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General Tax Knowledge
General Tax Knowledge
Handy information to general topics.
What are CMAs?A Census Metropolitan Area (CMA) is a large Canadian urban area and its surroundings, defined by population and social-economic integration.
Why Would I Pay EI Premiums on My Self-Employment or Other Income?If you’re self-employed, you can voluntarily pay Employment Insurance (EI) premiums to qualify for benefits like maternity or sickness.
What is the First Home Savings Account (FHSA)?FHSA is a tax-deductible savings plan for first-time homebuyers, with tax-free withdrawals for a qualifying home.
What can be claimed as a medical expense?The CRA lets you claim medical expenses on your tax return to reduce taxable income providing financial relief for out-of-pocket costs.
How Does the 12-Month Period Work for Medical Expense Claims?The CRA lets you claim medical expenses for any 12-month period ending in the tax year, helping you maximize your deduction.
Who Claims the Medical Expenses for the Family?Medical expenses can be pooled and claimed by the spouse or partner who benefits most, maximizing tax savings under CRA rules.
What is the Home Buyers’ Amount?The Home Buyers’ Amount (HBA) is a non-refundable credit for first-time buyers or those with disabilities purchasing an accessible home.
What is the Multigenerational Home Renovation Tax Credit (MHRTC)?The MHRTC is a refundable credit to help families with costs of creating a secondary unit for a senior or disabled relative.
What Employment Expenses Am I Allowed to Claim?The CRA allows employees to claim work-related expenses that meet specific conditions, reducing taxable income and saving on taxes.
How Do I Calculate the Space in My House That Was Used for Work or Self-Employment?If you work from home or are self-employed, you can deduct a portion of home expenses based on the space and time used for work.
How Do I Claim a Vehicle Expense for Work or Self-Employment?If you use your vehicle for work or self-employment, you can claim expenses to reduce taxable income. Here’s how:
How Do I Keep a Logbook for Vehicle Expenses?Tracking vehicle usage is required for claiming expenses. A detailed logbook calculates business-use percentage and ensures CRA compliance.
How Do I Determine the Value of My Vehicle for CCA?If you use your vehicle for business, you can claim Capital Cost Allowance (CCA) to deduct depreciation. Here's how to determine its value.
How Do I Claim My Cell Phone for Work or Self-Employment?If you use your cell phone for work or business, you can deduct a portion of expenses. Accurate claims require careful documentation.
Can I Claim Interest Charges from My Credit Card on My Self-Employment Income?Yes, you can claim credit card interest for self-employment expenses using a separate card for business simplifies tracking and avoids issues.
Who Claims the Medical Expenses for the Family?The Digital News Subscription Tax Credit is a non-refundable credit from the CRA to support Canadian journalism by reducing your taxes.
How Do I Change My Address with the CRA?Updating your address with the CRA ensures you receive important correspondence, tax refunds, and benefits without delays. Here’s how to update it.
How Do I Pay for My Taxes Owing?If you owe taxes to the CRA, pay on time to avoid penalties and interest. Here’s how to make your payment efficiently.
What happens if I overpay my taxes?If you overpay taxes, the CRA will process your return and refund the extra amount. Here’s what to know.
What happens if I underpaid my taxesUnderpaying taxes may result in CRA penalties and charges. Here’s what to know and how to address it effectively.
Are There Assistance Programs to Help with Paying My Taxes Owing?Yes, if you can’t pay your taxes in full, the CRA offers assistance options to manage your tax debt and minimize penalties and interest.
Do I Have to Report My Foreign Property If It Has No Effect on My Taxes?Yes, the CRA requires reporting foreign property over $100,000 CAD. Failing to report may lead to penalties.
What is cryptocurrency?Cryptocurrency is digital money that isn't controlled by any government or bank and uses codes to keep transactions safe.
How do I report cryptocurrency on my taxesReporting to the CRA is required because it’s treated as property. Crypto transactions may be taxed as capital gains or business income.
Do I have to report cryptocurrency on my taxesYes, you must report cryptocurrency. The CRA treats it as property, and transactions may be taxed as capital gains or business income.
Why would I claim less than my RRSP contributions?Claiming less than your RRSP contributions can be a smart strategy, allowing you to save more taxes by deferring deductions to future years.
How Do I Know How Much to Contribute to My RRSP?Knowing how much to contribute to your RRSP is key to maximizing tax savings while staying within your limit. Here’s how to calculate it.
What Is the Amateur Athlete Trust in an RRSP?An Amateur Athlete Trust lets amateur athletes save sports income (like sponsorships or awards) tax-efficiently.
How to File Your Taxes in 4 Simple StepsFiling taxes might seem overwhelming, but with a clear plan and the right tools, it’s easy. Here’s how to file your taxes in four steps.
How to Calculate CCA on Your Vehicle for Self-EmploymentIf you use your vehicle for business, you can claim CCA to deduct depreciation. Here’s how to calculate and report it on your tax return.
Should I Register for GST/HST as a Self-Employed Individual?As a Self-Employed Individual, you may be wondering if you need to register for a GST/HST account. Here’s what you need to know.
What Do I Do If I Changed Vehicles in the Year? (For Self-Employed and Work use of personal vehicle)If you switched vehicles during the year, you’ll need to track each one separately for tax purposes. Here’s how to handle it properly.
Other Boxes on a T4 Slip and What They Meanbreakdown of other boxes on a T4