A non-refundable tax credit will go towards lowering your tax owing. However, you will not receive a refund if non-refundable tax credits exceed tax owing, it would get carried forward to the following year.

You can start applying for your tax return starting February 22nd till June 15th. It is advisable by CRA to apply early in case you have a balance owing. The balance owing due date is April 30th, so to avoid any interest charges past the due date it would be advisable to file your taxes early and set up a payment plan with CRA in case you cannot make full payments by April 30th.

You only need to register a GST/HST number if your income is above $30,000 throughout four calendar quarters

Unfortunately, CRA considers all tax returns as ‘independent’, meaning that you can’t transfer any of your income tax refund to anyone else, in any circumstance. This does not apply to Quebec residents, you can choose to transfer a portion of your refund amount to your spouse to reduce his/her balance owing, if any. Most importantly, the amount you transfer can’t be more than the amount your spouse owes. After the amount transfer is completed to your spouse, you won’t have the option to change the transferred amount or cancel the transfer

TFSA is a program for individuals to set money aside tax free throughout their lifetime. Any income earned or amount contributed to the account is usually tax-free, even when an amount is withdrawn from the account. It is very important to know your annual contribution limit, so you do not over contribute and end up paying any penalties and interest

RRSP is a program introduced by the government to motivate individuals to save up some of their income for retirement and eventually pay less taxes in the future when you are probably earning less income since you will fall in a lower tax bracket. An RRSP is a tax deferral meaning it is not tax free but rather when you withdraw that money at a future date you will be taxed on it. It is very important to know your annual limit, so you do not over contribute and end up paying any penalties

As of 2019, the Canadian government stopped issuing refunds on tuition fees, instead, it is a non-refundable credit. Therefore, if the tuition amount exceeds the tax owed, the non-refundable credit can only be utilized to eliminate or decrease the student’s federal or provincial tax bill but won’t receive a refund.

A non-refundable tax credit will go towards lowering your tax owing. However, you will not receive a refund if non-refundable tax credits exceed tax owing, it would get carried forward to the following year.

If you earn money, you owe income tax on it. You are obligated to file a tax return disclosing your income and pay any required taxes on it.

We are a tax preparation service located at Suite 201-254 Edmonton Street, Winnipeg, MB R3C 3Y4.