by Ghuman & Associates | Sep 12, 2024 | Canadian Tax
1. Introduction The Canadian government requires residents to report their worldwide income, including foreign assets. Failing to do so can result in severe penalties. To make this process easier, the Canada Revenue Agency (CRA) developed Form T1135 to report foreign...
by Ghuman & Associates | Sep 4, 2024 | Canadian Tax
Understanding Interest Deductibility Under Canadian Tax Law Earlier this month, the Canada Revenue Agency (CRA) updated its comprehensive folio on interest deductibility. While most of the changes may not directly impact the average taxpayer, the folio now includes...
by Ghuman & Associates | Aug 28, 2024 | Canadian Tax
As a small business owner, navigating the maze of GST/HST payments can be overwhelming. With constantly changing regulations and tight deadlines, it’s easy to feel like you’re always playing catch-up. But don’t worry—this guide will help you understand...
by Ghuman & Associates | Aug 28, 2024 | Canadian Tax
First Home Buyers Tax Credit: What It Means for You Understanding the Benefits of the First Home Buyers Tax Credit Purchasing a home is a significant milestone, often marking one of the most substantial financial decisions you’ll ever make. This journey into...
by Ghuman & Associates | Jun 24, 2024 | Canadian Tax
What Are Climate Action Incentive Payments (CAIP) aka Canada Carbon Rebate (CCR)? Climate Action Incentive Payments (CAIP), now known as the Canada Carbon Rebate (CCR), are Canada’s approach to motivate citizens towards a greener lifestyle. By financially...
by Ghuman & Associates | May 28, 2024 | Canadian Tax
Introduction If you use a personal vehicle for work, you may be eligible for mileage rate benefits from your employer. These benefits help cover costs incurred from professional roles that require constant travel and the use of a personal vehicle. Understanding...
