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 »
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 »
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: Wish for a Happy Retirement? or Losing everything! Read More »
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 …
Tax Return: How to Claim Home Office Expenses due to COVID-19 in your 2020 Tax Return? Read More »
Vacation is a legitimate right of employees. In 2020, majority Canadian companies have paid 27 bi-weekly payments, instead of 26 payments. If you are a non-unionized employee, you may look back at your last paycheck in 2020 to confirm your YTD Vacation Accrual is correct. Here is an example. What happens when 26 Pay …
Paycheck: How Sure are You that Your Vacation Accruing Correctly? Read More »
You have to consider the eligibility criteria and assess yourself whether you are eligible. If you are not eligible, you must return or repay the CRB to the CRA. You may find the eligibility criteria in details from the CRA web (https://www.canada.ca/en/revenue-agency/services/benefits/recovery-benefit/crb-who-apply.html). However, I am highlighting some points, which may be a little confusing and …
Covid19: Would I need to return the CRB Payment that I received? Read More »
