Navigating Canada’s New Capital Gains Inclusion Rate: What You Need to Know
In a move to create a more equitable tax system, the Canadian government has introduced significant changes to the Capital Gains Inclusion Rate, effective June 25, 2024. This revision, announced in the 2024 budget, impacts how capital gains are taxed and alters the treatment of capital losses.
How to Register for a CRA My Business Account
Registering for a CRA My Business Account is an essential step for Canadian business owners to manage their tax affairs efficiently. This online service provided by the Canada Revenue Agency (CRA) allows business owners to have 24/7 access to various tax information and services securely. My Business Account is also mandatory in order to authorize representatives such as an accountant or manager. CRA online portal allows you to perform various transactions, such as making payments, arranging Pre-Authorized Debit (PAD), updating direct deposit information, submitting supporting documents.
Understanding the Enhanced CPP: Key Changes and Impacts in 2024
The Canada Pension Plan (CPP) is a monthly tax benefit designed to provide partial income replacement for retirees. The purpose of the CPP is to help Canadians maintain a certain standard of living after retirement. The income for the CPP comes from contributions made by employers and employees, as well as investment earnings. Both the contribution amounts and benefits of the CPP are adjusted according to the average wage and price levels in Canada.
What’s New in Taxes? Understanding 2024’s Key Tax Changes
The past year has been challenging for Canada in terms of macroeconomics, the business environment for small enterprises, and household financial arrangements. These challenges persist into 2024, and the new year continues to be filled with uncertainties. As usual, let's briefly summarize the tax changes for 2024 to help individuals and businesses make appropriate financial plans.
GST/HST Quick Method-The Ultimate Guide for Small Business Owners
The GST/HST Quick Method is a simplified tax calculation method designed for small business owners and self-employed individuals. It helps them easily calculate and remit Goods and Services Tax (GST) or Harmonized Sales Tax (HST). In this article, we will use an example to explain the HST Quick Method and assist small business owners in better understanding it.