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 »
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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 …
You may be aware that Federal Government decided to change the Federal Tax, CPP and EI. Following chart will show the major differences: How do these changes impact on your paycheck? If you earn $61,600 or above in 2020 you contributed $2,898 for CPP whereas you need to contribute $3,166.45 in 2021. Therefore, annually your …
