Making money on the side is a great way to supplement your income and achieve financial independence. Whether you’re looking to pay off debt, save for a down payment on a house, or simply build up your savings, having a side hustle can help you achieve your financial goals. There are many different ways to […]
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When it comes to filing taxes, having the right software can make the process a lot less painful. Two of the most popular options on the market are Ufile and Turbotax. Both programs are designed to help individuals and businesses prepare and file their taxes electronically, but they have some key differences. In this blog
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One of the most common financial questions homeowners ask is whether it’s better to pay down their mortgage or invest the money elsewhere. While there’s no one-size-fits-all answer, there are pros and cons to each approach. Here’s a breakdown of the two options: Paying Down Your Mortgage Investing Table of comparison Paying Down Mortgage Investing
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When it comes to saving for your future, two of the most popular options available to Canadians are Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs). Both options offer unique benefits, but which one is the better choice for you? In this article, we will take a closer look at both RRSPs and
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There are several tax software options available for individuals and small business owners in Canada that can help you prepare and file your income tax and benefit return. Some of the most popular options include: TurboTax: This software is known for its user-friendly interface and step-by-step guidance. It can be used to file federal and
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If you have questions about your Canadian federal taxes, you can contact the Canada Revenue Agency (CRA). You can find contact information for the CRA on their website at www.cra-arc.gc.ca. Here are some ways you can contact the CRA: If you have a specific question about your taxes, it’s a good idea to have your
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The tax system in Canada is a combination of federal and provincial taxes. The federal government levies taxes on income, sales, and certain goods and services, while the provinces and territories have the authority to levy taxes on certain items as well. Income tax in Canada is progressive, which means that higher levels of income
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What is T4 Slip? A T4 slip, also known as a Statement of Remuneration Paid, is a form that is issued by an employer to an employee to report employment income and deductions for a specific tax year. The T4 slip shows the total amount of salary, wages, and other taxable benefits that the employee
Common Tax Questions in Canada WHEN DO I HAVE TO FILE MY TAXES? In Canada, the deadline for filing your personal income tax return is April 30th of the following year. For example, if you are filing your tax return for the 2021 taxation year, the deadline to file is April 30, 2022. If you
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