Income Tax – Taxonic Corporation https://taxonic.ca Accounting & Tax Sat, 28 Feb 2026 15:32:13 +0000 en-CA hourly 1 https://wordpress.org/?v=7.0.3 https://taxonic.ca/wp-content/uploads/2020/06/Site-Icon-100x100.png Income Tax – Taxonic Corporation https://taxonic.ca 32 32 FHSA vs. HBP: Which is Better? https://taxonic.ca/fhsa-vs-hbp/?utm_source=rss&utm_medium=rss&utm_campaign=fhsa-vs-hbp Sat, 28 Feb 2026 15:25:29 +0000 https://taxonic.ca/?p=9908 Saving for your first home in Canada is a marathon, not a sprint. To help you cross the finish line faster, the federal government offers two major tax-advantaged tools: the First Home Savings Account (FHSA) and the Home Buyers’ Plan (HBP).   While they both aim to help you buy a home, they work very […]

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]]> T1 Checklist https://taxonic.ca/t1-checklist/?utm_source=rss&utm_medium=rss&utm_campaign=t1-checklist Thu, 04 Jan 2024 15:45:00 +0000 https://taxonic.ca/?p=8923 T1 Checklist Powered By EmbedPress Other Forms CRA T1 Authorization Form Click to download Rental Receipt for Landlord Click to download

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]]> Unlock 5 Stars of Empowerment: Tax Filing for Newcomers https://taxonic.ca/unlock-5-stars-of-empowerment-tax-filing-for-newcomers/?utm_source=rss&utm_medium=rss&utm_campaign=unlock-5-stars-of-empowerment-tax-filing-for-newcomers Tue, 26 Sep 2023 15:36:07 +0000 https://taxonic.ca/?p=8665 Have you recently set foot on the land of opportunities that is Canada, or are you in the process of planning a migration to this country? Regardless of your situation, understanding the tax system in Canada and the benefits of filing taxes are crucial aspects of living in Canada. Today, let us delve into the […]

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]]> How to properly respond to CRA review letters? https://taxonic.ca/cra-review/?utm_source=rss&utm_medium=rss&utm_campaign=cra-review Thu, 31 Aug 2023 19:59:34 +0000 https://taxonic.ca/?p=8468 Being the recipient of a CRA review letter might induce feelings of anxiety and confusion. However, with the right guidance, navigating these complex waters doesn’t need to be a daunting task. Canada Revenue Agency (CRA) review letters are standard part of the CRA’s due diligence to ensure the integrity of the tax system. They are […]

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]]> 2 popular ways to pay yourself: Salary or dividend? https://taxonic.ca/salary-or-dividend/?utm_source=rss&utm_medium=rss&utm_campaign=salary-or-dividend Tue, 28 Feb 2023 00:21:27 +0000 https://taxonic.ca/?p=7389 As a Canadian corporation owner, one of the most important decisions you’ll make is how to pay yourself. Two common methods for doing so are salary and dividends. Each method has its own advantages and disadvantages, and understanding these can help you make an informed decision that best meets your needs. Salary A salary is […]

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]]> How to download slips from your CRA My Account https://taxonic.ca/download-slips/?utm_source=rss&utm_medium=rss&utm_campaign=download-slips Thu, 18 Aug 2022 19:47:18 +0000 https://taxonic.ca/?p=5470 Have you ever got this question when preparing for your tax filing: am I supposed to receive the slip? For example, if you have an annual interest of $50 CAD or more, you will likely receive a T5 slip from your bank. But the question is, do you really know how much interest you earned this […]

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]]> Does International student have to file tax in Canada? https://taxonic.ca/does-international-student-have-to-file-tax-in-canada/?utm_source=rss&utm_medium=rss&utm_campaign=does-international-student-have-to-file-tax-in-canada Sat, 20 Jun 2020 15:47:19 +0000 https://taxonic.ca/?p=1551 It is necessary for every Canadian resident, either citizen or non-citizen, to understand how tax return works in Canada. As international students, lots of expenses such as rental expenses and tuition fees notably increase your living costs in Canada, but the good news is, those expenses can be claimed when filing tax returns as your […]

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