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
Category: Canada Tax
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
