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. Click here to 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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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.
Six Ways to Reduce Capital Gains Tax in Canada
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.
Average and Marginal Tax Rates
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
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
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
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
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?
It's a rather clever way of saving money on taxes by selling off existing investments. Here's how it works.
How to Change Your Tax Return After Filing
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.
A visual guide to end-of-year registered account deadlines
It can be hard balancing all of the different contribution deadlines — unless you have flowchart.
What Students Should Know About Their T2202 Form
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.
Everything You Need to Know About the T1
Here's everything you need to know about the T1, which every Canadian needs to fill out each tax year.
What Is a T5 Slip? Return of Investment Income Explained
Here's everything you need to know about the T5, which you'll need when you're reporting income from any investments you hold.
British Columbia Tax Brackets 2024 | BC Income, Credits & Deductions
Here are the 2024 tax brackets and rates for British Columbia residents.
Things to Know About Tax Refunds in Canada
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.
How to Withdraw RRSP Money Without Paying Tax
Most early withdrawals from your RRSP come with taxes or penalties. But there are some exceptions.
A Guide to Self-Employed Taxes and Rates in Canada
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.
How Income Splitting Works
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.
RRSP Withholding Tax: How Much You'll Pay
RRSP withholding tax is charged when you withdraw funds from your RRSP before retirement. Here’s how it works.
Alberta Tax Brackets 2024 | AB Income, Credits & Deductions
Find out the 2024 tax brackets and information about tax in Alberta.
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. Click here to learn everything you need to know about income tax in Canada.
Ontario Tax Brackets for 2024 | ON Income, Credits & Deductions
Here are the 2024 tax season brackets and rates for Ontario residents.
What Is the Ontario Opportunities Fund?
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
The T778 allows you to claim eligible child care expenses to reduce your taxable income. Here's what you need to know.
Form T2201 – Disability Credit Explained
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.
What Is a GST Number and How to Get One
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
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
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
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?
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
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 Canada Child Benefit
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.
Everything You Need to Know About the T5018
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
The T5007 is required to be filed by anyone who's received certain government benefits. Here's everything you need to know.
9 Overlooked Tax Deductions and Credits
You might be missing out on a significant chunk of money by not considering these often overlooked tax deductions.
What Is Form TD1?
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.
Canada Tax Return Basics and Checklist
New to Canadian tax returns? Check out the basics of filling out a tax return and filing your taxes in Canada.
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.
How Marriage and Common-Law Unions Change Your Tax Status in Canada
Got married or moved in together? Here’s what you need to know about your new tax status.
What Is the Working Income Tax Benefit?
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
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
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
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).
How to Use Netfile for Online Tax Filing in Canada
NETFILE is an electronic service that allows you to file your personal taxes online directly with the Canada Revenue Agency (CRA). Here’s how it works.
Does Inheritance Tax Exist in Canada?
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
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
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
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?
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
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.
Tax Deadline 2022 Canada | When Is The Tax Deadline in 2022?
The tax deadline in Canada for 2022 is May 2. Here’s what every taxpayer needs to know about filing taxes on time.
Carbon Tax Canada | Climate Action Incentive Payments & Rebates
The carbon tax in Canada is meant to help reduce greenhouse gas emission. Here’s how it works and who it affects.
What is BC Speculation Tax | 2022 Speculation Tax Declaration
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
Here's a full breakdown of Canadian property taxes, province by province.
Medical Services Plan (MSP) Premiums Assistance
Here's a quick overview of the medical services plan premium assistance, including the latest information from BC, information about paying outstanding premiums, and tips on getting the retroactive premium assistance.
A Guide to Crypto Taxation (Canada)
In Canada, you might be liable for two types of taxes on cryptocurrency: income and capital gains.
The GST/HST Registry: What It Is and How to Use It
The GST/HST (Goods and Services Tax/Harmonized Sales Tax) registry is used to calculate and remit sales tax to the Canadian government. In this article, we’ll go over some information to help you understand the registry and how to use it.
What is the Disability Tax Credit?
The Disability Tax Credit is a non-refundable federal tax credit intended to help people with disabilities or their caregivers reduce their income taxes owing.
How to file a tax return for the first time
Filing a tax return for the first time? We'll tell you all you need to know.
Everything you need to know about the T5013
If you have a business partnership in Canada, you'll need to fill out the T5013. Here's what you need to know.
Everything you need to know about the T776
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
If you're an employee and you're looking to claim work-related expenses on your taxes, then this form is for you.
Everything you need to know about the T2201
In order to qualify for government-funded disability benefits, you need to file the T2201. Here's everything you need to know.
Everything you need to know about the Canada Workers Benefit (CWB)
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.
Everything you need to know about the T1013
If you want to give someone else authority over your CRA account, then you need to fill out a T1013. Here's everything you need to know.
What is the Guaranteed Income Supplement
The Guaranteed Income Supplement (GIS) helps low-income seniors earn an additional income to their Old Age Security. Here's what you need to know.
How to change your tax return after filing
If you noticed a mistake on your tax return but have already filed it, here's what you can do.
What are average and marginal tax rates?
Confused about what average versus marginal tax rates mean? Here's what you need to know.
Filing a Tax Return for the First Time
Filing a tax return for the first time? Here's what newbies need to know.
A Guide to Toronto Property Tax
Curious about property taxes in Toronto? Here's what you need to know.
When “free” isn't free: Hidden Fees in Tax Software
While many tax softwares advertise free services, it's important to read the fine print.
What are unclaimed balances
What happens when bank accounts are left unattended for a long time, and how can you recover any balances that you may have forgotten about? Read on to find out.
6 Common Tax Misconceptions
These are the 6 most common tax misconceptions that seem to pop up over and over.
What is the Vancouver property tax
If you are a first time property owner in Vancouver, BC, you may be wondering if and how property tax applies to you. Here's what you need to know.
What is Schedule 11
Schedule 11 allows students to claim some of their educational costs, including tuition, as tax credits. Here's what you need to know.
A Guide to RC62
RC62 is also known as the Universal Child Care Benefit (UCCB) Statement and refers to benefits received prior to 2016. Here's what you need to know.
A Guide to RC66
Canadian parents with children below 18 years of age can fill out form RC66 to apply for Canada Child Benefits (CCB) and GST/HST credits for their children. Here's what you need to know.