Tax season is here, and if you’re 65 or older, we have some tips to help you get all the benefits, credits, and deductions you're entitled to. Whether you're still working, living on a pension, or supporting loved ones, filing your taxes accurately and on time can help you keep more money in your pocket.
Tax planning is a crucial aspect of running a successful small business in Canada. By employing strategic tax planning techniques, small business owners can optimize their tax liabilities, reduce financial burdens, and ultimately improve their bottom line.
The Canada Pension Plan (CPP) is an essential part of the Canadian retirement system, designed to provide income for individuals when they retire. For most working Canadians outside of Quebec, making contributions to CPP is mandatory. This guide will help you understand who needs to contribute, how contributions are made, and what changes are coming in 2025.
If you’re turning 65 soon, and planning to continue working, you might be wondering how much income you can earn before your Old Age Security (OAS) pension is reduced. This reduction, often referred to as the "OAS clawback," is something many Canadians face when their income exceeds certain thresholds. Here's a closer look at how the clawback works and what you can do about it.
Starting a business in Canada involves understanding various regulations, one of which is collecting sales tax. Whether you’re selling products or services, knowing when and how to collect sales taxes is crucial for compliance. Here's what you need to know about sales tax as a startup in Canada.
The Tax-Free Savings Account (TFSA) is a powerful financial tool available to Canadians, offering tax advantages to help you save for the future. Introduced in 2009, the TFSA allows individuals who are 18 years of age or older, and have a valid Social Insurance Number (SIN), to set aside money without worrying about taxes on the income earned in the account.
The fall can be an ideal time to sell your home in Canada. During this season, you often encounter serious buyers who are motivated to finalize their purchase before winter sets in, and you’ll benefit from a less crowded market compared to the busy spring season. Whether you’re selling now or later, you can take advantage of the principal residence exemption, which can significantly impact your financial outcome.
Since the 2024 federal budget announcement and the increase in the capital gains inclusion rate became effective June 25, 2024, the increased tax rate has garnered significant public attention.
If this impacted you, you must know what capital gains are and how the new federal budget impacts individuals and business owners moving forward.
