The Canadian tax system is complex. Both the federal government and provincial governments carry tax obligations for residents. In this article, Wasseem Dirani, a taxation expert from Hamilton, Ontario, breaks down the essentials of the Canadian tax system for individual taxpayers. Why We Pay Taxes The government needs tax revenue to operate. Up to…

Tax audits can be a horrible and debilitating thing for Canadian citizens. That is why you must understand the reasons the CRA is more likely to audit someone. Once you know these basic rules, you will be in a much better place to avoid audits and live a sound and…

One of the hardest things about running a small business is having to do the books. Accounting is one of those nuisance tasks that business owners have to contend with. However, it is a crucial part of modern business, and you need to understand everything about it to be successful. …

Taxpayers are essential to the proper operation of the Canadian government. The individual income tax is one of the pillars of the Canadian revenue system. …

Citizens’ tax dollars keep the local, provincial, and national governments running. They are responsible for funding healthcare, schools, infrastructure, and many more aspects of Canadian life. Many taxpayers may wonder exactly how their hard-earned dollars are spent. …

Achieving a comfortable retirement is a goal that most of us have. However, what few people realize is that retirement planning isn’t just about saving. Rather, we must think about how to turn our savings into as much retirement income as possible and a lot of that comes down to…

Tax time is upon us, but this year, filing one’s taxes is going to look a little different in Canada. Due to the different subsidies, tax credits, and benefits programs the federal governments introduced in 2020, people may be confused as to how to file their taxes this year. Wasseem…