Taxes
Some articles for those of us who dislike reading about taxes as much as paying them. Just the most important rules, regulations, and strategies to keep your tax bill as low as possible, and nothing else.
How to File Taxes Online for Free in Canada
Learn how to file taxes online in Canada. This guide will go over the different options you have to submit a complete tax filing to the Canada Revenue Agency (CRA).
Canada Tax Brackets 2024 | Federal & Provincial/Territorial Tax Brackets
You know there are tax brackets in Canada—but what are they this year? Wonder no more. Learn everything you need to know about income tax in Canada.
Capital Gains Tax in Canada in 2024
You may be familiar with the term capital gains, but if you’re not sure about the details or how it might apply to you (and how to try to minimize its impact), this article is for you.
The Ultimate Guide to T4 Slips
The T4 is the king of the jungle of tax slips. This quick guide will provide all the essential T4 info you’ll need about the famous T4 statement of income paid and taxes withheld.
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Form T2201 – Disability Credit Explained
7 min read
Form T2201 determines if you qualify for a range of government benefits meant to help financially support Canadians with severe and prolonged disabilities. Here’s a guide.
Canada tax return basics and checklist
11 min read
New to Canadian tax returns? Check out the basics of filling out a tax return and filing your taxes in Canada.
How to Withdraw RRSP Money Without Paying Tax
7 min read
Most early withdrawals from your RRSP come with taxes or penalties. But there are some exceptions.
Everything You Need to Know About the T1
3 min read
Here's everything you need to know about the T1, which every Canadian needs to fill out each tax year.
Canada Tax Brackets 2024 | Federal & Provincial/Territorial Tax Brackets
7 min read
You know there are tax brackets in Canada—but what are they this year? Wonder no more. Learn everything you need to know about income tax in Canada.
Québec Tax Brackets 2024 | QC Income, Credits & Deductions
6 min read
Here are the Québec tax brackets in 2024.
How to change your tax return after filing
3 min read
Filed your tax return and then realized you made a mistake? We’ll tell you how to change your return after it’s been filed.
OAS Clawback Explained
7 min read
The government gives you a helping hand when you get old, as long as you don’t make, what it considers, too much money. Here’s exactly how the OAS clawback works.
What Is form TD1?
5 min read
TD1 is a Canada tax form used to calculate how much tax should be withheld from your paycheck. You hand it to your employer or pension payer.
How marriage and common-law unions change your tax status in Canada
3 min read
Got married or moved in together? Here’s what you need to know about your new tax status.
Everything you need to know about the Canada Workers Benefit (CWB)
5 min read
If you're a low-income individual or family, you're eligible for refundable federal tax credits thanks to the CWB. Here's what you need to know.
A Guide to Self-Employed Taxes and Rates in Canada
8 min read
If you run your own business or have picked up some side gigs, the Canada Revenue Agency (CRA) considers you to be self-employed, which has significant tax implications.
A visual guide to end-of-year registered account deadlines
1 min read
It can be hard balancing all of the different contribution deadlines — unless you have flowchart.
BC Tax Brackets 2024 | BC Income, Credits & Deductions | Wealthsimple
5 min read
Here are the 2024 tax brackets and rates for British Columbia residents.
Six Ways to Reduce Capital Gains Tax in Canada
6 min read
Capital gains tax is a way for the government to collect revenue on the profit you make from investments — including property. While you can’t avoid them entirely, you can do your best to minimize them, and here are six ways to do it.
Ontario Tax Brackets for 2024 | ON Income, Credits & Deductions
6 min read
Here are the 2024 tax season brackets and rates for Ontario residents.
Capital Gains Tax in Canada in 2024
6 min read
You may be familiar with the term capital gains, but if you’re not sure about the details or how it might apply to you (and how to try to minimize its impact), this article is for you.
Alberta Tax Brackets 2024 | AB Income, Credits & Deductions
5 min read
Find out the 2024 tax brackets and information about tax in Alberta.
Average and Marginal Tax Rates
3 min read
Average tax rate and marginal tax rate are the ways taxes are applied and looked at in Canada’s progressive tax system. We break down both and how they might apply for you.
What to Know About RDSPs
6 min read
Usually, Canadians pay the government. But not this time. Find out how people with disabilities may be eligible for up to $90,000 of grants and bonds.
33 Questions About RRSP, TFSA, FHSA and Other Registered Accounts
9 min read
Answers to 33 of the most common questions about TFSAs, FHSAs, RRSPs, Spousal RRSPs, RRIFs, and the Home Buyers’ Plan.
Everything you need to know about the T2
2 min read
Here's everything you need to know about filling out and filing the T2, the form corporations need for filing their income tax.
A Guide to Canadian Tax Services
6 min read
The Canadian tax season is approaching quickly. In this article, we'll explain what it means to file your taxes and how to get started.
What's Tax Loss Harvesting?
1 min read
It's a rather clever way of saving money on taxes by selling off existing investments. Here's how it works.
Canadian Income Tax Explained
10 min read
Here’s everything you need to know about Canada’s income tax system.
What Students Should Know About Their T2202 Form
5 min read
Students enrolled at designated educational institutions receive a form T2202, the Tuition and Enrollment Certificate, which tells the CRA how much tuition can be claimed on your tax return.
What Is a T5 Slip? Return of Investment Income Explained
2 min read
Here's everything you need to know about the T5, which you'll need when you're reporting income from any investments you hold.
