by James PendergastWhat is the Marginal Tax Rate?
The marginal tax rate is the percentage of tax you will pay, which is based on the amount of income you earn. The more money you make, the more tax y...
by Jason RosenWhat is a Schedule 5?
The Canada Revenue Agency’s (CRA) Schedule 5 is used when taxpayer’s want to claim an amount for an eligible dependent, the amount for an infi...
by Jason RosenWhat is a Schedule 1 Federal Tax Form?
CRA Schedule 1 A Schedule 1 Federal Tax Form, or a CRA Schedule 1 as some people call it, is used to calculate the percentage of your income you are g...
by James PendergastWhat Kind of Medical Expenses are Tax Deductible in Canada?
While health care in Canada is publicly funded, there are various out-of-pocket medical expenses that taxpayers incur on a daily basis. Examples inclu...
by Jason RosenDo You Have to Pay Tax on Rental Income?
What is Rental Income? Rental income is any income earned for allowing others the use of a specific space. This includes houses, apartments, individua...
by Jason RosenWhat is Wage Garnishment?
A wage garnishment is when a creditor seizes some, or all of your earnings to pay off your amount owing. It is often used by the Canada Revenue Agency...
by Jason RosenHow do I file Last Years’ Tax Return?
For one reason or another, your last years’ tax return was not filed . The longer it remains un-filed, the more penalties and interest that will...
by Jason RosenHow to Calculate CRA Penalty and Interest
If you have a balance owing for a tax year, the Canada Revenue Agency begins charging compound daily interest on May 1st of that year. The interest i...
by James PendergastWhat is the CRA Reassessment Period?
The CRA Reassessment Period is the amount of time the Canada Revenue Agency is allowed to adjust a personal, corporate, GST/HST, or payroll return. Ea...
by Jason Rosen