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, […]
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) also known as the Canada Carbon Rebate (CCR) is a federal tax-free benefit introduced to offset the cost of the federal carbon pricing system. Essentially, it returns proceeds from carbon taxes directly to individuals and families. The […]
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 […]
Understanding corporate taxes in Canada can be challenging, especially since businesses are subject to both federal and provincial taxes. Knowing the differences between these two tax systems and how they impact your business is crucial for ensuring compliance and maximizing tax savings. In this blog post, we will talk about the […]
In Canada, the tax authorities apply capital gains tax to the profit earned from selling or disposing of capital property, such as real estate, stocks, or other investments. When the sale price of an asset exceeds its original purchase price, the difference is considered a capital gain. Currently, 50% of your […]
