Tax

Tax season can be overwhelming, especially with the rising costs in today’s economy. One of the best ways to reduce your tax bill is by claiming tax deductions and credits. But what many people don’t realize is that tax deductions and tax credits are not the same, and neither guarantees a tax refund. Understanding the Continue reading

As the cost of living continues to rise across Canada, many Canadians are facing tough choices when it comes to their finances, with some having to reduce or delay contributions to their Registered Retirement Savings Plans (RRSP). According to a recent survey by Edward Jones Canada, 10% of the 1,528 participants reported that they are Continue reading

When purchasing a home in Canada, land transfer taxes are an essential cost that must be paid by every buyer, regardless of whether it’s their primary residence or not. These taxes, which are calculated based on a percentage of the home’s price, vary depending on your location and the cost of the property. In general, Continue reading

With the growing popularity of buying and selling stocks, many Canadians are now turning to investments, particularly day trading, as a way to generate income. However, what many fail to realize is that any profits made from selling these investments are considered taxable income by the Canada Revenue Agency (CRA). This means that once you Continue reading

Raising children in Canada comes with a hefty price tag. Whether you have one child, two, or a growing family, the costs never seem to stop climbing. From daycare expenses to school supplies, and the ever-increasing costs of raising a child, managing your finances effectively is more crucial than ever. This is especially true come Continue reading

Tax season is officially here in Canada, and if you want to make the most of your tax refund, you’re in the right place. The Canada Revenue Agency (CRA) has kicked off the 2024 tax season by opening its NETFILE service, allowing Canadians to start filing their income tax returns. To ensure you get the Continue reading

Shopping for groceries in Canada can be an overwhelming experience, especially when you’re trying to stretch your budget. But did you know that there are many grocery items you can purchase without paying taxes? That’s right—certain foods and beverages are considered “basic groceries” and are exempt from the Goods and Services Tax (GST) or the Continue reading