Taxccount's Blog
Canada Child Benefit (CCB) – Things you must know to save taxes!
- March 14, 2023
Raising a child is a huge responsibility. While it takes a test of your physical and mental wellness to raise a child in the best way, financial wellness to is very important here.
Understand what is a tax deferred investment
- June 08, 2023
Tax-deferred investment plans present a strategic opportunity for Canadian residents to manage their tax liabilities while saving towards future financial goals, such as retirement or education funding. These plans are essentially financial accounts that allow for the postponement of tax payments on the income these investments earn.
Realized vs. unrealized capital gains
- May 17, 2023
Realized capital gains are concrete; when you've sold your asset and made a profit, it becomes a reality. The same principle applies to realized capital losses: when you no longer hold the asset and have incurred a financial loss in the transaction.
Transfer pricing rules in Canada
- April 19, 2023
Generally, inter-company transactions across different tax jurisdictions are subject to complex global tax compliances, one of which is Transfer Pricing “TP”. When two or more Associated Enterprises transact with each other
Effect of capital gains on property and investments
- May 10, 2023
Real estate transactions, including the sale of homes, follow the same capital gains tax principles as any other investment—with one notable exception. If the property you've been living in as your main home and selling has always been your primary residence, you typically won't have to pay capital gains tax.
Canadian tax loopholes
- April 03, 2023
When it comes to Canadian tax law, there are several laws and regulations that, when applied correctly, can help Canadian taxpayers and allow them to save more money than they are entitled to.
All that you want to know about Capital Gains in Canada
- May 03, 2023
Most people, who don’t have a finance background, the terms like capital gains and capital losses seem to be a rather technical jargon for them. But fret not! We are here to simplify these terms for you.
Received Notice or Letter from CRA? Things you must know!
- April 27, 2023
There are various reasons for the CRA to be in touch, some of which may even be to your advantage, despite the fact that it's easy to anticipate the worst, like getting a tax bill or a notice of audit.
Federal Tax Brackets, Rates, and Credits
- February 08, 2024
It is again that time of the year when a lot of Canadian citizens get hassled while figuring out their tax returns. It is a popular belief that paying taxes is a complicated and tedious process. But when you have the right information and expertise, it can be a smooth ride.
Ontario Tax Structure and Tax credits you must know!
- May 10, 2023
Ontario has a progressive tax system, and its citizens must annually file income taxes. Before submitting your return by the deadline of April 30, you can avoid paying interest and penalties on your income tax return.
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