Tax season is officially here, and the deadline for filing your income tax return in Canada is just around the corner. The Canada Revenue Agency (CRA) has set April 30 as the final day for most Canadians to submit their returns. With only a few weeks left to file, it’s time to take action –… Continue reading Get Ready for the Canadian Tax Filing Deadline – April 30 is Approaching!
Category: Canada Tax
Recent Developments in Canadian Taxation: A Comprehensive Overview
Canada’s taxation system has undergone several key updates in recent years, driven by evolving economic factors, fiscal policy shifts, and adjustments to address the challenges of inflation and economic recovery. These changes impact individuals, businesses, and investors, and understanding these shifts is essential for navigating your tax obligations efficiently. 1. Introduction of the Temporary Cost… Continue reading Recent Developments in Canadian Taxation: A Comprehensive Overview
Simplified Tax Filing: How SimpleFile Can Help You
Introduction: Tax season doesn’t have to be stressful. With the Canada Revenue Agency’s (CRA) SimpleFile service, Canadians can now file their taxes more quickly and easily than ever. Whether you’re new to filing taxes or just looking for a more straightforward process, SimpleFile helps you do it effortlessly, at no cost. What is SimpleFile? SimpleFile… Continue reading Simplified Tax Filing: How SimpleFile Can Help You
Canada Child Tax Credit for February 2025 – Key Payment Dates and Tax Filing Information
The Canada Child Tax Credit (CCTB) is an essential financial support program that provides up to $7,787 per eligible child for families across Canada. As parents prepare for the financial year ahead, understanding the details of this benefit, including eligibility, payment dates, and tax filing requirements, is crucial to maximizing the support available. At Stiplify… Continue reading Canada Child Tax Credit for February 2025 – Key Payment Dates and Tax Filing Information
Stay on Top of Your Tax Deadlines for 2025
At StiplifyBooks, we understand how important it is to stay on top of your tax filing deadlines. The Canada Revenue Agency (CRA) sets clear deadlines for returns and payments, and meeting them ensures you avoid any unnecessary interest, penalties, or delays in receiving your refund. We’ve compiled all the key tax dates you need to… Continue reading Stay on Top of Your Tax Deadlines for 2025
How Canada’s New Digital Tax Policies in 2025 Will Affect Small Businesses: What You Need to Know
In recent years, Canada has seen a shift toward a more digital economy, which has had profound implications for how businesses are taxed. As we move into 2025, small businesses across Canada must be aware of the evolving digital tax landscape. With new digital tax policies being implemented, understanding these changes is crucial to ensuring… Continue reading How Canada’s New Digital Tax Policies in 2025 Will Affect Small Businesses: What You Need to Know
2025 Canadian Tax Measures: What You Need to Know
As we enter 2025, Canadians can expect several tax adjustments that may affect individuals, business owners, and entrepreneurs. While many of these measures are focused on providing support to businesses and offsetting costs for households, there are also some key changes to contributions and credits that could impact your finances. At StiplifyBooks, we specialize in… Continue reading 2025 Canadian Tax Measures: What You Need to Know
A Common Man’s Guide to Canadian Taxes in 2024-2025
As tax season approaches, it’s important to understand how the Canadian tax system works and how it may impact you. Canada uses a progressive tax system, which means your tax rate increases as your income rises. Here’s what you need to know, from tax brackets to annual adjustments. What Are Tax Brackets? The Canadian tax… Continue reading A Common Man’s Guide to Canadian Taxes in 2024-2025
Year-end payroll wrap-up for T-slip processing in Canada
A year-end payroll wrap-up for T-slip processing in Canada involves several key steps to ensure that the information reported on employees’ T4 slips is accurate and compliant with Canada Revenue Agency (CRA) requirements. Here’s a step-by-step guide to the year-end payroll process: 1. Reconcile Payroll Records Verify Employee Information: Ensure that all employee details, such… Continue reading Year-end payroll wrap-up for T-slip processing in Canada
Legislation for Implementation of Pillar Two Global Minimum Tax Rules Enacted
On 20 June 2024, Canada enacted new legislation imposing a 15% global minimum tax on profits, significantly impacting Canadian multinational corporations and those operating within the country. The new Global Minimum Tax Act (GMTA) legislates an income inclusion rule (IIR) and a qualified domestic minimum top-up tax (QDMTT). Key Points: Retroactive Implementation: The GMTA applies… Continue reading Legislation for Implementation of Pillar Two Global Minimum Tax Rules Enacted
