The Goods and Services Tax (GST) and Harmonized Sales Tax (HST) Credit is a tax-free quarterly payment provided by the Canadian government to individuals and families with low or modest incomes. Its primary purpose is to offset the impact of GST or HST on the purchase of goods and services. The GST is a federal…
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In Canada, a Record of Employment (ROE) is one of the most important documents an employer must issue to their employee. It’s a form used to document an employee’s employment history, and it plays a critical role in determining eligibility for Employment Insurance (EI) benefits. If you’ve recently experienced a gap in work or earnings,…
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The Dividend Tax Credit (DTC) is a non-refundable tax credit in Canada designed to alleviate the double taxation of dividend income received by individuals from taxable Canadian corporations. When corporations pay taxes on their profits and distribute dividends to shareholders, those dividends have already been taxed at the corporate level. The DTC ensures that individual…
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Cost sheets are an essential tool for businesses of all sizes. Whether you’re running a small startup or managing a large enterprise, a cost sheet provides detailed insights into the costs associated with producing goods or delivering services. In this article, we’ll explore the importance of cost sheets, their components, and how they can benefit…
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For many Canadians, rent is one of the largest monthly expenses. With the high costs of housing, it’s only natural to wonder if you can claim rent on your tax return to save money. But can rent really be claimed as a deduction in Canada? And if so, what are the eligibility requirements and the…
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Vacation accrual is a key component of employee benefits that ensures workers can earn paid time off as they continue to work with their employer. This policy allows employees to accumulate vacation time over a set period, which can then be taken as paid leave. Understanding vacation accrual is essential not just for employees but…
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Understanding tax deadlines is essential for every Canadian citizen and business. Missing these crucial dates can lead to unnecessary fines, interest charges, and additional stress. Whether you’re an individual preparing for your personal income tax filing or a business owner managing corporate tax obligations, knowing when to submit your documents and pay any dues is…
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Tax forms can seem intimidating, especially if you’re unfamiliar with how they work. However, the TD1 (federal) and TD1BC (provincial for British Columbia) forms are crucial documents that determine the amount of tax that will be deducted from your paychecks. Filling them out correctly ensures that the right amount of tax is withheld, avoiding potential…
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In Canada, many individuals and businesses use their personal vehicles for work-related purposes. If you’re one of them, you might be wondering how much of that driving you can claim when filing your taxes. The CRA (Canada Revenue Agency) mileage rate allows you to deduct or be reimbursed for work-related kilometers driven. However, understanding the…
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Being self-employed offers many benefits, such as the freedom to be your own boss, set your own hours, and pursue your passion. However, it also comes with unique challenges, particularly when it comes to taxes. As a self-employed individual in Edmonton, understanding how to manage your taxes effectively can save you a significant amount of…
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