How Long Can a Canadian Citizen Stay Out Of The Country?
As a Canadian citizen, there is no limit to how long you can stay out of the country. Canadian citizenship is a lifelong status, and leaving Canada for extended periods does not affect your citizenship. However, there are important considerations
Does the Canada Revenue Agency (CRA) Know if You Leave the Country?
Yes, the Canada Revenue Agency (CRA) can become aware if you leave the country, especially if your departure affects your tax obligations or residency status. While there isn’t a specific “exit notification” process for individuals leaving Canada, certain systems and
What is Tax-Loss Selling?
Tax-loss selling, or tax-loss harvesting, is a strategy that allows investors to offset capital gains taxes by selling investments at a loss. This is particularly helpful at year-end, as it can lower your taxable income for the year by applying
RRSP Contributions in Canada: What You Need to Know
An RRSP, or Registered Retirement Savings Plan, is a special account for Canadians to help save for retirement. This plan lets you put money away now, with the benefit of deferring taxes on that income until retirement when you’re likely
5 Most Common Accounting Mistakes Small Business Owners Make and How to Avoid Them In 2024
Running a successful small business involves many components. Accounting is certainly one of them. However, many small business owners tend to make common accounting mistakes that can have significant consequences on their finances. Even minor errors such as overlooking expenses
Best Time to File Taxes in Canada – Canadian Tax Year
Filing taxes in Canada can seem overwhelming if you don’t know the deadlines, key dates, and the benefits of early filing. Understanding the best time to file your taxes is crucial not just for avoiding penalties but also for maximizing
What Are International Financial Reporting Standards (IFRS)?
International Financial Reporting Standards (IFRS) are a set of accounting rules developed to ensure transparency, consistency, and comparability in financial statements worldwide. Companies and organizations use these standards to prepare their financial reports, enabling investors, regulators, and other stakeholders to
Canadian Border Crossing Rules You Must Know
Crossing the Canadian border can be an exciting adventure, whether you're visiting for tourism, business, or to see family and friends. However, it's essential to be aware of the rules and regulations governing border crossings to ensure a smooth experience.
What Is GST/HST In Canada?
The GST (Goods and Services Tax) or HST (Harmonized Sales Tax) can be a bit confusing in Canada. Don't worry, we'll break it down into easy-to-understand chunks for 2024! Who is affected by GST/HST? There are two main ways the GST/HST applies
What are the duties and responsibilities of a tax consultant?
When tax season rolls around, or when a business needs guidance on complex tax matters, a tax consultant becomes an invaluable resource. But what exactly does a tax consultant do? Let's dive deep into the world of tax consultancy, breaking