Our second pandemic tax season has ended, and we are again unsure of what to expect during the filing process.  As many Canadians were forced to work from home last year due to COVID-19 lockdowns, taxpayers naturally wondered what employment-related expenses they might be able to deduct from their tax returns. Several questions were asked…

Taxes aren’t the most exciting topic – we know! It is still necessary to pay them if you work and live in Canada. After the end of your tax year in Canada, you must keep your Canadian tax records for some time. This includes people on working holidays in Canada who move home when their…

It’s the time of the year for paying taxes again. We understand that it could be a lot of hassle to prepare and file the taxes yourself if you are a restaurant owner in Mississauga. However, let us tell you that you might save lots of money by knowing about the way by which you…

We all have to plan our taxes. It is essential to make a good financial strategy. When you know about all the taxes, you know exactly how much you have to pay and when. This way, you would avoid the penalties and remain compliant with all the rules and regulations. We have seen that the…

Being a businessman is great, especially when your business is generating a good amount of profit. But we all know that nobody can become successful overnight. You might have worked so hard for your business to make it successful and achieve financial freedom. However, running your business is just one part of it. The second,…

If you pay yourself a salary from your Canadian corporation, it will have the following features: If you pay yourself a salary, it will be subject to CPP and EI deductions. The more you pay yourself in terms of salary, the higher the amount of CPP and EI entitlements you can receive. You will receive…

Living in a foreign country can be tricky at times, especially when it is that time of the year when you have to file your taxes. International taxation is a complicated area. But that doesn’t mean that there is no solution to this. Hundreds of Americans move to Canada every year for many reasons. It…

If you were born in Canada, you don’t have to worry about reporting anything to any other country outside. But if you live in Canada but were not born here, you may have to look somethings up. Canada is the second most favourite place to live for Americans after Mexico. There are around 1 Million…

As American who works in Canada, there are a few necessary points the one must be aware of when it comes to tax obligations. The first point is being a resident or a non-resident of Canada. There are three factors that could possibly dictate such an outcome, the first being – where is your permanent…

Many Canadians wishing to retire soon but are not looking forward to the miserable weather that takes up more than half of each year and the high cost of living, are faced with a certain dilemma, and that is the departure tax. According to the Broadbent Institute, a very small minority (around 15 to 20%)…