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What is Home office Expense in Canada & how to clain

26 April 2023 TAX4 LESS.CA
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Finance

Are you working from home in Canada? You might be missing out on valuable tax deductions! Discover how you can claim home office expenses and potentially save money come tax season. Whether you’re using your space exclusively for work or spending more than 50% of your time on the job at home, there are specific criteria you need to meet. From rent to internet fees, learn what expenses you can deduct and how to calculate your claims accurately. Don’t leave money on the table—read on to find out how to maximize your home office tax benefits!

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Deadline for filing Tax and Penalties for late filing

11 April 2023 TAX4 LESS.CA
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Individual

Are you aware of the critical deadlines for filing your income tax return in Canada? Missing these dates can lead to penalties and interest charges that can add up quickly. Whether you're self-employed or not, understanding your obligations is essential to avoid financial pitfalls. Did you know that even if you expect a refund, you still need to file on time? Discover the potential penalties for late filing and learn how the Canada Revenue Agency (CRA) can assist you if you're facing challenges. Don't let tax season stress you out—read on for essential tips and information!

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Income tax Filing Deadline

7 April 2023 TAX4 LESS.CA
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Finance

Are you aware of the crucial income tax filing deadlines in Canada? Most individuals must file their returns by April 30th, but if you're self-employed, you have until June 15th. However, any taxes owed must be paid by April 30th to avoid penalties. Late filing can lead to significant charges, including a 5% penalty on the balance owed, plus interest. Don't let the tax deadline sneak up on you! Discover essential tips and resources to ensure you file on time and avoid costly mistakes. For more information, read on and stay informed about your tax obligations!

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Budget Changes 2023 Hilights Canada & Taxes

5 April 2023 TAX4 LESS.CA
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Finance, Uncategorized

Discover the key highlights of Canada's 2023 budget that could impact you! With new tax credits and expanded relief for small businesses, the government is raising the income threshold for tax deductions, potentially benefiting over 5,500 businesses. Seniors may also see increased financial support through the Guaranteed Annual Income System. Plus, a new manufacturing tax credit promises to boost local manufacturers. Don't miss out on the proposed HST relief for large-scale housing projects. Dive into the details and see how these changes could affect your finances and community!

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Canada Child Benefit

3 April 2023 TAX4 LESS.CA
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Tax credits and benefits for individuals

The Canada Child Benefit (CCB) stands as a beacon of hope, embodying Canada's commitment to supporting families and promoting equity. This dynamic program not only uplifts families but also fosters an environment where every child can thrive, irrespective of their economic circumstances. By investing in the well-being of the nation's youngest citizens, the CCB plays a pivotal role in reducing inequality and breaking the cycles of poverty. As a cornerstone of social policy, it reflects a promise to nurture the potential of every child, ensuring a brighter future for all. Discover how the CCB shapes Canadian society and empowers families.

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