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. […]
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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 […]
Estate Tax Planning in Canada: What Happens to Your Assets When You Die
Estate Tax Planning in Canada: What Happens to Your Assets When You Die Canada does not have an “estate tax” in the American sense. There is no tax on the […]
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 […]
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 […]
EI Maternity and Parental Benefits: How They Are Taxed in Canada
EI Maternity and Parental Benefits: How They Are Taxed in Canada Having a baby is exciting, but the tax side of Employment Insurance (EI) maternity and parental benefits catches many […]
Student Loan Interest Tax Credit: How to Claim It in Canada
Student Loan Interest Tax Credit: How to Claim It in Canada If you are repaying a student loan in Canada, the interest you pay may qualify for a federal and […]