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Manitoba Tax Rates for 2018

  • March 5, 2019
  • by binaycjha
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2018 Taxable Income 2018 Tax Rates Up to $31,843 10.8% In excess of $31,843 $3,439 + 12.75% on next $36,978 In excess of $68,821 $8,154 + 17.4% on reminder

British Columbia Tax Rates for 2018

  • March 5, 2019
  • by binaycjha
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2018 Taxable Income 2018 Tax Rates Up to $39,676 5.06% In excess of $39,676 $2,008 + 7.7% on next $39,677 In excess of $79,353 $5,063 + 10.5% on next $11,754 In excess of $91,107 $6,297 + 12.29% on next $19,523…

Alberta Tax Rates for 2018

  • March 5, 2019
  • by binaycjha
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2018 Taxable Income 2018 Tax Rates Up to $128,145 10% In excess of $128,145 $12,815 + 12% on next $25,628 In excess of $153,773 $15,890 + 13% on next $51,258 In excess of $205,031 $22,553 + 14% on next $102,516…

Personal Tax Return Filing for 2018

  • January 24, 2019
  • by binaycjha
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T1 tax returns and T1135 filing for 2018 will start from Monday, February 18, 2019, at 8:30 a.m. (Eastern Time). Any prior year filing (i.e., for 2015, 2016, 2017) including T1 Amendments must be completed before 11:59 p.m. local time…

Federal Tax Rates for 2018

  • December 26, 2018
  • by binaycjha
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2018 Taxable Income 2018 Tax Rates 2017 Taxable Income 2017 Tax Rates Up to $46,605 15% Up to $45,916 15% In excess of $46,605 $6,991 + 20.5% on next $46,603 In excess of $45,916 $6,887 + 20.5% on next $45,916…

Amending Personal Return T1

  • December 20, 2018
  • by binaycjha
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When to amend your T1 Return? You can amend your return when you discover any mistakes or omission on your original filed return which resulted in either an increase or decrease in the amount of tax payable. CRA’s preferred method Write a…

Missing Information Slips

  • December 20, 2018
  • by binaycjha
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If you have not received information slips such as T4, T4A, T3, T5, RRSP or any other slip by the last date of February next year, you can log in to my CRA Account to download the information slips. Employer’s…

Income Tax Return Filing Deadline for Deceased Taxpayers

  • December 13, 2018
  • by binaycjha
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Prior Year Tax Return If the tax return of the deceased taxpayer is not filed for the prior year, it must be filed by the legal representative of the deceased taxpayer as soon as possible to avoid interest or penalty. Taxpayer dies…

Who must file an Income Tax Return?

  • December 13, 2018
  • by binaycjha
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You must file an income tax return in the following circumstances: You have tax payable for the year You or your spouse or common-law partner either receive or are entitled to receive the Canada Child Benefit You have disposed of…

Due date of filing income tax return for individuals

  • December 13, 2018
  • by binaycjha
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An individual must complete his/her income tax return on a calendar year basis (i.e., January 1 to December 31) and file the tax return by April 30 of the following year. Self-employed individuals or a spouse of self-employed individuals are required…

Foreign Income Verification

  • December 6, 2018
  • by binaycjha
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T1135-Foreign Income Verification Statement All Canadians are required to report their worldwide income as well as any assets outside Canada over $100,000 by using form T1135. But this is the most common mistakes new immigrants are doing by not declaring…

How to avoid double taxation in Canada?

  • December 6, 2018
  • by binaycjha
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Foreign Tax Credit Canadian resident for tax purposes or deemed Canadian residents who were present in Canada for 183 days or more in a taxation year is taxed on their worldwide income. So, they have to report their foreign income…

Becoming a Non-Resident of Canada

  • November 29, 2018
  • by binaycjha
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Corporation A corporation ceases to be a resident of Canada: If they are incorporated – when they file articles of continuance to change the jurisdiction of the corporation. If they are not incorporated – then by moving the central management…

Residence of Corporation for tax purposes in Canada

  • November 29, 2018
  • by binaycjha
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Corporation Incorporated in Canada Corporation registered in Canada after April 26, 1965 are deemed to be resident in Canada for tax purposes.   Corporation Not Incorporated in Canada Corporation not incorporated in Canada is deemed to be resident of Canada…

Becoming a Canadian Resident for Individual

  • November 29, 2018
  • by binaycjha
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Once a taxpayer (i.e., individual, corporation or trust) becomes a Canadian resident, then they are subject to tax on their worldwide income. Individual Individuals are entitled to a personal tax credit, which is based on his/her presence in Canada. Their…

Uses of financial reports

  • November 29, 2018
  • by binaycjha
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Financial statements may be used by different stakeholders for a multitude of purposes. Owners and managers require financial statements to make important business decisions affecting its continued operations. Financial analysis is then performed on these statements, providing management with a more…

Separate Entities for Tax Purposes

  • November 21, 2018
  • by binaycjha
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Understanding the legal entities for the purpose of income taxation is very important. Separate legal entities can enter into contracts, buy assets, borrow money, and sue or be sued in court. Individual An individual is a separate legal entity because…

Fundamental concepts in accounting

  • November 11, 2018
  • by binaycjha
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Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. To prepare the financial statements, it is important to adhere to certain fundamental accounting concepts. Going…

Residence of individuals for income tax purposes in Canada

  • November 10, 2018
  • by binaycjha
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According to the income tax law, residency is very important. Residence for tax and immigration are different. One person can be a resident of Canada but may not be a resident of Canada for tax purposes. An individual is taxed on…