Here are the five common tax credits in Canada, as listed on the Canada Revenue Agency (CRA) website:

1. 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:

1. 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:

1. Charitable donations: Canadians who make charitable donations to registered charities can claim a tax credit for their contributions. The federal charitable donation tax cr...