What Is the Basic Personal Amount (BPA) in Canada?
The Basic Personal Amount (BPA) is one of those terms that might sound dry, but it’s actually a big deal when it comes to saving money on your taxes in Canada. Whether you’re just starting to file your taxes or
What Is the Disability Tax Credit (DTC) in Canada?
The Disability Tax Credit (DTC) is a non-refundable tax credit offered by the Canadian government to help reduce the financial burden for individuals living with disabilities or those who support them. If you or someone in your family has a
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