How to prepare a T5 Slip
| Personal Taxes, Taxes for Self-Employed
The primary purpose of T5 slip is to identify the different types of investment income that Canadian residents must report on their overall income tax and benefit returns. If you usually make investment income payments to a Canadian resident or if you get some investment income payments as an agent or nominee for an individual…
Read Article Instructions on How to pay Taxes to CRA
| Tax Planning & Management, Taxes for Self-Employed
In Canada, every individual, business, and company must pay taxes to the Canadian Revenue Agency (CRA) on time. CRA has created an online payment platform, My Payment, which allows individuals to pay their taxes automatically. Visit any Canadian financial institution or use My Payment Service to pay your taxes. Some of the taxes you can…
Read Article How do I Make Income Tax Payments to the CRA for My Business?
| Tax Planning & Management, Taxes for Self-Employed
Paying business income taxes to the Canadian Revenue Agency (CRA) has been simplified by the emergence of e-services. The agency accepts online payments of taxes on their platform, My Pavement Service, which is accessible anywhere round the clock. Businesses in the country can make a business income tax payment to the CRA by simply visiting…
Read Article Claiming Expenses on a Business Loss on Canadian Taxes
| Corporate Taxes, Taxes for Self-Employed
No one ever wants to make losses when they start a business. However, when filing your taxes, you may realize that your business expenses exceed your business income, which basically means that you will be recording losses on form T2125. But there are ways to write off such business losses. Are You Employed? If you…
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