Guide to Payroll Tax Deductions and Remittances Any employer, including non-residents, are required to withhold amounts of the income tax liability of an employee in Canada even if they will be exempted in other forms such as tax treaties. If an employer doesn’t want to withhold the payroll tax amounts, they would have to apply […]
Author Archives: advancedtax
How the Canadian Luxury Items Tax Affects You There is a new tax called the Luxury Items Tax that came into effect on September 1, 2022. This luxury tax applies to the sale or import of certain vehicles, aircraft, and vessels. Vehicles and aircraft priced or valued over $100,000 along with vessels over $250,000 will […]
Rules on Taxes for Personal Service Businesses As a sole proprietor, regardless of your incorporation, the CRA may have unique rules on addressing your taxes. There is a set of rules applying to personal service businesses that incur unique tax requirements as per the CRA. Personal service businesses or PSB’s have special considerations that apply […]
How the Canada Pension Plan Works The Canada Pension Plan or CPP is a retirement pension that is paid monthly. It is a taxable benefit to replace a part of your income upon retirement. Once qualified, you’ll get payments from the CPP retirement pension for the rest of your life. Qualifying for the Canada Pension […]
Eligibility & the Process for Employment Insurance Employment Insurance or EI in Canada is a system made to provide monetary benefits to those who lose their jobs as long as there hold no fault of their own. Some examples are shortages of work, seasonal and mass lay-offs. The individuals are able to and available for […]