The Canadian Federal Carbon Tax is Set to Rise on April 1st. How Will That Affect Inflation?
Rising prices for housing, groceries, utilities, and other essentials have put a significant strain on families in Canada. As we move into Spring 2024, people might be hoping for a relief but starting April 1, 2024, BC’s carbon tax is set to rise yet again from $65 a tonne to $80 a tonne. According to
Read MoreThings You Need to Know About High-Interest Car Loans in Canada
Whether you’re buying a new or used car, odds are you’re going to be taking out a car loan. But if this is your first time buying a car or making a purchase of any kind this substantial, you might not be aware of how large loans work in Canada. So, we’re going to explain how
Read MoreFinancial Goals: How to Set Them and Avoid Debt
Balancing your financial goals amidst existing debts can be tough. Whether it’s student loans, credit cards, or other debt, a significant portion of your income might be allocated toward repayment, leaving minimal funds for savings. Reaching your financial goals takes planning and setting financial goals is a key component to attain financial freedom. Each individual’s
Read MoreGetting a Second Mortgage to Pay Off Debt: Is It a Good Idea?
If you are struggling with substantial debt, whether from credit cards, payday loans, or lines of credit, you may have considered taking out a second mortgage to pay off your debt. Consolidating debt through a secondary mortgage can prove advantageous for certain individuals, particularly given that mortgage loans typically offer lower interest rates compared to
Read MoreSaving for Your First Home? Open Your FHSA Now
In Canada, the struggle to find affordable housing is no secret. Prices seem to continue to rise post-pandemic and more and more people continue to get priced out of the housing market. To combat the housing market crisis, the federal government introduced First Home Savings Account (FHSA) as part of its 2022-23 budget. As of April
Read More2024 RRSPs – How Much Should You Contribute?
What is RRSP? An RRSP, or a Registered Retirement Savings Plan, is a savings plan that you can contribute to over the course of your working life. When you retire, you can convert your account to a Registered Retirement Income Fund (RRIF) and withdraw an income. In the meantime, you can treat your RRSP like a regular
Read MoreGetting CRA to Waive or Cancel Penalties & Interest
Canada Revenue Agency (CRA), under provisions of the Income Tax Act that are usually referred to as “Taxpayer Relief”, has the discretion to waive any or all amount of penalties and interest. The provisions can protect a taxpayer who is unable to meet their tax obligations due to circumstances beyond their control. However, this comes
Read More5 Bookkeeping Tips to Help You Manage Your Small Business Finances
Managing the financial aspects of your small business can be daunting, but it’s essential for long-term success. Effective bookkeeping not only provides insight into your business’s fiscal well-being but also empowers you to make well-informed decisions. Building a consistent bookkeeping practice can feel daunting, particularly if this is your first rodeo. But it doesn’t have
Read MoreNew CRA Administrative Policy for Employees in Remote Work Arrangements Effective Jan 2024
In Sept 2023, the Canada Revenue Agency (CRA) has introduced a new administrative policy for determining a remote employee’s province of employment for payroll purposes (the New Policy). The new policy is effective January 1, 2024 and may require changes to the payroll tables applied to fully remote workers in 2024 and beyond. Current CRA Guidance Under the existing
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