Insights
Practical tax and money answers for Canadian owners and professionals, written by the accountants who file the returns.
How Do I Make a Payment to the CRA?
Making a payment to the Canada Revenue Agency (CRA) is now more convenient than ever with multiple options available. From online banking and CRA’s My Payment service to pre-authorized debits and credit card payments, taxpayers can choose the method that best suits their needs. In-person payments can also be made at Canadian banks or Canada Post outlets using personalized remittance vouchers or QR codes. Explore these options to manage your tax obligations efficiently. For more details, visit Ghumans.ca
Maximizing Your Tax Savings: A Comprehensive Guide for Canadians
Explore the best tax-saving strategies tailored for Canadians. From filing on time to maximizing deductions and credits, this guide covers everything you need to know to minimize your tax bill and maximize your savings.
Important Tax Changes in Canada
2024 taxes got you stressed? Relax! This guide breaks down key changes affecting Canadians, from Airbnb restrictions in major cities to therapy becoming more affordable. Plus, contribution limits for popular savings accounts like TFSAs and RRSPs have been adjusted. Get informed, make smart financial decisions, and potentially save some serious cash this year!
How Should Canadians Calculate Tax on Dividend Income?
In Canada, all sources of income must be disclosed in your tax returns, including dividends from investments. This guide explains how dividends are taxed, the Federal Dividend Tax Credit, and the different types of dividends. Learn how to accurately report your dividend income and maximize your tax credits with our expert tips.
Navigating Tax Implications When Leaving Canada: A Comprehensive Guide
Dreaming of retiring in another country? It’s a tempting prospect, but what about your Canadian pension? Moving abroad can have significant implications for your retirement income. While your Canada Pension Plan (CPP) benefits remain portable, the situation with Old Age Security (OAS) is more complex. Understanding how these pension plans are affected is crucial for planning your international retirement. In this article, we explore what happens to your CPP, OAS, and related benefits when you retire abroad, so you can make informed decisions about your retirement future.
What Small Business Owners Should Know About Section 85 Rollover?
if you are a small business looking to incorporate. We will outline what you should know about Section 85 rollover.
Uncashed Cheques from CRA – Ghuman & Associates
You might just have money waiting to be cashed! Quickly see if you have any uncashed cheques from CRA through your CRA My Account. It is that simple! Uncashed cheques from the Canada Revenue Agency There are many reasons Canadians may have an uncashed cheque from the Canada Revenue Agency (CRA). For…
Maximize Your Tax Savings: Seven Must-Do Year-End Financial Moves!
As the year draws to a close, it’s time to seize opportunities to bolster your financial well-being. Our expert guide unveils seven tax-saving strategies designed to supercharge your savings and secure your financial future. From opening a First Home Savings Account to capitalizing on investment opportunities, these tips will help you navigate the year-end tax landscape with confidence. Don’t wait—take control of your finances now and set the stage for a brighter tomorrow.
Revolutionizing Rental Housing: Federal Government Unveils Landlord Rebate Boost
Introduction: In a move aimed at addressing housing affordability concerns in Canada, the federal government has unveiled a significant relief measure pertaining to the goods and services tax (GST) on the construction of purpose-built rental housing. This announcement...
Accountant Near Me – Ghumans & Associates
Ghumans & Associates provide expert accounting and financial services tailored to your needs. Whether you’re an individual or a business, our local team offers personalized tax planning, bookkeeping, payroll, financial consulting, and more. Discover the difference with your trusted “accountant near me” at Ghumans.ca.
Introduction to Family Trusts: A Comprehensive Guide to Maximizing Tax Efficiency and Estate Planning
Introduction to Family Trusts A Family Trust is a separate entity managed by a trustee, which holds assets and generates income. While it offers tax benefits, there are also drawbacks such as filing obligations, setup costs and 21-Year rule. The complexity of the...
Are Incorporated Truck Drivers Considered Small Businesses in Canada?
Introduction In Canada, there is a growing concern among incorporated truck drivers who file taxes as small businesses. The Canadian Revenue Agency (CRA) has taken a stance that may classify these drivers as Personal Services Businesses (PSBs). This article explores...