Please see the beginning of the article in our previous post Receiving an instalment reminder The CRA sends instalment reminders to people who will likely have to pay tax instalments. The reminders suggest the amount to pay and lists the calculation options. There are two instalment reminders (form INNS1) sent: February reminder is for the …
Required tax instalments for individuals. Who has to pay (part 2) Read More »
You may have to pay tax by instalments if your income does not have enough tax withheld or if you are self-employed, have rental or investment income, certain pension payments, or have income from more than one job. Factors to consider There are two factors to help determine if you have to pay tax instalments: …
Required tax instalments for individuals. Who has to pay (part 1) Read More »
(please read the beginning of the article in our previous posts) Author of the article: Renée Sylvestre-Williams • Canadian Family Offices Insurance This is probably one of the last remaining ways to pass money intergenerationally without paying tax on it, says Scott Dickenson, principal of client service at Northwood Family Office in Toronto. He says that generally, the …
Five smart ways to transfer wealth to your children and grandchildren (part 3) Read More »
(please read the beginning of the article in our previous posts) Don’t let tax efficiencies dictate the best ways to pass on wealth. The idea that wealthy parents or grandparents leave money to their kids or grandkids in their will is becoming outdated. Here are some more ideas: Trusts Another common form of transferal is …
Five smart ways to transfer wealth to your children and grandchildren (part 2) Read More »
Don’t let tax efficiencies dictate the best ways to pass on wealth. The idea that wealthy parents or grandparents leave money to their kids or grandkids in their will is becoming outdated. So says Ethan Astaneh, wealth advisor and client relationship manager at Nicola Wealth in Vancouver. While money can definitely be passed down via …
Five smart ways to transfer wealth to your children and grandchildren (part 1) Read More »
Instalment interest and possible penalty charges will be applied if you do not pay your required tax instalments or paid insufficient amounts. Instalment interest You will be charged instalment interest if all the following apply: You are required to pay by instalments in 2022 You receive an instalment reminder in 2022 that shows an amount …
Required tax instalments for individuals. Interest and penalty charges Read More »
(Please see the beginning of the article in our previous posts). Elections Canada boxes When filing your taxes, checking “Yes” to the two questions related to Elections Canada ensures that you’re on the list of electors at your current address and ready to vote in any federal election. To register and vote in a federal …
WHAT YOU NEED TO KNOW FOR THE 2023 TAX-FILING SEASON (PART 3) Read More »
(Please see the beginning of the article in our previous posts). Climate action incentive payment The Climate action incentive payment (CAIP) is a tax-free amount paid to help individuals and families offset the cost of the federal pollution pricing. You may be eligible for the CAIP if you are a resident of Alberta, Saskatchewan, Manitoba, or Ontario. …
WHAT YOU NEED TO KNOW FOR THE 2023 TAX-FILING SEASON (PART 2) Read More »
February 21, 2023 Ottawa, Ontario Canada Revenue Agency Millions of Canadians file their income tax and benefit returns every year. For the 2022 tax-filing season, Canadians filed approximately 31 million returns and 92% of them were filed electronically. Also, there were over 17 million refunds processed, resulting in a total amount of $37 billion! We know …
WHAT YOU NEED TO KNOW FOR THE 2023 TAX-FILING SEASON (PART 1) Read More »
Please see the beginning of the article in our previous posts. Climate action incentive payment The Climate action incentive payment (CAIP) is a tax-free amount paid to help individuals and families offset the cost of the federal pollution pricing. You may be eligible for the CAIP if you are a resident of Alberta, Saskatchewan, Manitoba, or Ontario. …
Students: Put more money in your pocket with benefits and credits! (part 3) Read More »