Things to Know About Tax Refunds in Canada
6 min read
A tax refund is not free money. It’s the money you overpaid in taxes over the course of the tax year. Here’s what you need to know.
RRSP Withholding Tax: How Much You'll Pay
6 min read
RRSP withholding tax is charged when you withdraw funds from your RRSP before retirement. Here’s how it works.
How Income Splitting Works
5 min read
Income splitting happens when a higher-earning spouse transfers part of their income to their partner for tax purposes. Here’s why people do it.
What Is the Ontario Opportunities Fund?
5 min read
If you're a citizen of Ontario, you can help reduce the province's debt while also earning a tax credit. Here's what you need to know.
Everything You Need to Know About T778
5 min read
The T778 allows you to claim eligible child care expenses to reduce your taxable income. Here's what you need to know.
What Is a GST Number and How to Get One
7 min read
Your business is pulling in over $30k of cash a year — time to register for a GST number and become what you’ve always dreaded: a government tax collector.
Everything You Need to Know About the T2151
5 min read
If you're planning on moving funds from one retirement pension plan to another, you'll need to fill out the T2151. Here's what you need to know.
Everything You Need to Know About T2202
3 min read
If you're a student, you may be able to claim your tuition on your tax return via the T2202. Here's what you need to know.
An Overview of Form T4A
6 min read
A T4 is an income statement used for tax purposes. This guide explains how the T4 details income you’ve received not captured on other tax slips, such as pension and annuities.
What Is the RL-31 Slip?
4 min read
The RL-31 slip needs to be filled out by residents of Québec who rent out property. Here's what you need to know.
Everything You Need to Know About T2125
1 min read
If you're self-employed or own a small business, then you'll need to file the T2125. Here's what you need to know.
Everything You Need to Know About the T5018
3 min read
Are you in the construction business? Then the T5018 is for you. Here's what you need to know.
Everything You Need to Know About the T5007
2 min read
The T5007 is required to be filed by anyone who's received certain government benefits. Here's everything you need to know.
Everything You Need to Know About the Canada Child Benefit
5 min read
If you live in Canada and have a child below the age of 18, you may be eligible for the Canada Child Benefit, a monthly tax-exempt payment administered by the Canada Revenue Agency. Here's what you need to know.
9 Overlooked Tax Deductions and Credits
3 min read
You might be missing out on a significant chunk of money by not considering these often overlooked tax deductions.
The Ultimate Guide to T4 Slips
5 min read
The T4 is the king of the jungle of tax slips. This quick guide will provide all the essential T4 info you’ll need about the famous T4 statement of income paid and taxes withheld.
What Is the Working Income Tax Benefit?
4 min read
Canada’s Working Income Tax Benefit has been replaced by the Canada Workers Benefit. Here’s what you need to know.
Things to Know About Your Notice of Assessment
4 min read
A notice of assessment is an important document that tells you how much you owe on your taxes, how much you’re being refunded, and more.
Everything you need to know about the T2209
4 min read
If you've earned income outside of Canada and had to pay tax for it, the T2209 helps you claim tax credits on the paid amount. Here's what you need to know.
How to File Taxes Online for Free in Canada
7 min read
Learn how to file taxes online in Canada. This guide will go over the different options you have to submit a complete tax filing to the Canada Revenue Agency (CRA).
Does Inheritance Tax Exist in Canada?
7 min read
In Canada, there is no inheritance tax, but there are special tax issues related to a deceased person’s assets and income. Here’s what you need to know.
RIT/RIF on Your Bank Statement
1 min read
The term “RIT/RIF” refers to the refund you’re owed from the Canada Revenue Agency. Here’s how it works.
Everything you need to know about the T4
2 min read
We'll tell you everything you need to know about the T4 slip you'll need once tax season comes around.
Tax Clearance Certificates: What They are and Why You Need Them
4 min read
A tax clearance certificate is essential in conducting the affairs of the entity you are representing, so you’ll want to make sure you understand what it is, how to obtain it, and what you should do after you’ve received it.
What is the Principal Residence Exemption?
7 min read
The principal residence exemption makes you exempt from paying capital gains tax when you sell a residence that is the principal residence for your family unit. Here’s how it works.
A Guide To Form T2200
4 min read
If you’re an employee who hopes to deduct work expenses, you’ll need Form T2200. This guide tells you everything you need to know.
What is BC Speculation Tax | 2022 Speculation Tax Declaration
5 min read
The BC speculation and vacancy tax is the annual tax paid by homeowners whose properties are located in the taxable regions of British Columbia. Here’s why it exists and how it works.
Canadian Property Taxes - By Province
1 min read
Here's a full breakdown of Canadian property taxes, province by province.
A Guide to Crypto Taxation (Canada)
7 min read
In Canada, you might be liable for two types of taxes on cryptocurrency: income and capital gains.
How to file a tax return for the first time
3 min read
Filing a tax return for the first time? We'll tell you all you need to know.
Everything you need to know about the T776
4 min read
If you receive income from a property you rent out, then the T776 is for you. Here's what you need to know.
Everything you need to know about the T777
4 min read
If you're an employee and you're looking to claim work-related expenses on your taxes, then this form is for you.
A Guide to Toronto Property Tax
3 min read
Curious about property taxes in Toronto? Here's what you need to know.