Made a mistake on your tax return? Don’t worry. It happens to lots of people. Maybe you forgot a T4 slip, missed your RRSP contributions, or typed the wrong number. […]
What Is a Progressive Tax System in Canada?
Income Split into Bands Your earnings are divided into portions, and each portion is taxed at its own rate. Higher Rates Only on Extra Dollars You only pay the higher […]
Leaving Canada? Everything You Need to Know About the Departure Tax
So, you’re planning to leave Canada and start a new life abroad? Congrats on the new adventure! But before you get too excited about exchanging money and booking flights, there’s […]
Why Your Costco Chips Are Taxed: The Hidden Rules of Canada’s Snack Tax
Snack Fans, Take Note: What’s That “Mystery Tax” on Your Costco Receipt? Ever had this happen? You’re cruising through Costco, cart loaded with goodies, and everything’s going great—until you check […]
Income Splitting in Canada: Genius Tax Hack or Risky Business?
What is Income Splitting? Income splitting is a tax strategy where a higher-income family member shifts income to a lower-income family member to reduce the family’s overall tax bill. Canada’s […]
Annual Salary of $200,000 USD: A Comparative Analysis of Lifestyle in Six Major Global Locations (UK, US, Canada, Hong Kong, Australia, New Zealand)
Have you ever imagined taking a $200,000 USD annual salary and starting a new life somewhere else in the world? It sounds like a great opportunity for a prosperous life. […]
How to Contribute to RRSP in Canada to Save the Most on Taxes
1. Understand the Two Big Tax Benefits of RRSPs 2. Know How Much You Can Contribute—and When 3. Smart Strategies to Maximize Your RRSP Tax Savings Quick Recap & Tips
Moved to a New Province in Canada? Here’s How to File Your Taxes and Claim Moving Expenses
If you moved to another province during the year, here’s an important tax rule to remember: Your tax return is filed based on the province you lived in on December […]
A Guide to Pension Income Splitting in Canada
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 […]