taxation in Ontario can be challenging. Even minor missteps can lead to penalties, audits, or missed opportunities for savings. For small and medium-sized businesses, understanding these challenges is crucial for staying compliant and financially healthy. Let’s explore common corporate tax issues, and actionable strategies to avoid […]
Leaving Canada can be an exciting new chapter, whether you are moving for work, retirement, or personal reasons. However, before making the move, it’s crucial to understand the tax implications of leaving Canada, as this can significantly affect your financial situation. In this guide we’ll cover what is departure tax in […]
Meals and entertainment (M&E) expenses are often incurred by businesses, but they can be confusing to deduct. To ensure you’re maximizing your deductions, it’s essential to understand the specific rules and regulations. As a business owner, maximizing tax deductions is crucial for maintaining healthy financials. In 2025, meals and entertainment deductions […]
About Climate Action Incentive Payment (CAIP) / CCR The Climate Action Incentive Payment (CAIP) is a tax-free benefit. It’s designed to help individuals and families in certain provinces offset the costs associated with the federal carbon pricing system. Key Points: Formerly Known As: It’s important to note that the CAIP was […]
What are Standard Tax Deductions? Standard tax deductions for small businesses are the fees that the Canada Revenue Agency (CRA) permits businesses to deduct from the total revenue or Gross revenue from their businesses. These deductions assist in reducing the taxable income, which results in significantly lower taxes. If you are […]
