Tag: Personal tax
The Impact of US Tariffs on Canada’s Economy
The ongoing trade dispute between the United States and Canada – in which leaders of both countries are imposing, or threatening to impose, tariffs on key goods – has left Canadians and business owners feeling unsettled about the economy. While the immediate impacts are evident in rising costs and uncertainty, the long-term consequences may force … Continue reading The Impact of US Tariffs on Canada’s Economy
How to Maximize Your 2024 Tax Return
Tax season is here, and if you’re like many Canadians, you might wonder whether you’re truly maximizing your tax savings. With over 400 deductions available from the Canada Revenue Agency (CRA), it’s easy to miss opportunities that could lower your tax bill. Whether you’re an individual, investor, business owner, or student, there are specific deductions … Continue reading How to Maximize Your 2024 Tax Return
Canada Crypto Tax FAQs
Cryptocurrency has exploded in popularity over the past decade, but when tax season rolls around, many Canadians are left wondering: do I owe taxes on my crypto? Whether you’re moving coins to a cold wallet, swapping tokens, or cashing out, understanding how the CRA views these transactions is crucial.
How to Maximize Your Principal Residence Exemption
The principal residence exemption (PRE) is a great valuable tax benefit that’s available to homeowners in Canada. Since 2016, the CRA has required taxpayers to report the sale of a principal residence on their tax return. Failing to designate the property properly can result in a loss of the exemption and possible penalties.
Filing Your T1? Don’t Miss These 2024 Tax Return Updates
As tax season approaches, it’s essential to stay informed about the changes and updates that may impact your 2024 tax return. From federal tax brackets and RRSP contribution limits to automobile deductions and updates to capital gains inclusion rates, this article breaks down the key changes and their implications for individuals and in some cases, … Continue reading Filing Your T1? Don’t Miss These 2024 Tax Return Updates
Income Splitting Ideas For Business Owners
Income splitting is a strategic way for business owners to reduce their overall tax liability while providing financial support to their family members. By distributing income among family members in lower tax brackets, high earners can potentially lower their taxable income and make the most of Canada’s progressive tax system.
Year-End Tax Planning To Minimize Your Tax Bill
As we get closer to the end of the year, now is the perfect time to take advantage of year-end tax planning to minimize your personal tax bill due in April of next year. While some strategies can be applied to businesses as well, these tax strategies are tailored to individuals filing their T1 – … Continue reading Year-End Tax Planning To Minimize Your Tax Bill
Tax Strategies for High Net-Worth Individuals
For high-net-worth individuals, navigating tax laws is essential for preserving and growing wealth. Effective tax strategies reduce liabilities and optimize financial gains. Partnering with a tax accountant in Mississauga ensures compliance with Canadian tax laws while capitalizing on deductions.
Navigating Capital Gains Tax Changes in 2024
Starting June 25, 2024, the Government of Canada has increased the capital gains inclusion rate as part of the 2024 Budget. This is a major change to the tax law, the effect of which is that there is a higher capital gains tax on the sale of property, assets, and shares. While the government claims … Continue reading Navigating Capital Gains Tax Changes in 2024
Preparing A T5 Tax Slip
If you’re a business owner in Canada responsible for paying dividends or other forms of investment income, understanding how to prepare a T5 tax slip is essential. The T5 is a critical document that must be filed with the Canada Revenue Agency (CRA) to report these payments.
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