In Canada, retired couples or common-law partners can take advantage of pension income splitting allowed by the CRA to balance their incomes and reduce overall family taxes. Here’s a simple […]
Understanding Employer Costs in Canada: Statutory and Optional Expenses
In Canada, employers are responsible for additional costs beyond employee wages. These costs include statutory expenses mandated by the government and optional benefits that employers may choose to provide. Here’s […]
Self-Employed in Canada? Don’t Miss These Commonly Overlooked Tax Deductions
If you’re self-employed, you’re responsible for reporting your own income—unlike employees who receive a T4. The good news is, self-employed individuals can claim a wide range of business-related expenses to […]
Incorporating a Business vs. Self-Employment in Canada: Which is Right for You?
Whether you choose to incorporate a business or remain self-employed, business-related expenses can be deducted from your pre-tax income, reducing your taxable income. However, each option has its pros and […]