Navigating your tax return as a student, whether you're studying full-time or part-time, unlocks a range of credits specifically designed to enhance your refund or diminish the tax you owe. By including your tuition expenses, student loan interest, and even moving costs, you could significantl...
Here are the five common tax credits in Canada, as listed on the Canada Revenue Agency (CRA) website:
Canada Child Benefit: This is a tax-free monthly payment that helps eligible families with the cost of raising children under 18 years of age. You may be eligible if you have a child under 18 and are...
There are consequences for not filing taxes on time in Canada. Here are some of the potential consequences:
Late-filing penalty: If you owe taxes and file your return after the deadline, the CRA will charge you a late-filing penalty. The penalty is 5% of your balance owing, plus an additional 1% of y...
There are several tax deductions available to Canadian taxpayers, but here are five of the most common tax deductions in Canada:
Charitable donations: Canadians who make charitable donations to registered charities can claim a tax credit for their contributions. The federal charitable donation tax cr...
