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…
Capital Cost Allowance is a deductible expense (taken off your taxable income) for the depreciation (wear and tear) of something. More specifically, Capital cost allowance (CCA) is the depreciation of fixed assets, excluding land, that is allowed to be claimed as…
The Principal Residence Exemption may allow for the profit from the sale of your home to be received tax-free. For many Canadian households, a vast amount, if not most of their wealth is tied to their homes. Accordingly, it is…
Taxable income means the value of what you have received is included in your income for the year, and you must pay tax on this amount. A common question for many Canadians filing their taxes each April is whether certain…
Land transfer taxes are one of many fees associated with buying real estate in Ontario. Upon the purchase of land or an interest in land in Ontario, the buyer is required to pay land transfer tax after closing. Land transfer…
A Revenue Canada dispute is any disagreement that you have with the Canada Revenue Agency. These disputes can be about anything on your tax returns, such as credits, deductions, and income. Additionally, disputes can be about how to classify income…
What is Capital Gains Tax? Capital Gains tax is a tax rate that is applied to income earned from the sale of capital property. This differs from the tax rate that is applied when you earn regular income. How…
What is the Gig Economy? The gig economy is defined as one in which temporary, flexible jobs are much more common and companies lean more towards hiring independent contractors and/or freelancers instead of full-time employees. A common example of a…
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…