

Claiming Capital Cost Allowance on a Rental Property
Capital Cost Allowance is a deductible expense (taken off your taxable income) for the depreciation (wear and tear) of something. More specifically, ...

What is Considered Taxable Income in Canada?
Taxable income means the value of what you have received is included in your income for the year, and you must pay tax on this amount. A common questi...

What is Capital Gains Tax?
What is Capital Gains Tax? Capital Gains tax is a tax rate that is applied to income earned from the sale of capital property. This differs from the t...

Taxes and the Gig Economy in Canada
What is the Gig Economy? The gig economy is defined as one in which temporary, flexible jobs are much more common and companies lean more towards hiri...

How Much is Income Tax in Canada in 2018?
Canadian income tax rates vary according to the amount of income a taxpayer earns. In addition, taxpayers pay different rates on different portions of...

Schedule 7: RRSPs in Canada
Schedule 7 is a form that is attached to your Income Tax Return and it calculates your Registered Retirement Savings Plan (RRSP) deduction. The RRSP d...

What is HST in Ontario?
HST stands for “harmonized sales tax”. A harmonized sales tax is otherwise known as a consumption tax, which is a tax levied on spending (think of...

Is Tax Deducted from CPP Payments?
The Canada Pension Plan (CPP) operates throughout Canada, except in Quebec, where the Quebec Pension Plan (QPP) exists, aiming to provide contributors...

What is the Working Income Tax Benefit?
The Working Income Tax Benefit (“WITB”) is a refundable tax credit intended to provide tax relief for eligible working low-income individu...
