Canadian income tax rates vary according to the amount of income a taxpayer earns. In addition, taxpayers pay different rates on different portions of their income, pending which bracket the income falls under. Canada has what is considered a “marginal…

Schedule 7 is a form that is attached to your Income Tax Return and it calculates your Registered Retirement Savings Plan (RRSP) deduction. The RRSP deduction lowers your taxable income, which means you pay less taxes than you would if…

A Tax-free savings account (TFSA) is a registered investment account that allows Canadian residents to earn tax-free money on certain types of investments. TFSAs are a great way for Canadians to save towards their financial goals, as they provide a great…

Recently, the Canada Revenue Agency has sent out a 13 page questionnaire to those it suspects of owning cryptocurrencies or digital currencies. These are currencies such as Bitcoin, Etherium, Litecoin, etc. The purpose of the questionnaire is to start the…

The Canada Revenue Agency (the “CRA”) requires all taxpayers to file income tax returns every year. Since Uber, and other similar companies, have arrived on the scene there have been questions about the tax implications of working for a company…

The harmonized sales tax (“HST”) is a consumption tax in Canada and it combines the goods and services tax (“GST”) and provincial sales tax (“PST”) . It is most often used in provinces where both the federal goods and services…

Uber drivers are considered self-employed in Canada, otherwise known as an independent contractor. As such, Uber drivers must keep records of the money they receive from Uber, and all of their expenses so that they may prepare and file proper…

HST stands for “harmonized sales tax”. A harmonized sales tax is otherwise known as a consumption tax, which is a tax levied on spending (think of goods and services). Typically, this tax is used in provinces where both the federal…

The Canada Pension Plan (“CPP”) are government payments representing a replacement of income where disability, retirement, or death are involved. It is also one of the three levels of Canada’s retirement income system. CPP is responsible for paying retirement funds and…

The Canada Pension Plan (CPP) operates throughout Canada, except in Quebec, where the Quebec Pension Plan (QPP) exists, aiming to provide contributors and families with partial replacement of earnings in the case of retirement, disability, or death. With very few…