You can claim Private health services plan (PHSP) premiums in certain circumstances as part of yourmedical expenses tax deduction. They can relate to you or any member of your household. They can also include employees who have worked for the business for more than 3 months. Real Estate Taxe...
Canada tax rule clarification offers double bonus — settlement in treasury shares and a tax deductionAlex PattilloAmanda VoegeliMing Young
Simplepay is an online payroll application for Canadian businesses that process payroll. Calculate CPP, EI, Federal Tax, Provincial Tax and other CRA deductions. Includes Direct Deposit, Electronic Remittances, Statutory Holiday Calculator, Timesheets, C
In most cases, scholarships, fellowships, orbursaries are not taxableand need not be reported as income on your tax return, if you received them while enrolled as a student in a program that entitles you to claim the “education amount” on your tax information, as defined by Canada Revenue...
Investing 101: Investing Basics Learn about the basics of investing and find out why growing your money matters. Saving vs. Investing: What's the difference? Understanding the differences between saving and investing can help you decide how to reach your financial goals. ...
Tax deductions, which reduce your taxable income, are one way. Apply enough deductions to your income and you may slide into a lower tax bracket. One popular tax deduction in Canada is for contributions made to a registered retirement savings plan, or RRSP. About the Author Hannah Logan ...
The RESP can hold a variety of investments including cash, GICs, and mutual funds, which can grow tax-deferred Your contributions to the RESP can be matched by the federal government through the Canada Education Savings Grant (CESG). This grant matches 20% of your contributions up to $2,500...
Learn about the tax write-offs and small business tax deductions you may be missing and get ideas for how to use them.
“If you are making less than $40,000 or $50,000, you don’t get the same tax benefit from an RRSP, so you might be better off with a TFSA,” she explains. With a TFSA, there’s no tax deduction for putting money into an account, but your savings grow tax free, and there’...
Continued education Health insurance premiums Home office expenses (including a portion of rent and utilities) Tax advice and preparation fees How to file taxes as an independent contractor Whether you operate as a sole proprietor or LLC, there are two key ways self-employed individuals file taxes...