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How to Calculate Capital Gains Tax

15 June 2023 TAX4 LESS.CA
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Finance

Are you aware that in Canada, capital gains can significantly impact your tax obligations? Understanding how to calculate capital gains tax is crucial for anyone involved in buying or selling assets. With a straightforward formula involving the adjusted cost base and proceeds of disposition, you can determine your taxable income. Plus, there are valuable exemptions, like the principal residence exemption, that could save you money. Dive into our guide to learn the ins and outs of capital gains tax, including practical examples and tips to ensure you're compliant and maximizing your savings!

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Canada Dental benifit & How to apply

31 May 2023 TAX4 LESS.CA
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Finance

Discover the essential information about dental benefits in Canada! Whether you're covered through your employer's group health insurance or exploring government-funded programs, understanding your options is crucial for maintaining your oral health. From routine check-ups to more extensive procedures, learn how to navigate the various plans available, including those for low-income families and seniors. Don't miss out on valuable insights that can help you make informed decisions about your dental care. Read on to find out how to apply for benefits and ensure you and your family receive the dental care you deserve!

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Changing Direct Deposit Information with CRA

20 May 2023 TAX4 LESS.CA
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Individual

Are you looking to streamline your finances? Changing your direct deposit information with the Canada Revenue Agency (CRA) is easier than you think! Whether you prefer to call, mail in your details, or handle it online, the CRA offers multiple convenient options to update your banking information. In just a few simple steps, you can ensure your benefits and credits are deposited directly into your account. Plus, learn about the potential time frame for your changes to take effect. Discover how to manage your direct deposit efficiently and make the most of your financial resources!

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GST HST Credit who is Eligible and How to apply

18 May 2023 TAX4 LESS.CA
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Tax credits and benefits for individuals

Are you a low- or modest-income individual or family in Canada? Discover how the GST/HST credit can help you offset the costs of the Goods and Services Tax and Harmonized Sales Tax on your purchases. This tax-free quarterly payment is designed to provide financial assistance based on your family income and number of dependents. Learn about eligibility requirements, how to apply, and the benefits of this important program. Don’t miss out on the support you may be entitled to—read on to find out how to maximize your benefits and ease your financial burden!

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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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