How to Become a Canadian Taxpayer

How to Become a Canadian Taxpayer

If you’ve decided to become a Canadian taxpayer, starting with registering on the CRA website and accessing the “CRA MyAccount” service is a solid first step: http://www.cra-arc.gc.ca/myaccount/ Once you’ve reached the site, follow these steps: Register with “CRA MyAccount” to Become a Canadian Taxpayer Select Option 2 – click on the “CRA register” link. Enter […]

Как стать канадским налогоплательщиком

Как стать канадским налогоплательщиком

Если вы решили стать канадским налогоплательщиком, то для начала, я очень советую вам зарегистрироваться на сайте CRA и получить доступ к сервису “CRA MyAccount”: http://www.cra-arc.gc.ca/myaccount/ Сервис “CRA MyAccount” – поможет стать канадским налогоплательщиком Выбираете Option 2 – линк “CRA register” На странице “Validate your identity” вводите всю необходимую информацию. Для этого, кроме всего прочего, подготовьте […]

Налогообложение в Канаде

Налогообложение в Канаде

Две системы – налогообложение в Канаде В Канаде существует две системы налогообложения – одна для индивидуальных граждан (наемных работников) и другая – для бизнесов. Налогообложение в Канаде дает определенные преимущества для индивидуальных предпринимателей. Налогообложение в Канаде работников по найму. У наемных работников государство, по сути, забирает деньги в виде налогов, как только граждане эти деньги […]

Two Systems of Tax Obligations in Canada

Two Systems of Tax Obligations in Canada

Canada operates with two distinct systems of tax obligations—one for average employees and another for small business owners or the self-employed. Navigating the intricate tax landscape of Canada involves understanding the divergent systems for employees and small business owners or the self-employed. Employees witness deductions for taxes, pension contributions, and other levies, significantly impacting their […]

Second Tier CPP Rate Hike Starts in 2024

Second Tier CPP Rate Hike Starts in 2024

As you probably know, CPP contributions have been steadily rising since 2019. On the other hand, according to the Government, anyone contributing to the CPP enhancement after January 1, 2019 will receive an increased amount of CPP retirement pension, post-retirement benefit, disability pension, and survivor’s pension when they retire. Year 2024 will bring USA new Government […]

What’s new for 2018 tax-filing season?

The federal government is ending four child tax credits this year: arts, fitness, education and textbooks. Tuition will continue to be a tax credit. So make sure you get Form T2202A from your or your kid’s college or university (or Form TL11 in case you studied overseas). Also, for 2017 and subsequent taxation years, the budget […]

Do you have to make GST/HST installments?

If you are an annual filer and your net tax for a fiscal year is $3,000 or more, you may have to make quarterly instalment payments throughout the following fiscal year. Instalments are periodic payments that GST/HST registrants have to send the CRA towards the net tax owing on their annual GST/HST return. Failing to make installment payments could result in interest charges. […]

What’s new for 2015 tax-filing season?

Arguably the most important change for the upcoming tax season is the introduction of the Family Tax Cut Credit. This non-refundable tax credit of up to $2,000 is now available to eligible couples with children under the age of 18. The detailed information about this credit can be found in our article “New 2014 Family Tax […]

New 2014 Family Tax Cut Credit

The Government has recently introduced the Family Tax Cut, a new non-refundable tax credit of up to $2,000 for eligible couples with minor children. This new tax credit will be effective for the 2014 and subsequent tax years. This credit is calculated AS IF a spouse with higher income transfers up to $50,000 of his/her […]

CRA, Tips and Underground Economy

Before we start, I would like to issue a warning: this article contains the data from the Statistics Canada. Personally I am a big fan of Mark Twain, and his famous quote: “There are three kinds of lies: lies, damned lies and statistics”. So I have to apologize in advance for using the latter in […]