income-tax

How to Save Tax in Canada – Insider Strategies Unveiled Ever wondered if you’re leaving money on the table come tax time? You’re not alone. Many Canadians are unaware of the savvy strategies that can significantly reduce their tax burden. But it’s not just about knowing these tactics – it’s about applying them effectively. In […]

Are you a high-income earner in Canada? If so, are you required to make second CPP contributions? The Government of Canada recognizes that saving for retirement isn’t always easy, especially with high inflation. As a result, second CPP contributions went into effect at the beginning of 2024. Although contributing more to CPP has the potential

A recent survey found that retirement and affording the day-to-day expenses of having a family are the top two financial concerns of working Canadians. Can you relate? With rising interest and inflation rates, retirement might seem impossible. Understanding the specifics of the Canada Pension Plan is important, regardless of if you plan on retiring tomorrow

Have you heard about recent AMT changes? Starting in 2024, more Canadians will be subject to AMT, making now the right time to re-evaluate your tax situation to find ways to save in the next year. In this article, we’ll cover what AMT is, the notable changes, and how you can lower your AMT bill

Do you have a vacant apartment or home? Whether you are out of the country traveling for work or have a second home that isn’t being used, you could be subject to Toronto’s Vacant Home Tax. This tax has been around since 2021; however, in early October, Toronto’s City Council voted to hike the Vacant

Affordable housing has been at the forefront of concern for Canadian officials since the pandemic, with housing prices up 12% in 2023 alone. Couple a growing rental base with limited supply, and the housing issues in Canada continue to climb. In an effort to make housing more affordable, Prime Minister Justin Trudeau announced the removal

Despite mounting opposition, Canada still plans on imposing a new digital services tax beginning in 2024. In this article, we’ll cover the basics of the proposed tax, including unanswered questions and what this tax means for Canadian business owners. The Proposed Tax Beginning in 2024, Canada will assess a digital service tax of 3% on

The digital economy is here to stay, with Canada taking a proactive approach to the taxation of digital service businesses. The proposed Digital Services Act follows new GST and HST rules that went into effect in 2021. In this article, we’ll cover important details about the proposed Digital Services Act, including who is subject to

Are you aware of the recent relationship split between CPA Canada and Ontario and Quebec? On Tuesday, June 20th, the Quebec and Ontario provincial bodies decided to cut ties with CPA Canada, the national governing body. The good news is that this split doesn’t impact general taxpayers, but instead alters policies and procedures for practitioners

There has been talk about new Mandatory Disclosure Rules since the budget meeting in 2021; however, 2023 might finally be the year these rules go into effect. The Canadian Income Tax Mandatory Disclosure Rules were officially introduced to Parliament on April 20, 2023 as Bill C-47. This bill requires taxpayers to disclose certain information when