647-825-4243 Tax.Nehal@gmail.com
Voluntary Disclosure CRA

Voluntary Disclosures Program Incorporation, Business, Personal

20 September 2023 TAX4 LESS.CA
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Corporations Business Tax, Individual

Tax compliance is crucial for corporations in Canada, and understanding the Voluntary Disclosures Program (VDP) can be your lifeline for correcting past errors. Whether you’ve unintentionally missed a filing or need to address intentional omissions, the VDP offers a path to compliance without severe penalties. Additionally, staying informed about the latest reporting requirements for tax avoidance transactions is essential to avoid significant consequences. At Tax4Less, we provide expert assistance in navigating these complexities, from incorporation services to CRA representation. Discover how we can help you manage your corporation's tax responsibilities effectively and confidently.

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CEBA Deadline Extension

CEBA-Extension of Deadlines and Loan Forgiveness for the Canada Emergency Business Account(CEBA)

15 September 2023 TAX4 LESS.CA
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Corporations Business Tax, Individual

In a significant move to support small businesses and not-for-profit organizations affected by the COVID-19 pandemic, the Canadian government has announced extended repayment deadlines and new refinancing options for the Canada Emergency Business Account (CEBA). With the repayment deadline now pushed to January 18, 2024, and the introduction of three-year term loans, businesses can breathe easier during these challenging times. Discover how these changes can benefit you, including potential loan forgiveness and manageable repayment plans. Read on to learn more about this vital initiative and how it can aid your business recovery and growth.

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Government Of Canada Privacy Breach

Government of Canada(CRA) Privacy Breach Class Action: Know Your Rights

12 September 2023 TAX4 LESS.CA
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Individual

In today's digital landscape, privacy breaches pose significant risks to individuals, especially those who used a Government of Canada Online Account between March 1, 2020, and December 31, 2020. If you suspect your personal or financial information may have been compromised, it's crucial to understand your rights. A class action lawsuit has been initiated against the Canada Revenue Agency (CRA) and the Government of Canada, alleging negligence in protecting confidential information. Discover how this lawsuit could impact you, the steps to take if you're affected, and the potential for compensation. Don't miss out on vital information regarding your privacy rights!

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ZEV's

Incorporation & Accelerating Green Mobility: Tax Incentives for Zero-Emission Vehicles (ZEVs)

7 September 2023 TAX4 LESS.CA
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Finance, Individual

As climate change becomes an urgent global challenge, Canada is stepping up its commitment to sustainability through innovative tax incentives for Zero-Emission Vehicles (ZEVs). Discover how the introduction of new Capital Cost Allowance classes and enhanced first-year allowances can significantly benefit businesses investing in green mobility. With eligibility criteria designed to encourage the adoption of fully electric and hydrogen-powered vehicles, these measures not only promote environmental responsibility but also offer substantial tax advantages. Dive into the details and learn how incorporating ZEVs into your fleet can contribute to a greener future while optimizing your tax strategy.

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Determining residential status

Tax Residence Status for Canadian Income

31 August 2023 TAX4 LESS.CA
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Individual

Navigating the complexities of tax residence status in Canada is essential for anyone with ties to the country. Whether you're a resident, deemed resident, or non-resident, your tax liabilities can vary dramatically based on your residency status. This comprehensive guide explores the critical factors that influence your tax obligations, from personal ties and property to provincial regulations. Understanding these nuances not only helps you comply with the Canada Revenue Agency's requirements but also empowers you to make informed decisions for effective tax planning. Dive in to discover how your residency status impacts your financial responsibilities in Canada!

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Student Tax

Tax Implications for Lenders and Borrowers: Income, Interest, & CRA Guidelines

29 August 2023 TAX4 LESS.CA
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Individual

In the intricate world of financial transactions, understanding the tax implications for lenders and borrowers is crucial for navigating economic growth. From the nuances of interest income and potential tax liabilities to the Canada Revenue Agency's guidelines on loan forgiveness and imputed interest, both parties face a complex landscape. This article explores essential considerations, including compliance, documentation, and strategic planning, empowering individuals and businesses to make informed decisions. Discover how to optimize your financial health while adhering to CRA regulations and mitigating unforeseen tax liabilities in the dynamic realm of lending and borrowing.

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Incorporation for 375 - All Government fees Included Contact tax4less.ca Inc.

Navigating Personal Finances: A Comprehensive Guide to Efficient Budgeting and Savings

22 August 2023 TAX4 LESS.CA
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Individual

Managing personal finances is essential for achieving your financial dreams. In our comprehensive guide, we explore efficient budgeting and smart savings strategies that empower you to take control of your financial journey. Learn how to create a solid budget, navigate the complexities of taxes, and maximize your savings potential. Discover the advantages of innovative tools like the First Home Savings Account (FHSA) and how they can help you reach your goal of homeownership. With expert insights and practical tips, you’ll be well-equipped to make informed financial decisions and secure your financial future. Dive in to unlock your financial potential!

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Incorporation for 375 - All Government fees Included Contact tax4less.ca Inc.

Tax Efficient Business Structures: Choosing Between Sole Proprietorship, Partnership, and Corporation

20 August 2023 TAX4 LESS.CA
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Corporations Business Tax, Individual

When starting a business, choosing the right structure—sole proprietorship, partnership, or corporation—can profoundly affect your taxes, liability, and operations. Each option has its unique advantages and challenges, from the simplicity of a sole proprietorship to the limited liability of a corporation. Understanding key concepts like tax deductions, liability protection, and pass-through taxation is essential for maximizing your business's potential. Dive into our comprehensive guide to discover how to make an informed decision that aligns with your goals and ensures your business thrives in today’s competitive landscape.

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Incorporation for 375 - All Government fees Included Contact tax4less.ca Inc.

Navigating the Canada Workers Benefit (CWB) and Its Advanced Payments: A Comprehensive Guide

11 August 2023 TAX4 LESS.CA
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Individual

Discover how the Canada Workers Benefit (CWB) can transform your financial landscape! This comprehensive guide unravels the essential details of the CWB, from eligibility criteria to benefit amounts, ensuring you understand how to access crucial support. Learn about the innovative Advanced Canada Workers Benefit (ACWB) program, designed to provide immediate financial relief through advanced payments. Whether you're a single individual or part of a family, this guide will empower you with the knowledge to navigate the complexities of low income and unlock the assistance you deserve. Take the first step toward greater financial security today!

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Incorporation for 375 - All Government fees Included Contact tax4less.ca Inc.

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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