Don’t Miss the Late Payment Opportunity!! Tips for Growing Money! Most of you completed your tax filing, I believe. Some may have a refund, some may owe the CRA. If it happens due to the COVID19 Benefits (CERB, CESB, CRB, etc.), then you do not pay the full tax owing money to the CRA …
2020 Tax Owing due to COVID19 Benefits? Worried to pay by April 30, 2021? Shouldn’t be! Read More »
Ask a couple of questions to yourself. Prefer savings or comfortability? Brand new car, or 4-5 years old or anything priced below $5,000? When you compare you need to consider the couple of things – Price, Resale value, Performance, Longevity, Mileage, Advanced Technology, FWD/AWD. Also compare in between apple and apple. For example, …
Looking for a Car? Financing, Leasing or Purchasing- Which One is the Best? Read More »
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As you are looking for a house, it is assumed that you have at least $15,000 cash (5% of $300,000) for down payment either in your Chequing account or Saving account or your home drawer or ready to borrow from someone or line of credit. Now, the next step is to if you and your …
The choice is yours whether making a claim by using ‘Temporary flat rate method ($400) or ‘Detailed method’! However, if you live in an apartment and pay rent on a monthly basis you have the opportunity to claim more expenses than the house owner. Here, I am making an example of a family who …
Tax Return: Should I claim $400 or $3,000 for Home Office Expenses for Employee? Read More »
There are a couple of tax credits which may provide you direct cash benefit if you prepare and file your tax return to the CRA. Therefore, consider it seriously! Federal (GST/HST) credit Canadian Tax system provides a maximum annual credit of $255 GST/HST credit for an individual or a couple, and $60 for each …
Last night I got a call from my friend, a salaried employee work from home due to the COIVD, asking me what he can claim if he use the detailed method. I replied, I will make a list and send it to him. It may also helpful for you, reader, who have the similar situation. …
Tax Return: Which Home Office Expenses a Salaried Employee Can Be Claimed? Read More »
You may be aware that Canada Emergency Response Benefit or Canada Emergency Student Benefit is a taxable benefit. If you received any of these COVID 19 benefits in addition to other sources of income in 2020, your tax return may impact. How does it work? If you received CERB or CESB, no tax …
CERB or CESB: How will it impact my Tax Return? Do I need to pay it back? Read More »
As you know that the last day of February falls on Sunday, your return is due the next business day that means Monday, March 1, 2021 according to the CRA. Due to Covid 19, CRA introduced a couple of new box numbers which may confuse you when you look at the bottom of your …
Regular Employees who worked from home due to the COVID-19 may claim ‘Home Office Expenses’ in your 2020 tax return. CRA named it as “work-space-in-the-home” expenses. How does it work? There are two ways you may make your claim – the newer and easier way is ‘Temporary Flat Rate method’. The alternative one is ‘Detailed …
Stock Market: Income or Capital gain? Does TFSA give you a tax shelter? Read More »
