A side business like renting out a room or home through Airbnb or driving for a ride-hailing service like Uber can bring in some much needed extra income. However when tax season comes around it is essential to report this additional income.
Read moreKeeping Your Side Hustle on the Right Side of the Taxman
Many medical services, therapies and devices can qualify for the medical tax credit and are permitted medical expenses under the Canada Revenue Agency. Here are ten that could surprise you.
Read more10 Expenses You Can Claim Medical Tax Credit for in Canada
When an outsider reviews your documented processes, the procedure can highlight failure points or weaknesses that you may have to consider.
We all know how crucial yet exhausting it is to file taxes each year on time. No one wants to do it!
According to various reports online, Montreal is the new housing hotspot for Chinese buyers as Toronto and Vancouver levies foreign buyer tax.
Read moreMontreal Is the New Housing Hotspot for Chinese Buyers
Condo flipping tax and how the CRA cracks down on Condo flippers. The profits a taxpayer makes from flipping real estate are generally considered to be fully taxable as business income. The principal residence exemption does not apply to property flipping.
Read moreThe Condo Flipping Tax: How the CRA Cracks down on Condo Flippers
Canada 2019 Tax Season – Everything You Should Know. It’s the time of the year again when taxes are the most important thing on everyone’s mind. There are new rules this year that could impact people who attend post-secondary institutions, are entrepreneurs or use service animals.
The Tax-Free Savings Account (TFSA) is an account that does not apply taxes on any contributions, interest earned, dividends, or capital gains, and can be withdrawn tax free. This savings account is available to individuals aged 18 and older in Canada and can be used for any purpose.
Read moreThe New TFSA Limit of $6000 Could Help You Save More
The new hike in the Canada Pension Plan means that they will collect more money to provide support later in retirement. This was adopted after the federal government and most of the provinces hashed out an enhancement plan.
Read moreNew CPP: What it Means for Average Canadian Workers
As the Kickstarter Method of Pooling Sources Gains Rapidly, There Is One Piece of Advice That People Who Have Dealt With Crowd Funding Campaigns Have – Hire an Accountant.
Read moreTax Season and Economics of a Crowdfunding Campaign