# A J Tax & Financial Inc


## Posts

- [New GST/HST Exemption for Psychotherapy and Counselling Therapy](https://ajaccounting.ca/new-gst-hst-exemption-for-psychotherapy-and-counselling-therapy/):   Certain psychotherapists and counselling therapists will no longer have to collect GST/HST for their services as of June 20, 2024. The Canada Revenue Agency is committed to ensuring that all providers of these types of services are provided with the necessary information to determine their tax situation and take any necessary actions, such as closing their GST/HST account. Please note that this information only applies if you are located outside of Quebec. If you provide psychotherapy or counselling therapy services, you may no longer need to charge the GST/HST if you: 1. Are licensed with a provincial body responsible […]
- [Revised- Tax Obligations for Commercial Ridesharing & Delivery](https://ajaccounting.ca/revised-tax-obligations-for-commercial-ridesharing-delivery/):   What is commercial ridesharing? Commercial ridesharing is a part of the sharing economy and involves the driver of a vehicle providing passenger transportation services to customers through a mobile app or website. Lyft and Uber are both popular commercial ridesharing apps. Compared to other platform economy categories, commercial rideshare drivers are usually considered self-employed and have unique tax obligations.   Income tax obligations for commercial rideshare drivers Reporting all of your income, including tips, on your income tax return is a requirement for both full-time and side job commercial rideshare drivers. Business expenses, such as fees the platform is […]
- [Canada Dental Benefits](https://ajaccounting.ca/canada-dental-benefits/):   The tax-free payments for Canada Dental Benefits will depend on the income of your family. Parents and guardians who have children who meet the eligibility criteria are eligible to apply for this benefit. Benefit amounts are based on income. Your benefit amount is determined by the CRA based on your adjusted family net income. The benefit amount for each eligible child will not change based on your dental costs. How shared custody benefit amounts are split If your child only lives with you for a short time, you may be regarded as having shared custody for the Canada Child Benefit (CCB). […]
- [The Importance of Life Insurance: Safeguarding Your Future](https://ajaccounting.ca/the-importance-of-life-insurance-safeguarding-your-future/):     Life is full of uncertainties, and while we may not like to think about it, the reality is that none of us can predict what the future holds. That’s where life insurance comes into play, offering a safety net for your loved ones in the event of the unexpected. In this blog, we will explore why life insurance is an essential financial tool and the reasons why everyone should consider having it.   1. Protecting Your Loved Ones   Perhaps the most compelling reason for having life insurance is to protect the financial well-being of your loved ones. […]
- [CPP Rule Changes in 2024](https://ajaccounting.ca/cpp-rule-changes-in-2024/):   INTRODUCTION  Substantial changes will be made to the Canada Pension Plan (CPP) starting on January 1, 2024.  Substantial changes will be made to the Canada Pension Plan (CPP) starting on January 1, 2024.  The introduction of CPP2 is the key element of these CPP payments 2024 changes, which is the introduction of a second tier of CPP contributions.  THE TWO TIER OF CPP CONTRIBUTION Two levels are present in the new contribution system. A) Standard CPP contributions limit the maximum amount of income that can besubject to the First Earnings Ceiling (YMPE). The YMPE is determined to be $68,500 by […]
- [Underused Housing Tax](https://ajaccounting.ca/underused-housing-tax/):   This affects Canadian individuals, private corporations and partnerships, as well as non-residents. Underused Housing Tax is an “Annual Federal 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1st, 2022. You must file a UHT for Each of your properties in Canada for which All of the following conditions are met on December 31. > The property is a residential property and > You are the owner of the residential property and > You are determined to be an affected owner of the residential property Residential property means:– Either a detached house or similar building that contains a maximum of 3 dwelling units including […]
- [Why should I open a CRA Personal Account](https://ajaccounting.ca/why-should-i-open-a-cra-personal-account/):   The Canada Revenue Agency (CRA) is here to answer any questions you may have regarding your tax issues and to help you file your tax and benefit return. HOW CAN I OPEN AN ACCOUNT IN CRA  My Account helps you manage and review your tax returns and benefits as quickly and easily as possible, including your debts to the CRA without calling the CRA. To Register your account please click the following link Open a CRA personal account You must provide the following information: a) Your SIN (Social Insurance Number) b) Your Date of Birth c) Your postal code at […]
