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April 29, 2020

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

April 28, 2020

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

April 28, 2020

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

April 24, 2020

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

April 24, 2020

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

April 23, 2020

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

April 15, 2020

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

April 13, 2020

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

April 10, 2020

How to check your income tax refund status

When you use CloudTax to file your tax return, you quickly receive a confirmation number. It only takes a few seconds because the system only checks that your return is accepted for processing through NETFILE.  This is a CRITICAL step! You'll need that number to know how to check your income tax refund status. So, keep it with your tax documents.… Continue Reading

April 10, 2020

How to Pay Your Taxes Online

You can pay your taxes online easily. If you owe taxes or want to set up instalment payments, the process is the same.  So, this article covers how to pay your taxes online using your online banking to pay: Current Year Balance Balances from Previous Years Instalment Payments – especially if you are self-employed Online Banking Just like you use… Continue Reading

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