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As the popularity of cryptocurrencies continues to rise in Canada, so does the need for efficient reporting of tax on crypto. Using the best crypto tax software in Canada can be a valuable tool in helping individuals and businesses. Crypto tax software helps you keep track of your crypto transactions, plus any gains or losses. Also, you can calculate your tax liability and generate accurate tax reports. With so many options available, choosing the best crypto tax software in Canada can be a daunting task. Pricing and the ability to handle multiple types of cryptocurrencies can all play a role in the decision-making process. In this article, you will discover the best crypto tax software available in Canada. By the end of this article, you can make an informed decision about the best software to use for your needs. Crypto Taxation in Canada: A Brief Overview Cryptocurrency is a relatively new technology. For this reason, it took a little while

Wondering how to survive inflation and all the challenges that come with it? Then you’re in the right place. About 40 percent of the world’s population is burdened with rising inflation. In addition, Canada’s inflation rate is currently 5.9%, as of January 2023, which is well outside of the usual 2% benchmark. If you’re one of the people burdened with inflation, don’t worry! We’ve got you covered with seven pro tips. You might be asking yourself, what happens when your favourite pizza that was $1 becomes $3.50? Or what happens if the cost to fill your tank is astronomically more expensive than it was a few years ago? What’s more? How do you keep up with mortgage payments when interest rates are rising to cool inflation? These and many more questions may plague you, especially when you have a family to care for. If there’s any chance these thoughts have crossed your mind, worry not. This article will guide you

In the last few years, something called the vacant home tax has arrived in Canada. As the name implies, this tax is incurred when someone owns Canadian real estate, but it is unoccupied for the bulk of the year. This is another cost property owners have to consider. Fortunately, it’ll only apply if your property is vacant for most of the year. If you live in your home, or rent it out to someone else, then this tax won’t apply to you. Ready to learn more? Everything you need to know about vacant home tax in Canada can be found below. What is vacant home tax? As the name suggests, it’s a tax that arises on homes which are unoccupied for extended periods of time. It’s also being referred to as the empty home tax or underused housing tax. At the time of writing, the vacant home tax is only in effect at the federal and municipal levels in Canada,

In Canada, there are three main sources of income available to Canadians in retirement: Canada Pension Plan, Old Age Security (OAS) and of course, Guaranteed Income Supplement (GIS). You can plan to take advantage of this benefit, or tell your parents and older relatives about it so they can partake. If you aren’t sure about the details of Guaranteed Income Supplement in Canada, we’ve got you covered. Everything you need to know can be found below. What is the Guaranteed Income Supplement in Canada? The Guaranteed Income Supplement in Canada is a government benefit added to the Old Age Security program. It is only meant for older Canadians with low incomes. What’s more? Suppose your spouse is deceased, you still have an opportunity to enjoy the GIS benefit. The two allowances for spouses under the GIS benefits include: Let’s look into both briefly. Allowance Benefits Allowance benefits are for those whose spouses or common law partners are currently receiving the

Economic policy makers determine the interest rate which banks charge each other to lend money. However, not many Canadians are aware of this information and how it trickles down to their finances. Although, the Canadian prime rate has an affect on the interest rate you pay on financial products too. So what is the Canadian prime rate and how does it affect you? Let’s look at a quick example to demonstrate why the Canadian prime rate is important. Say you took out a 5-year loan of $100,000 at a variable interest rate of 3.45% (2.45% prime rate + 1%). Your monthly payment would be $1,772.53. A few months later, the prime rate increases to 6.7%, so your new interest rate is 7.7%. Your monthly payment would increase to $2,013.31 — about a $250 increase which is substantial! You won’t know all this information if you are unaware of the current rates and how changes can impact your finances. Sound knowledge

At a high level, tax efficiency is the process of paying the least amount of tax possible without breaking any laws. Obviously, we are not advising you to commit tax evasion! Much of this boils down to understanding how taxation works, then acting in a way that minimizes your tax burden. Given that taxes are quite high in Canada, it’s likely that most individuals and families are interested in improving their tax efficiency. Continue reading to learn more about tax efficiency in Canada and how you can apply it to your own personal finances.Furthermore, you can enhance your tax efficiency at any age, which we’ll explore below as well. What is Tax Efficiency? Tax efficiency is the culmination of processes and behaviours executed to pay the least amount of tax while still maintaining compliance with the law. A decision is tax efficient if the tax obligation arising from it is less than an alternative decision. Naturally, we all want to

As we look ahead to 2023, many Canadians anticipate the upcoming Climate Action Incentive Payment dates for 2023. The Climate Action Incentive Payments (CAIP) are no doubt a timely initiative. This benefit manifests in its crucial position in reducing the effects of climate change. At the same time, the program has contributed significantly to economic growth. But as you await the 2023 payment dates, it’s important to understand that not all Canadian residents are eligible for the CAIP. Learn more about the Climate Action Incentive Payment in this article. Of course, we’ve included the Climate Action Incentive Payment dates for 2023 to satisfy your curiosity, as well as some other helpful details. What Is Climate Action Incentive Payment (CAIP)? The Climate Action Incentive Payment (CAIP) is a tax-free benefit to help offset the cost of federal pollution pricing. It includes a 10% supplement for residents of small and rural communities. Currently, the CAIP is available to residents of Alberta, Manitoba,