- [One-time top-up to the Canada Housing Benefit](https://ajaccounting.ca/one-time-top-up-to-the-canada-housing-benefit/):     The one-time supplement to the Canada housing benefit is intended to help low-income renters pay the rent. You could be eligible for a one-time tax-free payment of $500 if your income and the amount you pay for rent are eligible. The Canada Revenue Agency (CRA) administers this one-time payment. To apply for this new federal one-time payment, you do not need to receive other housing benefits such as the Canada Housing Benefit, which is co-funded and delivered by the provinces and territories. Applications are open until Friday, March 31, 2023. Eligibility criteria · You were born on or before December […]
- [Understand Your Tax Changes - 2022](https://ajaccounting.ca/understand-your-tax-changes-2022/):       Key dates for 2022 taxes Filing dates for 2022 taxes • February 20, 2023: Earliest day to file your taxes online • April 30, 2023 Deadline to file your taxes • June 15, 2023: Deadline to file your taxes if you or your spouse or common-law partner are self-employed Payment date for 2022 taxes • April 30, 2023 (May 1, 2023 since April 30 is a Sunday): Deadline to pay your taxes      Important changes in 2022 Tax First-time home buyer’s tax credit The amount used to calculate the first-time home buyers’ tax credit has increased to $10,000 for a qualifying home […]
- [Catch-Up Payments](https://ajaccounting.ca/catch-up-payments/):   What is Catch Up Payment? You can get funding to cover the cost of tutoring, supplies, and equipment for your child during the 2022-2023 school year. Eligible applicants will be provided with a single payment of: * $200 for each student between kindergarten and Grade 12, up to age 18 * $250 for each student with special education needs between kindergarten and  Grade 12, up to age 21. Who can apply?  You can submit an application if you live in Ontario: 1) Parent or guardian to a student from kindergarten to Grade 12 2) Secondary school student at the […]
- [First Home Savings Account - Explained](https://ajaccounting.ca/first-home-savings-account-explained/):   The Government of Canada has introduced a new registered plan to save first-time home buyers $40,000 tax-free. This plan will begin on April 1, 2023. Who can open an FHSA  a) A Canadian resident at least 18 years of age. b) An individual must be a first-home buyer (they have not owned a home any time during the part of the calendar year before the account opened or at any time in the preceding four calendar years). Contribution limit & Terms  a) The lifetime contribution would be $40,000 b) The maximum annual contribution will be $8,000. c) Contribution made to […]
- [Canada Benefit Payment Dates](https://ajaccounting.ca/canada-benefit-payment-dates/):   Each year, Canadians receive benefits after filing income tax return or applying for them.  Not everyone qualifies to receive all benefits.  A breakdown of each benefit offered to Canadians and when they should expect it is as follows: 1. Canada Workers Benefit (CWB)- Advance Payment  January 5, 2023 2. GST/HST Credit  January 5, 2023 April 5, 2023 July 5, 2023 October 5, 2023 3.Climate Action incentive payment (AB,SK,MB & ON) January 13, 2023 April 14, 2023 July 14, 2023 October 13, 2023 4.Canada Child Benefit (CCB)- Must have a child  January 20, 2023 February 20, 2023 March 20, 2023 April […]
- [Tax Changes and New Rules in 2023](https://ajaccounting.ca/tax-changes-and-new-rules-in-2023/):   With strong inflation in 2022, many tax changes are expected in 2023.  Changes in Tax Brackets  The federal income tax brackets for 2023 have been indexed to inflation. The new federal brackets are as follows: Zero to 53,359  (15%) >53,359 to 106,717 (20.5%) >106717 to 165,430 (26%) >106,430 to 235,675 (29%) >235,675 33% Basic Personal Amount  The BPA is the income a Canadian taxpayer can earn without paying any federal tax. As a result of inflation, this amount increased to 15,000 in 2023. Taxpayers are saving $2,250 on federal taxes. High-income individuals may not qualify for the full increase […]

## Pages

- [Travel Insurance](https://ajaccounting.ca/services/travel-insurance/): Travel insurance is essential for safeguarding your health and finances while traveling across provinces, outside Canada, or as a visitor. It protects against unexpected medical costs and other travel-related emergencies, such as lost luggage. Visitors to Canada should note they are not covered under provincial health plans and must purchase private insurance. Various plans are available to suit your health and coverage needs, including Super Visa Insurance for extended family visits. For Canadians traveling internationally, securing Canadian travel insurance is strongly recommended for comprehensive protection. Our Services Include: Value Added Benefits: Contact Us
