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...
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TFSA Contribution Limit
A Tax-free savings account (TFSA) is a registered investment account that allows Canadian residents to earn tax-free money on certain types of...
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Cryptocurrency Audits and the CRA
Recently, the Canada Revenue Agency has sent out a 13 page questionnaire to those it suspects of owning cryptocurrencies or digital currencies. These are...
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Tax Requirements for the Gig Economy in Canada
The Canada Revenue Agency (the “CRA”) requires all taxpayers to file income tax returns every year. Since Uber, and other similar companies, have arrived on...
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What is HST in Canada?
The harmonized sales tax (“HST”) is a consumption tax in Canada and it combines the goods and services tax ("GST") and provincial sales tax ("PST") . It is...
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Uber Drivers and Canadian Income Tax
Uber drivers are considered self-employed in Canada, otherwise known as an independent contractor. As such, Uber drivers must keep records of the money they...
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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 goods and...
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What is the Maximum CPP Benefit for 2018?
The Canada Pension Plan (“CPP”) are government payments representing a replacement of income where disability, retirement, or death are involved. It is also...
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