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 system is progressive. This means that if you earn more, 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 of our tax return. Keeping track of all the possible Read more…
Mastering TFSAs and RRSPs Before the Deadlines As we welcome the new year, it’s a crucial time for Canadians to focus on their financial well-being, with particular attention to Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs). The end of February marks a key deadline for TFSA contributions, Read more…
Introduction Charitable giving is not only a noble gesture but can also be a strategic financial move, particularly when it involves the donation of capital property. At The TaxForce, we believe in the power of informed giving. This comprehensive guide delves into the nuances of donating capital property to charities, Read more…
Introduction In Ontario, a myriad of unique tax deductions can significantly impact your financial well-being. Many residents, however, remain unaware of these potential savings. At The TaxForce, we’re committed to shedding light on these opportunities, helping you navigate the complexities of tax deductions to enhance your financial health. Health-Related Deductions Read more…
Introduction In the world of investing, understanding how to manage your capital gains and losses can significantly impact your tax bill. At The TaxForce, we often see overlooked opportunities for tax efficiency in this area. This guide will explore how savvy investors can utilize capital losses to offset capital gains, Read more…
How to Handle Tax Audits and Reviews in Ontario Introduction Receiving a notice from the Canada Revenue Agency (CRA) informing you of a tax audit or review can be an unsettling experience. However, it’s essential to remember that tax audits and reviews are routine processes designed to ensure tax compliance. Read more…
A Guide to Property Taxes in Ontario: What Homeowners Need to Know Introduction Congratulations on becoming a homeowner in the beautiful province of Ontario! While the joys of homeownership are abundant, so are the responsibilities, and one of the most crucial aspects is understanding property taxes. In this comprehensive guide, brought Read more…
Introduction In the realm of personal finance in Ontario, Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) are pivotal. These instruments are not just savings vehicles; they are strategic tools in wealth building and tax planning. Understanding their unique features and sensible use can significantly impact your financial Read more…
Introduction Tax season is an annual event that brings a mix of anticipation and apprehension for many Canadians. While the tax filing deadline in Ontario typically falls on April 30th, there’s a growing trend among taxpayers to file their taxes early. Is there merit in filing taxes ahead of the Read more…