In 2009, the Canada Revenue Agency (CRA) created a new program that allowed Canadian residents to shelter $6,000 a year in investments in a tax-free savings account. Although the TFSA contribution limit has changed over the years (in 2023, it’s $6,500), the contribution room accumulates...
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2023$6,500 2022$6,000 2021$6,000 As a tax resident of Canada, if you were at least 18 years of age and have reached the age of majority in the province where you set up the account, you could contribute at least $7,000 up to $102,000, if you opened a TFSA in 2025. As a...
Canada Workers' Benefit Canada Training Credit Eligible educator school supply tax credit There are refundable credits, but the tend to be fairly niche. If you want to see what else you might want to include, look at the items between lines 43700 and 47600 on the last page of the T1 Gener...
To open a TFSA, you must live in Canada, be 18 years or older and have a valid Social Insurance Number (SIN). Contribution room accumulates beginning in the year in which you turn 18. Depending on the type of investment you choose, you may need to wait until you turn 19 to start co...
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Most of us would put completing our tax returns on the same level as going to the dentist. What may be worse than doing your taxes is paying someone to do your taxes. In Canada, you can expect to pay $150 or more for an accountant to complete your taxes for you. Luckily, the ...
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“Very few people track rewards points as profit to the business. The only time that would come up would be in an audit. It should be listed as income.”Free Download: 6 Steps to Get Your Business Ready for Tax Season Tax season is stressful for any business owner. This guide will go...