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
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
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
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
8 Top Tax Filing Mistakes to Avoid
Tax filing mistakes can mean missed refund opportunities! Or it can mean an audit. If you are like most Canadians, you file your taxes yourself. It is easy enough to overlook tax law changes or other unpredictable circumstances. And then that could set you up for tax filing mistakes. Making mistakes on your tax return could cost you. So, what… Continue Reading
Do I qualify for the Ontario Trillium Benefit?
The Ontario Trillium Benefit (OTB) assists low-income families with a refundable tax credit. Three tax credits combine into a single payment: Ontario energy and property tax credit, Ontario sales tax credit, Northern Ontario energy credit These credits are all funded by the Province of Ontario and administered by the CRA. Watch your bank account for deposits that say “Canada Pro.” Do I… Continue Reading
Can you get a tax refund if you’re on welfare?
Many people on welfare often think that there is no reason even to file their taxes. Up to a quarter don’t believe it is possible to get a refund if you’re on welfare. And although it is technically accurate that you can’t get tax dollars back if you never paid anything in, you could get tax credits that give you… Continue Reading
How to file your taxes while living abroad
It's true! You might not need to file a Canadian tax return outside of Canada. Let's take a look at how to file your taxes while living abroad because the requirements vary. Your residency status and types of income make a big difference. Generally, you are an emigrant the year you break ties with Canada. For the following years, you… Continue Reading