Common tax credits and deductions to use to your advantage

Tax season can be overwhelming for some. But here are a few tax credits and tax deductions that might be able to help save you or make you a few dollars!

Key Terms:

Tax credit: reduce the taxes you pay on your taxable income.

Tax deduction: Reduce taxable income

Non-refundable tax credit: can only reduce taxable income down to zero and will not generate a tax refund.

7 Tips to Help Small Business Owners Prepare for Tax Season

The life of an entrepreneur can sometimes feel overwhelming when it comes down to accounting, tax filings and other similar matters. Often times, small business owners will overlook deductions or pay too much in taxes when they take on the responsibility. That’s why it’s essential to hire Chartered Professional Accountants (CPA) to assist you with your tax filings so you avoid any costly errors that may catch the attention of the Canada Revenue Agency (CRA).

2020 Tax Changes Individuals and Families

Amounts Received Related to COVID-19

During the year, you may have received federal, provincial, or territorial government COVID-19 payments such as the Canada Emergency Response Benefit (CERB). These amounts are generally taxable and you will receive a slip, such as a T4A or T4E.

Interest Relief on 2020 Income Taxes Owing if you Received COVID-19 Benefits