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How to Determine if You are an Employee or Independent …

WebYour employer withholds and submits your taxes. Your work hours and pay rate are set by your employer. You receive a regular paycheque. You are offered a …

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What Happens If You Don't File Your Tax Return

WebFiling your tax return on time in Canada isn’t just a legal obligation; it’s an important step toward maintaining your financial wellness. Neglecting this duty can lead …

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Medical Expenses & Taxes in Canada – METC & Eligible Expenses

WebEven most dental expenses are deductible, as long as they’re not cosmetic. And they all add up at tax time so you can save money on your taxes. Tip: Ask your …

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Transferring Income and Deductions Between Partners to Lower …

WebFederal income tax rates increase the more you make. As a result, couples in which one individual earns significantly more money than the other often end up …

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Deducting Premiums Paid for a Private Health Insurance Plan

WebReporting Payments on Your Tax Returns. To claim the payments of your health plan premium, include them with your other eligible medical expenses and claim …

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How to Deduct Your Medical Expenses 2023 TurboTax® Canada …

WebMedical expenses that are claimed on line 33099, will be reduced by the lesser of 3% of your net income or by the tax year’s threshold (changes every). Medical …

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Claiming Medical Expense Travel Credits 2023 TurboTax® …

WebHow are Vehicle Costs Calculated by the CRA? If driving to get medical care is necessary, you can claim the cost of fuel, oil, license fees, insurance, maintenance, and …

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Family Tax Deductions: What Can I Claim

WebA good tip to follow is asking for these ahead of time instead of at the end of the year. As a Canadian taxpayer, the maximum amount you can claim is: $8,000 for …

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Medical expenses included on T4 2023 TurboTax® Canada Tips

WebHow much in medical expenses do I need to make a claim? The answer to that is the lesser of 3% of your net income (reported on line 23600 of the Income Tax and …

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Québec Medical Expense Tax Credit 2023 TurboTax® Canada Tips

WebWhat medical expenses can I deduct? You can deduct medical expenses that you have paid for yourself, your spouse, and your dependants. Those are amounts paid …

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What Is the Principal Residence Exemption and How Does It Work

WebThe capital gains exemption is calculated like this: Principal Residence for 5 out of 10 years = 50% exemption. Exempt Capital Gain = 50% of $200,000 = $100,000. …

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British Columbia

WebFor 2022 tax rates, review this link from the Canadian government.. What is a tax bracket? Tax brackets in British Columbia are determined by income. Income is …

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T4 Tax Form: Salaried Income in Canada 2023 TurboTax® Canada …

WebIf you are a salaried employee, the T4 – Statement of Remuneration Paid tax slip is a summary of your employment earnings and deductions for the year. This slip is …

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Pension income splitting: How it works, advantages and conditions

WebWhat is pension income splitting? Since 2007, Canadian spouses or common-law partners have been allowed to split the pension income one of the spouse …

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Five Tax-saving Tips for Retirees 2023 TurboTax® Canada Tips

WebRetirement may give you the chance to sleep late and live leisurely, but you don’t want a large tax bill spoiling your fun. To maximize your benefits and lower your tax …

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Pooled Registered Pension Plans 2023 TurboTax® Canada Tips

WebA pooled registered pension plan (PRPP) is a relatively new type of retirement plan. The Canada Revenue Agency considers contributions you make to your PRPP to …

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T778 Tax Form: Child Care Expenses Deduction

WebBasic limit per child (part B of the T778) = 1 child x $8,000 + 2 children x $5,000 = $18,000. Actual daycare expenses incurred = $7,000. So, they will be able to …

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Understanding Canadian Residency Status and Tax Treaties

WebHow residential status affects your tax obligations in Canada. As with most tax-specific topics, the devil is in the details. That’s true for the case of Canadian …

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How Does Residency Status Impact Your Tax Return

WebThe CRA determines an individual’s residency status on a case-by-case basis. The most important thing to understand is that the CRA will review your residential …

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