Income Tax Archives - FinTech College of Business And Technology

2023 Federal Budget – Corporate Taxes

On March 28, 2023, the Government of Canada released its Budget: A Made-In-Canada Plan. One major focus of this year’s budget is developing Canada’s green economy by introducing a slate of…

2023 Federal Budget and You (Personal Taxes)

Canada Revenue Agency

On March 28, 2023, the Government of Canada released its Budget: A Made-In-Canada Plan. The following is a summary of highlights from the perspective of Ontario’s business community. The Canadian Dental Care…

$500 – One-time top-up to the Canada Housing Benefit

Canada Revenue Agency

What is the Housing Benefit? The government announced the one-time $500 federal boost to the existing Canada Housing Benefit program in the fall, pledging to help those eligible cover the…

CPP – EI Calculations 2022 and 2023

Canada Revenue Agency

9 CRA Benefits Payment Dates for 2023

CRA Benefits

If you receive federal benefits, including some provincial/territorial benefits, you will receive payment on these dates. If you set up direct deposit, payments will be deposited in your account on…

New CRA campaign from June to December 2022 – focuses on Personal Services Businesses: Are you ready?

CRA

The Canada Revenue Agency is escalating their scrutiny of personal services businesses, and the consequences for breaching these tax rules can be severe. Find out what you need to know…

Depreciation and Capital Cost Allowance – Read for Bookkeeping and Income Tax T2 Courses

Accounting

What is Depreciation? Depreciation refers to the accounting practice dealing with assets as they get older and decrease in value. The Canada Revenue Agency (CRA) lets your business claim a…

Highlights of Sales and Excise tax measures, April 7 2022 Budget

Income Tax

Read for GST/HST Course Goods and Services Tax/Harmonized Sales Tax (GST/HST) Health Care Rebate In 2005, the GST/HST public service body rebate for hospitals was expanded to include qualifying charities and…

Highlights of Corporate tax measures, April 7 2022 Budget (Income Tax T2)

Income Tax

Small business deduction A Canadian-controlled private corporation (CCPC) currently benefits from a reduced corporate tax rate on its first $500,000 of active business income (for example, the “business limit”). This…

2022 Personal Taxes – Federal Budget Analysis

Income Tax

On April 7, 2022, the Government’s budget was presented. Below are the Personal Tax Insights from this year’s announcement. Tax-Free First Home Savings Account The budget proposes to create a new…