What Are Tuition Credits in Canada ?
If you’ve ever wondered about tuition credits in Canada and how they work, you’re not alone. The concept might sound a bit technical at first, but once you get the hang of it, it’s straightforward—and can be a big help
What Are RESPs in Canadian Tax?
A Registered Education Savings Plan (RESP) is a tax-advantaged account in Canada designed to help parents, guardians, or anyone else save for a child’s post-secondary education. RESPs are a crucial part of financial planning for families, as they make it
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
Canadian Family Tax Planning: Strategies for Maximizing Benefits In 2024
When it comes to managing your family's finances, taxes are a critical aspect that can significantly impact your bottom line. Finding chances to optimize benefits for your family is an important part of tax preparation, which goes beyond simply fulfilling
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
Are Taxes in Canada Higher than in the US?
Taxes are an essential part of any country's financial system, funding everything from healthcare and education to infrastructure and defense. When comparing two neighboring countries like Canada and the United States, a common question arises: Are taxes in Canada higher
Understanding Provincial Tax Residency Rules in Canada
As a Canadian resident, you are generally required to pay income taxes not only to the federal government but also to the province or territory in which you reside. However, determining your provincial tax residency can be more complex than
What is Foreign Asset Reporting in Canada?
If you are a Canadian resident for tax purposes and you own certain foreign assets with a total cost amount over $100,000 Canadian at any time during the year, you are required to file a Foreign Income Verification Statement (Form
What is the average tax rate in Canada?
Taxes. Ugh, not the most exciting topic, but an important one in Canada, especially when it comes to figuring out how much you get to keep from your hard-earned income. So, if you've ever wondered what the average tax rate
What is Expat Tax in Canada? A Complete Guide in 2024
Canada has been experiencing strong immigration growth over the past decade, with over 300,000 new permanent residents entering the country every year since 2015 (Government of Canada, 2023). Many of these newcomers arrive on work permits or as part of