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Ontario’s Luxury Tax Unveiled: Calculations and Illustrations

8 August 2023 TAX4 LESS.CA
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Finance, Individual

Discover the allure of luxury automobiles in Ontario, where sophistication meets financial responsibility through the luxury tax. If you're eyeing a high-end vehicle, understanding this tax is essential. Our article breaks down the intricacies of Ontario's luxury tax, revealing how it's calculated and providing a practical example to clarify its application. Learn how a vehicle priced at $120,000 incurs a tax of just $4,000, showcasing a fair and balanced approach to luxury taxation. Dive in to equip yourself with the knowledge needed to navigate your luxurious aspirations while managing your financial commitments effectively!

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Find Trusted Accountants Near You for Expert Financial Solutions

7 August 2023 TAX4 LESS.CA
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Business Tax-Individual, Finance, Individual, Payroll

Searching for the right accountant can be overwhelming, but it doesn't have to be. At our firm, we specialize in providing expert financial solutions tailored to your unique needs. With over 12 years of experience in Vaughan, Ontario, our dedicated team is ready to help you navigate the complexities of financial management. From personalized service to comprehensive offerings like bookkeeping and tax planning, we ensure your financial health is in good hands. Don't let numbers hold you back—let us handle the details while you focus on growing your business. Discover how we can support your financial journey today!

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What is a Non Capital Loss and Capital Loss & How CRA Considers that

26 June 2023 TAX4 LESS.CA
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Finance, Uncategorized

Are you confused about the differences between non-capital losses and capital losses? Understanding these concepts is crucial for effective tax planning and maximizing your financial benefits. The Canada Revenue Agency (CRA) has specific guidelines on how these losses are treated, which can significantly impact your tax returns. Whether you're a business owner or an individual taxpayer, knowing how to navigate these losses can lead to substantial savings. Dive into our comprehensive guide to uncover the nuances of non-capital and capital losses, and learn how to leverage them to your advantage when filing your taxes. Don't miss out on this essential information!

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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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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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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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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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