Besides payroll taxes, the federal income tax that will be paid in 2022 would be generally lower. This is because the federal basic personal amount

We’ve made a list of the primary COVID-19 relief and support programs that are taxable but make sure you keep an eye out for official tax slips.

Canadian Personal Tax Checklist 2021: When getting ready to file your 2021 personal tax filing, make sure you keep in mind that the RRSP deadline is coming.

Reporting Requirements on the Sale of a Principal Residence The Government announced an administrative change to Canada Revenue Agency‘s reporting requirements for the sale of a principal residence on October 3, 2016. This was to address perceived abuses of the exemption. When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return. You also do not have to pay tax on any capital gains from the sale. This is the case if you are eligible for the full income tax exemption (principal residence exemption or PRE). The eligibility for the exemption occures if the property was your primary residence for every year you owned it. Did You Sell Your Principal Residence? Starting with the 2016 tax year, generally due by April 2017, you will be required to report basic information (date of acquisition, proceeds of disposition and description of the property) on your income tax and benefit return when you sell it to claim the full PRE. Disposition by a Trust If the property disposition is not reported accurately or timely, the exemption could be denied. CRA could impose a penalty of $100 per month upto a maximum of $8,000 depending on the circumstances. Managing your purchase and sale of property effectively will reduce the tax you owe drastically. Contact us if you have a property to find out how we can help you save the most on your taxes.

How Financial Modelling Works Financial models are mathematical models used to calculate or estimate financial data. A financial model may be a simple formula or a complex system of variables, depending on each use. Financial modelling is used in many business companies for financial data analysis and quantitative business aspects. These models are also helpful not only in business sectors, but also in the field of economics and marketing. They understand market behavior and are used for decision-making purposes. Financial models are also used in historical analysis, investments, financial performance, government, and banking. Types of Financial Modelling There are many types of financial models, depending on the problem to solve and the need for it. These financial models are made by “financial analysts.” These professionals earned a degree or undergo formal training in financial modelling. Analysts make their own criteria or techniques in order to build a model based on the particular needs of a company client. There are also financial model global training camps conducted across the globe. The said field also conducts professional competitions among various professionals and university students from over a hundred participating countries. These participants exhibit their analytical skills in financial modelling, competing through pioneering challenges. This event is hosted by several big names in the software industry.  Tools for Financial Modelling In the world of financial modelling, Microsoft Excel is a vital tool in the process. Because it is the tool used to make the complex formulas for a financial model, it is very beneficial to undergo rigorous Excel training. The following is also required In order to make a financial model: In addition to in-person training courses conducted in different countries, online self-study courses are also available that can help you prepare for jobs or interviews related to financial modelling jobs. Online video lectures are also available, where instructors use the step by step approach. You can choose from basic to premium packages depending on your ability and knowledge. There are also industry based financial modelling training courses suitable for people who are already in the industry and want to learn more about the software. Getting Ahead in Financial Modelling Professionals, such as those in the oil and gas, banking, real estate, restructuring, and accounting industries can also benefit from industry based modelling packages . For those who are interested in taking basic courses, there are also Excel training courses specifically designed for financial modelling, and refresher course for those who want to brush up on their knowledge.  Here’s Why You Need to Learn to Create Financial Models By learning about financial modelling, many job-seekers can be at the edge of the booming careers related to IT. Top performing professionals who have created names in the IT industry also started from learning the basics. It is always a good idea to start learning through reading about these models and then learn how to manipulate it through Excel knowledge.