Category: Tax Blog
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How to create the “My CRA Account” (2 ways)
The CRA My Account is a secure online portal provided by the Canada Revenue Agency (CRA) where individuals can manage their tax-related affairs and benefits information. It offers various services such as viewing tax returns, notices of assessment, benefit payments, and managing direct deposits. Having a CRA My Account is beneficial for accessing services like… Read more
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Who has to file an income tax and benefit return?
In Canada, tax filing requirements vary depending on the individual’s financial circumstances and responsibilities. Here’s a summary of the different types of tax returns mandated by the Canadian Revenue Agency (CRA): Filing these returns is essential to ensure compliance with tax laws and to accurately report financial activities. Who should file a tax return in… Read more
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What You Should Know About the Canada Child Benefit (CCB)?
The Canada Child Benefit (CCB) is a crucial financial aid program in Canada, supporting families with children under 18. Administered by the Canada Revenue Agency (CRA), it requires specific criteria and documentation for accurate processing: Eligibility Requirements: Application Process: Required Documentation: How does the Canada child benefit work? The Canada Child Benefit (CCB) operates on… Read more
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Your tax return Checklist and Changes in 2023/2024
Your tax slips, allowable deductions and tax credits checklist For employed Canadians, the deadline for the taxes is April 30th. Any taxes owed for that year must also be paid by this deadline. Self-employed individuals have until June 15th to submit their returns, but taxes owed are still due by April 30th. Failure to meet… Read more
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How to deduct home office expenses??
Whether you’re self-employed and operating from your home or an employee working remotely as per your employer’s request, there are avenues to offset some of your home-related expenses by claiming deductions on your personal income tax return. For self-employed individuals, reporting business use of Home Expenses is done via the T2125 form submitted with the… Read more