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The Working Income Tax Benefit (WITB) or Canada Workers Credit (CWB) is a refundable tax credit that supports many low-income workers in Canada. Based on 2016 records, the WITB provided benefit to more than 1.4 million Canadians, making the WITB an important and critical Canadian tax benefit. To improve the financial security of low-income working...
As a Canadian business owner, a person may be required to charge sales tax on the goods and services that they sell or provide. The sales tax percent varies from province to province. Because the tax acts as a value-added tax, the taxpayer may be able to claim a tax credit for the sales tax...
A taxpayer may need to file an amended tax return to correct or update any information provided on the tax return. Fortunately, taxpayers can do so immediately online using Refile or ‘Change My Return’ in CRA’s My Account. The following is an overview of CRA’s Refile and ‘Change my Return’ options that are available to...
In the United States, qualifying taxpayers need to file certain tax forms to report their non-U.S. assets. Canadians are also required to report their foreign assets (non-Canadian) to the Canada Revenue Agency (CRA). This foreign assets reporting is required not only to report qualifying foreign financial accounts but other foreign assets, such as: rental properties,...
The British Columbia (B.C.) government has decided to take certain additional measures, as a part of the ‘30-Point Plan’, to end tax evasion in real estate industry. Previously, buyers would purchase a property in a trust, have a corporation own shares in that trust, and then sell the shares in that corporation and transfer the...
Filing a tax return may seem unnecessary, especially if you have little or no income and no tax to pay. However, taxpayers should understand that filing a tax return is not only about reporting one’s earned income, but also about being able to claim the various tax credits and deductions available. The following is a...
Tax scams have been a never-ending issue for many tax authorities, including the Canada Revenue Agency (CRA). The CRA has been warning the public of a recent scam involving email and text message money transfers. The text and/or e-mail asks the person to click on a link to deposit their income tax return or direct...
Canada is responsible for the financial, physical and mental well-being of eligible Veterans and their families. It ensures that they receive the care, compassion and respect they deserve. Canada’s development as an independent country with a unique identity results partly from its achievements in times of war. It is our duty to help those whose...
Due to the earlier ‘Principal Residence Exemption’ (PRE) tax rules, which did not require taxpayers to report the sale of the residence, many individuals claimed the PRE for multiple properties, which included recreational properties, such as cottage. This led the Canada Revenue Agency (CRA) to update the Canada Principal Residence Exemption (PRE) reporting requirements. Taxpayers...
The Canada Revenue Agency (CRA) provides significant benefits to those who make charitable contributions. The benefit is greater when the donation is shares in a public company or of mutual funds. An even bigger benefit may arise if you own shares of publicly traded companies or mutual funds inside a corporation. Donating shares can be...
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ABOUTAylett Grant Tax, LLP
With offices across Canada, we are positioned to manage and process the full scope of your Canadian, US and US Canada cross-border tax filing needs.OFFICEVancouver
+1 (888) 502-1810New South Surrey office coming January 2025ABOUTAG Tax LLP
With offices across Canada, we are positioned to manage and process the full scope of your Canadian, US and US Canada cross-border tax filing needs.OFFICEVancouver
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104–4220 98 St NW Edmonton AB, T6E 6A1