Is Your Car Lease Payment a Tax Write-Off?
Individuals who lease a passenger vehicle for work-related purposes can deduct part of their leasing costs on their tax return. That being said, there is a limit on the amount you can claim. This limit is based on a calculation involving your lease payments and the value of your car. How to calculate your car
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Update on New bare trust reporting requirements for T3 returns
On December 15, 2022, the government passed Bill C-32 bringing into effect new trust reporting rules that apply to trusts with tax years ending December 31, 2023. Included in these new rules are the reporting requirements for Bare Trusts. The new disclosure rules apply to trust-like relationships whereby a person holding legal title to an
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Most Common Mistakes Canadians Make on Tax Return Filing
Filing income tax returns can be a complicated task, hence it’s common for taxpayers to make errors on their returns. These errors might result in overpaying taxes or necessitate returning previously obtained benefits, possibly incurring penalties or additional fees. To help in ensuring accuracy from the outset, we’ve compiled a list of prevalent mistakes made
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Bare Trust Tax Reporting Requirements for Calendar 2023
On December 15, 2022, the government passed Bill C-32 bringing into effect new trust reporting rules that apply to trusts with tax years ending December 31, 2023. Included in these new rules are the reporting requirements for Bare Trusts. What is a Bare Trust? A bare trust, also known as a simple trust or nominee
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Saving 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
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2024 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
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Getting 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
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Canada Revenue Agency Expected to Pilot a New Automatic System for Tax Year 2024
The Canada Revenue Agency (CRA) is set to pilot a new automatic tax filing system in 2024. This new pilot program was announced in the federal government’s 2023 to 2024 fiscal budget on March 28, 2023, as part of its goal to “Making Life More Affordable” for Canadians. Automatic tax filing is already a reality
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Important 2024 Canada Tax Deadlines to Keep in Mind
It’s almost that time of year again: tax season. Many of us put off filing our income tax and benefit returns until the last minute. In this article, we will review all the important tax deadlines. February 19, 2024 – That’s when you can start filing your 2023 tax return That’s the date you can
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Important Tax Deductions & Credits Canadians Can Claim for Tax Year 2023
Over the past year, economic instability has been notable, attributed to the ongoing developments surrounding COVID-19 and heightened inflation and increased cost of living. In this article, we will share some of the tax credits and deductions that you may be able to claim on your income tax return this year to help you save
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