Amidst the rising cost of living in Canada, many residents are looking for ways to save more and spend less. The provincial government currently offers an array of benefits and credits, including the Cost of Living tax credit.
Tax season is frustrating and inevitable, like piles of snow on the street or your weird relative oversharing at a holiday dinner. On the bright side of all the bureaucracy is the potential to earn a little windfall from the government, depending on your employment status and income, among other things. The Canada Worker's Benefit (CWB) is one such windfall, offering up to $1,428 to eligible individuals and $2,461 to eligible families. Let's take a look at this credit, how you can secure it, and what the Canada Revenue Agency (CRA) does to determine how much you'll get.
Tax season is frustrating and inevitable, like piles of snow on the street or your weird relative oversharing at a holiday dinner. On the bright side of all the bureaucracy is the potential to earn a little windfall from the government, depending on your employment status and income, among other things. The Canada Worker's Benefit (CWB) is one such windfall, offering up to $1,428 to eligible individuals and $2,461 to eligible families. Let's take a look at this credit, how you can secure it, and what the Canada Revenue Agency (CRA) does to determine how much you'll get.
It's time to calculate taxes in Canada. As taxpayers begin to navigate the tricky web of tax information out there, they'll have multiple factors to consider to ensure their tax return is complete and that they're maximizing their deductions and opportunities to earn those sweet refundable tax credits. It's even trickier for Quebecers, who, unlike most Canadians, have to file two separate returns. Here's a guide to tax season in Canada, including how much income tax you can expect to pay at the federal and provincial levels, some of the biggest credits and benefits available to you, the filing deadline and the penalties for missing it.
Tax season doesn't always need to be completely overwhelming. In addition to contributing to your RRSPs or TFSAs, there are many other expenses that you can deduct from your taxes this year along with credits that could even score you some pretty sweet cash in return.