The thought of being audited is dreaded by most taxpayers. This fear stems from being unprepared. Often, tax returns are mismanaged, receipts are lost, and bank statements are unorganized. Audits are a central Canada Revenue Agency enforcement method. As such,…
A T2125 form is a schedule that goes along with a tax return, and it lists income, and expenses where taxpayers operate certain types of businesses. The Canada Revenue Agency (CRA) requires all resident taxpayers who generate business income or…
Maternity and Parental benefits are a form of Employment Insurance (EI) which provide financial assistance to people who are away from work because they are pregnant, have recently given birth, or because they are caring for their newborn or newly…
In Canada, personal tax returns for employees must be filed on or before April 30. Business tax returns must be filed on or before June 15 if a taxpayer, taxpayer’s spouse, or taxpayer’s common-law partner carries on a business. It…
A T1135 Tax Form: Foreign Income Verification Statement reports all required foreign property owned by a Canadian resident taxpayer. If a taxpayer in Canada owns specified foreign property with a total cost of more than $100,000, they must fill out…
A T2202A Tuition and Enrolment Certificate is a document that allows taxpayers to claim tax credits for amounts paid to certain schools, colleges, universities, etc. During tax season, one of the most important inclusions for Canadian post-secondary students when filing…
A T5018 is a T-Slip that is provided to subcontractors in the construction industry detailing how much they have been paid. It is similar to a T4 Slip that reports the amount of employment income that a taxpayer has received….
A T1013 form is an authorization form that allows someone to access, and make changes to your CRA Account (Social Insurance Number). What is a T1013 Form? Filing a T1013 Form authorizes a representative to represent you for income…
Passive income is income that is derived from the ownership of capital property or assets that generate income without excessive effort on the part of the stakeholder. Most of the time, passive income is considered taxable income in Canada. Sources…
Canadian tax brackets are portions of Taxpayer’s income in Canada which get taxed at different rates. The following is a breakdown of the Canadian Federal tax rates for 2019: 15% on the first $47,630 of taxable income Income earned between…