What 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 infirm dependent...
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What 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...
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What 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 include...
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Do 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, individual...
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What 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...
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How 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 be charged...
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How 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 is...
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What 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. Each of...
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