Tuition Tax Credit

Tuition Tax Credit

The cost of a post-secondary education is constantly increasing & one of the biggest expenses students face is their tuition fees. To reduce taxes, students attending post-secondary institutions can claim the Tuition Tax Credit. This non-refundable tax credit...
Common Audit Triggers

Common Audit Triggers

The Canada Revenue Agency (CRA) typically sends out about 30,000 letters a year letting Canadians know they are being audited. While that is only 0.1% of the tax paying population, you may be wondering what to do if it happens to you. CRA audits are seldom random....
Is it Really the Canada Revenue Agency Contacting You?

Is it Really the Canada Revenue Agency Contacting You?

One of the most common problems we face in our connected world today is scammers. They are constantly invading our privacy by pretending to be legitimate agencies. As a result, we are either scammed out of something or are refusing to engage with real agencies such as...
HASCAP

HASCAP

UPDATE: As of December 14, 2021, the deadline for the application has been extended to March 31, 2022. In early 2021, the federal government announced the Highly Affected Sectors Credit Availability Program (HASCAP). They created HASCAP to provide guaranteed,...
Lifelong Learning Plan (LLP)

Lifelong Learning Plan (LLP)

There is no doubt COVID-19 has affected many sectors of the economy. As a result, many people are considering new career paths. Often, the challenge with a new career is education and how to pay for it. Paying for it may be easier than you think. If you have a...
GST/HST Exempt vs Zero-Rated Supplies

GST/HST Exempt vs Zero-Rated Supplies

Do you know the difference between GST/HST exempt vs zero-rated supplies? Below is an explanation of each type, as well as some examples for you. GST/HST Exempt supplies Some of the supplies (goods & services) you purchase for your business are GST/HST exempt....