Penalty for Late Tax Filing
We get it, life can get in the way and it can be easy to forget certain things. However, it’s best not to forget the tax deadline. If you miss the deadline, it’s important that you file your taxes as soon as possible. Filing with CloudTax is fast, free and guaranteed to get you the biggest refund you deserve. … Continue Reading
What is Line 15000 (formally known as 150) on my tax return?
Line 15000 on your T1 tax return refers to your Total Income (gross) before you make any deductions (it used to be called line 150). To calculate the number on line 15000 on your tax return, all you have to do is add the amounts from lines 101, 104 to 143, and line 147. Keep in mind, this is not… Continue Reading
Tax Relief for Low-Income Tax Filers
With a low income, you could qualify for tax relief for low-income tax filers. There are some helpful tax benefits and credits from the CRA. And, there are helpful credits through the province or territory where you live, too. Canada Workers Benefit (formerly the Federal Working Income Tax Benefit) The Canada Workers Benefit (CWB) encourages low-income earners to keep working.… Continue Reading
Filing Tax For a Deceased Person
The legal representative is responsible for filing tax for a deceased person. Everything that belongs to that person when they die, property and debts are part of the estate. All the paperwork and tax jargon seem daunting. But with the right information, you can manage to file the deceased tax return with CloudTax. When is the return due when you… Continue Reading
How much foreign income is tax-free in Canada?
You can earn up to $12,069 (2019) tax-free if at least 90% of your total income is from Canada. If more than 10% of your income came from outside Canada, you aren’t eligible for that basic personal deduction amount. On your TD1 form, you disclose if you will earn at least 90% of your income in Canada in the year.… Continue Reading
Complete Tax Guide for Newly Married Couples
Getting married or starting a common-law relationship makes for some big adjustments in your lifestyle. Filing taxes together for the first time means some changes, too, and this complete tax guide for newly married couples will answer all of your questions! Your tax situation changes with your marital status. If there are no dependents, and you both make about the… Continue Reading
Do I have to declare foreign income in Canada?
Income from outside Canada can make filing your taxes more complicated. The rules are different depending on if you are resident in Canada or if you are non-resident. If you’re a resident, you must declare any income earned outside of Canada on your Canadian tax return. Non-Residents declare foreign income in Canada Non-residents declare net income earned outside of Canada… Continue Reading
How do tuition tax credits work?
The financial burden of post-secondary education lessens when tuition tax credits offset the expense of the university. Most students over 16 years old are eligible for tuition tax credits for post-secondary courses. Certainly, the school needs accreditation. Schools outside of Canada qualify for full-time studies lasting three or more weeks. You can’t claim your tuition tax credit if your employer… Continue Reading
Everything you need to know about CRA audits
The Canada Revenue Agency (CRA) audits aim to make sure the tax system is fair for every Canadian. During your audit, the CRA examines your records to confirm you are fulfilling your tax obligations, following the tax laws, and receiving the right benefits and refund. For audits, you provide your relevant paper and electronic records, supporting documentation, and explanations for… Continue Reading
Complete Tax Guide for Divorcees
If you have custody of your children and just got divorced, there are some changes on your taxes this year. This complete tax guide for divorcees outlines some of the most common issues. Your Marital Status If you were not separated or divorced on December 31st, you still file as married for that year. Once your divorce is final, you… Continue Reading