Each year, the Canada Revenue Agency (CRA) launches special projects targeting specific aspects of tax returns based on trends, errors, or fraud identified in previous years. Understanding these targeted review areas can help you prepare your taxes more effectively and Read more…
RRSP Overcontributions: How to Handle and Avoid Them What Happens If You Overcontribute? Contributing to a Registered Retirement Savings Plan (RRSP) is a key method many Canadians use to prepare for retirement. However, it’s surprisingly easy to contribute too much, Read more…
A post-assessment review is indeed not an audit, but it’s a common source of confusion for many taxpayers. Let’s clarify what it involves: What is a Post-Assessment Review? After you file your tax return, the Canada Revenue Agency (CRA) might Read more…
Taxes are a part of everyday life in Canada. Understanding how the system works helps you manage your money better. Let’s go over the basics of the Canadian tax system and explain how it impacts you. Progressive Taxation Canada’s tax Read more…
Buying your first home is a monumental step, often laden with complexities, especially when it comes to financial planning. For those eyeing their first home purchase in 2024, understanding the available tax strategies can make a significant difference. Here are Read more…
Figuring out GST (Goods and Services Tax) and HST (Harmonized Sales Tax) is crucial for small business owners in Canada. This article breaks down what you need to know about these taxes, including who needs to register, how to file, Read more…
Accounting can feel overwhelming due to its many technical terms and concepts, especially for beginners. Debits and credits, however, are key to grasping the basics of finance. Far from being just intimidating jargon, these principles form the foundation of all Read more…
How to Keep Audits Away from Your Business Nobody likes audits. They’re a headache, take up a ton of time, and can even cost you money if things go sideways. The good news? Most audits aren’t random. They’re triggered by Read more…
Running a business is inherently challenging, with plenty of responsibilities and expenses constantly vying for attention. However, a savvy business owner knows that many of these expenses can be turned into opportunities for tax deductions, ultimately enhancing the company’s financial Read more…
Everybody wants to save money, especially at tax time. Despite our best efforts, a lot of potential savings slip through the cracks. Sometimes, it’s just because we don’t know what we can or can’t write off to make the most Read more…
