Top Tax Deductions You Shouldn’t Miss When Filing Your Canadian Tax Return
When filing your Canadian tax return, it’s essential to take advantage of all the deductions available to you. These deductions can significantly reduce your taxable income, leading to a lower tax bill or a larger refund. Below are some common and lesser-known deductions you shouldn’t overlook. Retirement Savings Plan (RRSP) Contributions One of the most […]
Common Tax Filing Mistakes in Canada and How to Avoid Them
Filing your tax return can be a complex process, and even a small mistake can lead to delays, audits, or missed deductions. Here are some of the most common tax filing mistakes Canadians make, along with tips on how to avoid them. Missing the Tax Deadline Failing to file your tax return by the deadline […]
Canadian Controlled Private Corporations (CCPCs)
Canadian Controlled Private Corporations (CCPCs) will soon lose the ability to immediately expense the full cost of up to $1.5 million in eligible property. As announced in the 2021 Federal Budget, the Federal Government approved a temporary measure allowing for 100% immediate expensing of up to $1.5 million of eligible property. Such expensing is accomplished […]
Qualified business and claiming Life time Capital gain Exemption
Qualified business and claiming Life time Capital gain Exemption Tax Return Filers July 17, 2023 Uncategorized Introduction In this edition, Tax Return Filers shed light on two indispensable tools that can revolutionize your financial journey – Qualified Business and the Life Time Capital Gain Exemption. Qualified Business, a coveted status, offers a myriad of tax […]
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