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Posts by TAX4 LESS.CA

Who is a resident canadian for tax purposes and how to know ones eligibility

10 May 2023 TAX4 LESS.CA
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Finance, Uncategorized

Are you unsure about your tax residency status in Canada? Understanding whether you qualify as a resident Canadian for tax purposes is crucial for managing your finances and fulfilling your tax obligations. With specific criteria set by the Canada Revenue Agency (CRA), determining your eligibility can be straightforward. From significant residential ties to the number of days spent in Canada, various factors come into play. Discover how to navigate this important aspect of your financial life and ensure compliance with Canadian tax laws. Read on to learn more about your residency status and its implications!

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Home Buyers Plan (HBP), Amounts & Eligilibility

3 May 2023 TAX4 LESS.CA
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Individual

Are you a first-time homebuyer in Canada looking to make your dream of homeownership a reality? The Home Buyers' Plan (HBP) could be your key to unlocking the door to your new home! With the ability to withdraw up to $35,000 from your registered retirement savings plan (RRSP) for your down payment, this program not only helps you save money but also allows you to continue building your retirement savings. Discover the eligibility requirements, repayment details, and important considerations to ensure you make the best financial decision for your future. Read on to learn more!

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If a landlord doesnot renew my lease but decides to lease to a different tenant

1 May 2023 TAX4 LESS.CA
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Finance

If your landlord decides not to renew your lease and leases to another tenant, it's crucial to understand your rights and responsibilities. Knowing the terms of your lease agreement, including the notice period for termination, can help you navigate this transition smoothly. Communication with your landlord may open doors for lease renewal or extensions. As you prepare to vacate, ensuring the property is in good condition is essential for the return of your security deposit. Discover more about your rights as a tenant and how to handle this situation effectively.

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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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Should you use Free tax clinic Services

23 February 2023 TAX4 LESS.CA
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Finance

Are you considering using a free tax clinic for your tax needs? While these clinics can be a fantastic resource for individuals with simple tax situations, it's essential to evaluate your unique circumstances. Complex tax scenarios, such as self-employment or significant deductions, may require professional assistance. Our experience shows that many individuals miss out on valuable benefits, leading to substantial refunds lost. Discover the pros and cons of free tax clinics and learn how to make the best choice for your financial situation. Read on to find out more about maximizing your tax benefits and ensuring a smooth filing process!

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CWB- Canada Worker-Benifit

Canada Worker Benifit(CWB) and who is Eligible

23 February 2023 TAX4 LESS.CA
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Tax credits and benefits for individuals

Discover how the Canada Workers Benefit (CWB) can provide crucial financial support to low-income workers and their families. This refundable tax credit is designed to uplift those who are working hard but still struggling to make ends meet. Are you eligible? Learn about the key criteria, including age, income thresholds, and employment status, that determine your access to this benefit. With potential payouts of up to $2,335 for families, the CWB could make a significant difference in your financial situation. Dive in to find out how you can benefit and take control of your financial future!

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