Over 80% of non-retired Canadians don’t have a retirement plan — don’t be a part of this statistic! For some, the challenge is determining how much is needed for their golden years. For others, the problem is creating and sticking to a realistic savings plan. Thankfully, retirement planning software in Canada is available for this purpose. But how do they work? These software applications collect your information and give you various saving options. By doing so, these applications make planning for your retirement easy. If you’ve been wishing for a good life in your old age, it’s time to go beyond mere wishes. We’ve highlighted different retirement planning software in Canada and their features below. This will help you get on track for a comfortable retirement. How Do I Plan For Retirement In Canada? For some, the thought of retirement can be quite stressful. However, the sooner you start addressing the problem, the closer you’ll get to your goals! If

If you’ve ever gone through the process of completing a big ticket purchase, you might have utilized a bank draft from your financial institution. And if you haven’t gone through this process before? Don’t worry – we’ll cover everything you need to know in this article from what is a bank draft in Canada to how much it costs to use the service. To get started, a bank draft is a specialized type of payment. In many ways, a bank draft is sort of a special cheque. The bank provides an additional layer of assurance to the recipient of the funds by placing the money in a separate account until the bank draft is cashed. Ready to learn more? Continue reading to understand the ins and outs of bank drafts in Canada. What is a bank draft and how does it work? In technical terms, a bank draft is a form of payment where funding is guaranteed by the issuing

The idea of a billionaire can be difficult to fathom – there’s just too many zeros to count! However, they do walk among us in Canada. In fact, they probably founded business ideas that you use and benefit from on a daily basis. But let’s get down to brass tacks, how many billionaires are there in Canada? As of 2022, there were 65, but continue reading to find out the details, such as the wealthiest woman and the youngest billionaire in Canada. What is a billionaire? A billionaire is someone who has a net worth of $1,000,000,000 or more. Yes, that’s a lot of zeros! Net worth is defined as someone’s total assets minus all their liabilities, debts and obligations. There are only a handful of billionaires relative to the total world’s population. In addition, a billionaire’s wealth can fluctuate greatly from year to year, or even day to day. Often, the notion of what goes up must come down

Nothing in life is certain. This is why estate planning and preparing for the worst is a necessary exercise to protect your wealth. During the process, you might come across the terms executor of will vs power of attorney. You might be wondering, who executes your will once you pass? And what happens if you become incapacitated before death and can’t act in your best interest?We know; it’s a gloomy, uncomfortable subject. But still, making advanced arrangements for handling your personal and financial affairs is paramount. Enter the executor of the will and power of attorney (POA) — two legal entities that bring peace of mind. While they have varying duties and come into play at different times, they both make decisions on our behalf when we are otherwise unable to. Are you assisting a family member in getting their affairs in order? Or maybe you want to proactively protect your future. Let’s go over the differences between the executor

Tax season is officially upon us! Every Canadian is in the process of gathering their documents and trying to navigate tax brackets, rates, deductions and credits. But what if you earned money from a side hustle? Do you have to report it on your tax return? The answer is yes, side hustle taxes in Canada apply on income earned outside of your day job. If you’re not sure how to report this income and pay tax on it, continue reading to understand all the ins and outs. What is a side hustle? A side hustle is a job, hobby or way of earning income outside of your day job, which for most is a 9 to 5. Due to economic constraints, many Canadians have a side hustle to save more, pay their bills, or eliminate debt. In some circumstances, people might engage in the gig economy because they’re struggling to find full time work. Although, others may partake in a

If you’re in the process of writing a will or planning your estate, you might have come across the term probate. But what is it and how much is probate tax in Canada? Considering probate fees is definitely a part of estate planning, so you’ve come to the right place! In this guide, we’ll explore all the details of probate, how the process works and how much you can expect to pay.In addition, we’ll cover how to reduce and avoid probate. What is the Probate Tax in Canada? First, let’s discuss what probate is. In Canada, probate is the administration process of verifying someone’s will or final wishes upon their death. More specifically, probate is a legal approval process which validates a will and confirms an executor’s appointment. This includes reviewing the will for authenticity and legitimacy before distributing the assets accordingly. These activities are usually carried out by an executor. Often, the executor is named in the will. Probate

Many Canadians have worked for years and years to enjoy a relaxing retirement. Unfortunately, you might be able to cease employment in retirement, but you can’t avoid taxes! Reducing and optimizing taxes in retirement looks different than when you were working. So how exactly do retirees maintain tax efficiency in their golden years? In this article, we’ll explore tax efficient retirement withdrawal strategies in Canada and how you can incorporate them into your personal finances. Continue reading to learn more. Why does tax efficiency matter in retirement? In Canada, we are fortunate to have access to an array of public services. However, this comes at a cost – high taxes. Tax efficiency matters at all stages of life, but especially in retirement. In other earlier stages, if you aren’t tax efficient, chances are the burden isn’t as great because you’re working and have steady income. But in retirement, more tax means less retirement savings. It’s important to preserve what you