IMPORTANT POINTERS OF CANADA EMERGENCY WAGE SUBSIDY
Two kinds of Canada Emergency Wage Subsidy explained in detail. Please watch the video for more details. Please subscribe to our channel for more videos.
T4 Prep Notes
If you are an employer or own your own corporation, this blog will help you to get the information necessary to prepare a T4. A T4 slip reports your salary and wages paid by Canadian Corporation to its employees. In order to properly prepare a T4 you can follow these simple steps. You start off
Children Physical Activities And Art Activity Expense Review
A – If you send your children to physical activities like basket ball swimming or dance or art classes you get tax refund for those expenses. B – If children are not living with you, you can’t claim it C – You can’t claim if you spent more than 500 per child only up to
Medical Expense Review
a. You can claim all Medical expenses related to your family members including spouses b. You can claim glasses dental prescribe medical physio therapy c. If you have to change your home due to medical reason you can claimed as expenses like left in home d. Usually medical expenses period start from Jan to Dec
A Guide For End Of Year Tax Planning Specialized For Business Owners
When it comes to year-end tax, there are many different tricks and tips an owner of a small business can follow in order to save. Throughout the contents of this blog, I will be telling you five different strategies to follow in order to save money at year-end tax. The first strategy is known as
Charitable Donation Review
a. You can claim 5 years donation in one short b. You can get up to 46% donation back in CRA Tax refund c. Your Must Show Tax deductible receipts to CRA d. If your tax receipts does not show RR0001 you can’t use this receipts e. If you donation to US charity you can
Different Kinds Of CRA Audits Or Reviews
In Canada you are subject to 5 different kinds of Tax Audits or reviews 1. Charitable donation review 2. Medical expense review 3. Children physical activities and art activity expense review 4. T2202 review 5. T777 employment expenses review 6. Property Tax review or Rent paid in Ontario review 7. Auto Expenses review 8. T2125 Expenses
3 Things Most Of People Does Not Know About RRSP
1. When you buy RRSP your Canada Child tax benefits increases to along with increase of refund 2. If you buy RRSP today and after 3 Years you file bankruptcy your RRSP balance is safe no body can touch it 3. Your should wait to buy RRSP until time you sell house and get big
5 things to remember while preparing your self for personal tax returns in GTA
1. Make sure you have all T slips with you T4 T5 T3 T5007 T4A T2202 T2200 etc. 2. Make sure you have all Donations slip, Medical expenses, Children Daycare receipts, Rental receipts from a landlord, Property tax you paid, RRSP slips, expenses paid for children activity like swimming dance art lessons. 3. If you