For starters, if you are returning to Canada after more than 24 hours, then no exemptions will be allowed for cross-border shoppers. However, if you are returning after 24 hours but less than 48 hours, then you can claim goods up to 200 Canadian Dollars, without having to pay any duty...
Thefederal tax of Canada is the GST, which applies to almost all goods and services within the country. This tax is managed by the Canada Revenue Agency and results in a 5 percent charge on supplies purchased in Canada unless they are zero-rated or exempt. PST is dependent on region This...
Your net tax is the amount of sales taxes your business owes to the Canada Revenue Agency (CRA). This tax shows how much you should pay to the CRA over a particular tax period. If you sell taxable goods and services, you may need to remit goods and services tax or a harmonized sales...
The Canada Revenue Agencyrequires Canadian taxpayersto report their foreign investment income, including dividends, interest and capital gains from foreign investments. Canadian taxpayers with foreign investmentsmay be subject to withholding taxes, a percentage of earned income from an investment that’s wi...
If you expect to have any of these deductions or credits in 2024, now is the perfect time to completeCanada Revenue AgencyForm T1213,Request to Reduce Tax Deductions at Source. The form must be sent to the CRA and, once approved, you will receive an authorization letter that you can giv...
The main difference with a TFSA is that although you don’t get a tax break when you contribute, you would not pay any capital gains tax to the Canada Revenue Agency (CRA) when money is withdrawn. Despite the name, tax-free savings accounts do more than what savings accounts can do. ...
A comprehensive guide to accepting payments in Canada, from the regulatory factors to consider to how businesses can improve the customer payment experience.
The Canada Revenue Agency uses information from Canadians’ income tax and benefit returns to calculate the amount of CCB payments for which individuals are eligible. To receive the CCB, eligible individuals must file tax returns every year, even if they did not have taxable income in the year....
lost in the hype by media outlets and the financial sector, which are focused on gains, losses, and price fluctuations. Prices are important, but it is more important to know how to pay with cryptocurrency if you're considering using it, as is understanding the taxes triggered when you do...
enough, you will end up owing money to the IRS when you file your taxes in April. To avoid this, you will need to have additional tax withheld from each paycheck. The W-4 form has a place to indicate the amount of additional tax that you would like to have withheld each pay period...