It's common practice for people to wait until the last minute to file their taxes.Rushing through the process increases the risk of making errors that would delay your tax return, add interest to any unpaid taxes, or result in an audit.Here are some tips to help you get your tax return in on time and error-free.…

The Canadian Government has proposed the introduction of the Tax-Free First Home Savings Account (FHSA) in the 2022 budget. This new registered plan would give prospective first-time home buyers the ability to save towards their first home by allowing account holders to contribute up to $40,000 over the lifetime of the plan on a tax-free basis.

An FHSA combines the features of a Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA). Similar to a Registered Retirement Savings Plan (RRSP), contributions would be tax-deductible, and withdrawals to purchase a first home, including from investment income, would be non-taxable, like a Tax-Free Savings Account (TFSA).

In the 2023 tax year, Canadians will be allowed to contribute the full $8,000 annual limit during the year.

Canada is in tax season again, and you are probably worried about filing your 2021 T1 personal taxes. Fix My Books has listed out some of most common deductions and credits that people miss when filing.

Alone, these deductions and credits may not add up to much, but if you have several they can make a big difference to your year end tax bill.

The temporary Ontario Staycation Tax Credit for 2022 aims to encourage Ontario families to explore the province, while helping the tourism and hospitality sectors recover from the financial impacts of the COVID-19covid 19 pandemic.

Ontario residents can claim 20% of their eligible 2022 accommodation expenses, for example, for a stay at a hotel, cottage or campground, when filing their personal Income Tax and Benefit Return for 2022. You can claim eligible expenses of up to $1,000 as an individual or $2,000 if you have a spouse, common-law partner or eligible children, to get back up to $200 as an individual or $400 as a family.

The credit will provide an estimated $270 million in support to about 1.85 million Ontario families.

It can be a stressful time for most small business owners and it’s easy to let business deductions slip through the cracks, so here’s a cheat sheet for small business deductions.

What is the differences between TFSA’s and RRSP’s?

Here are some of the basic differences below.

Tax-Free Savings Account (TFSA) program began in 2009. It is a way for individuals who are 18 and older and who have a valid social insurance number to set money aside tax-free throughout their lifetime.