Rental income When you earn rental income, you report it on your personal tax return on Form T776 Statement of Real Estate Rentals. You can claim rental expenses…
Read more How does rent from a family member or common-law partner get taxed? – MoneySenseThis form is typically used for foreign bank accounts, foreign investment accounts or foreign rental properties, but it can include other foreign assets. Foreign investments, including U.S. stocks,…
Read more How to report foreign income in Canada – MoneySenseRESP contributions and withdrawals Registered education savings plans (RESPs) are used to save for a child’s post-secondary education. Contributing to an RESP can give you access to government…
Read more Year-end tax and financial planning considerations – MoneySenseIs there a form to help with the calculations? Yes, there is a chart that can help; check it out here. However, you’ll still need to calculate any…
Read more Do you have to make quarterly tax remittances in Canada? – MoneySenseAt a time when Canada, just like every other country, is looking for highly skilled workers, our tax rates make it more difficult for them to choose to…
Read more How high tax rates hurt the economy – MoneySenseWhat factors determine employment status? The Canada Revenue Agency (CRA) uses an important distinction when evaluating a relationship between a worker and a business: the difference is between…
Read more Is it better to be an employee or self-employed? – MoneySenseUnderstanding the tax impact of more affordable care Here’s the problem: your child-care expense deduction will decrease if you pay less to your child-care provider. As a result,…
Read more How the $10-a-day child care program can affect your taxes – MoneySenseWithdrawing from an RRSP before age 70 Are you thinking you’d like to withdraw everything from your RRSP before starting your OAS or age 70? This way, if…
Read more “We’re set for life. Should we cash out an RRSP?” – MoneySenseWhy registering for GST/HST pays off The other excellent reason to charge GST and HST is that it pays off in dollars and cents. One of the great…
Read more Do I need a GST or HST number? – MoneySenseWhat is an executor? An executor is a person named in your will who will be responsible, after you die, for making sure that your assets are distributed according to…
Read more How executors get paid in Canada – MoneySense10 ways to use your tax refund How you choose to spend your tax refund will often boil down to your tax bracket and debt profile, Forward explains,…
Read more How long it takes to get your tax refund in Canada—and how to spend your refund – MoneySenseI am guessing you have downsized your home to move to a condo and now have money to contribute more to your registered retirement savings plans (RRSPs) as…
Read more Should you max out your RRSP before converting it to a RRIF? – MoneySenseThe simplest answer is yes: Social Security income is generally taxable at the federal level, though whether or not you have to pay taxes on your Social Security…
Read more Will I Have to Pay Taxes on My Social Security Income?Opinions expressed by Entrepreneur contributors are their own. Millions of taxpayers requested a six-month extension to file their 2022 federal income tax return. If you’re among them and…
Read more Don’t Miss This Upcoming Tax Deadline or Expect to Pay These Penalties | Entrepreneur
