A Comprehensive Guide to the FHSA in Canadian Tax Returns The First Home Savings Account or FHSA is a tax-free savings plan. It is a registered account for first-time homebuyers to gather funds to buy or build their qualifying first home. It is important to understand how this account can affect your tax return to […]
Category Archives: Business
A Guide to the BC Renter’s Tax Credit You may have heard of the BC Renter’s Tax Credit, but we’re here to break down exactly how it works. That means discussing what it is, who is eligible, how to claim it, and how much you get. Between increasing living costs and general inflation, the government […]
How Does the RRSP Tax Deduction Work for Canadian Income Tax Setting up an RRSP, or Registered Retirement Savings Plan, not only assists you in retirement at ensuring you have the savings you need, but also provides an RRSP tax deduction based on the amount you contribute. You set up the account and it is […]
Here’s What You Need to Know About the New Trust Reporting Requirements for T3 Returns The Canada Revenue Agency just made a major announcement in that all trusts, with a few exceptions, must file a T3 return. This is required for trust reporting in tax years ending after December 30, 2023. For certain trusts like […]
Our Guide on How to Get a GST Number in Canada For businesses in Canada who are coming to or have passed the $30,000 annual revenue mark, they must consider that they need to register for a GST (Goods and Services Tax) number. In this guide, we’ll take you through the steps on how to […]