- [Individual Insurance](https://ajaccounting.ca/services/individual-insurance/): Each person must insured. Life insurance is essential for safeguarding your loved ones and ensuring they are financially supported in the event of your absence. It covers mortgage payments, personal loans, and can be used to leave a non-taxable inheritance to your family. As you transition into retirement, life insurance continues to offer protection, even if you no longer have employer-provided coverage. Our expert advisors analyze your unique financial situation and recommend the best solution to meet your specific needs, liabilities, and cash flows. Our Services Include: Value Added Benefits: Contact Us
- [Business Group Insurance](https://ajaccounting.ca/services/business-group-insurance/): A company is an independent legal entity, meaning it has its own rights and responsibilities under the law, separate from its owners. Group insurance is a cost-effective way for businesses to offer health and dental coverage to their employees, enhancing their benefits package and supporting employee well-being. With group insurance, businesses can provide coverage for medical, dental, vision, and prescription drugs, as well as other health services like chiropractic care. Offering group insurance can improve employee retention, boost morale, and attract top talent. We offer flexible plans designed to meet the needs of small and large businesses alike. Our Services […]
- [Personal Dental and Health Insurance](https://ajaccounting.ca/services/personal-dental-and-health-insurance/): If you are self-employed, a contractor, or not eligible for employer-provided health benefits, you may lack coverage for services such as dental care, vision care, prescription drugs, and chiropractic treatments. Ontario’s OHIP does not cover these services, making personal insurance essential for comprehensive protection. Our plans are also available for small businesses, ensuring affordable healthcare solutions for entrepreneurs and their teams. Our Services Include: Value Added Benefits: Contact Us
- [Student and Temporary Work Permit Holder Insurance](https://ajaccounting.ca/services/work-permit-holder-insurance/): Most international students are covered under their institutional insurance plan while studying, but this coverage ends upon graduation. Similarly, temporary work permit holders may face gaps in coverage during the transition from study permits to work permits or before securing a full-time job, especially in Ontario. Uninsured periods can result in significant financial risks due to high medical expenses. Our tailored plans ensure comprehensive protection during these critical phases. Our Services Include: Value Added Benefits: Contact Us
- [RRSP & RESP](https://ajaccounting.ca/services/rrsp-resp/): An RESP is a tax-sheltered plan designed to help parents save for their child’s education, offering benefits like government contributions and grants. Earnings within the plan grow tax-free, and you have the flexibility to choose or change beneficiaries as needed. An RRSP is a retirement savings plan registered with the federal government, allowing you to save for retirement with tax advantages. Contributions are tax-deductible, and earnings grow tax-deferred until withdrawal, with options for early withdrawal under certain conditions. Our Services Include: Benefits of RESP: Benefits of RRSP: Value Added Benefits: Contact Us
- [TFSA (Tax Free Savings Account)](https://ajaccounting.ca/tax-free-saving-account/): A company is an independent legal entity, meaning it has its own rights and responsibilities under the law, separate from its owners. A TFSA is a versatile savings vehicle in Canada that allows individuals to earn tax-free income on investments. Contributions to a TFSA are not tax-deductible, but withdrawals, including any gains, are completely tax-free. Whether you want to save for retirement, a major purchase, or simply grow your wealth, a TFSA offers flexibility and significant tax advantages. Our team provides guidance on optimizing your contributions and selecting the right investment options to maximize your returns. Our Services Include: Value […]
- [HST & GST Registration and Return Filing](https://ajaccounting.ca/services/hstgst-registration-and-return-filing/): In Canada, businesses earning above a certain threshold are required to register for Harmonized Sales Tax (HST) or Goods and Services Tax (GST). Proper registration ensures your business complies with federal tax laws and can claim input tax credits. Timely and accurate return filing is essential to avoid penalties and interest charges. Our team simplifies the process, handling all aspects of registration and filing to help you stay focused on your business. Our Services Include: Contact Us
- [CRA Audit Assistance](https://ajaccounting.ca/services/cra-audit-assistance/): The Canada Revenue Agency (CRA) conducts audits to ensure businesses and individuals comply with tax laws, which can be a complex and time-consuming process. A CRA audit involves a thorough examination of your financial records, tax filings, and compliance with tax regulations. Proper representation during an audit is crucial to protect your interests and ensure the process goes smoothly. Our team provides expert guidance and support throughout the audit, helping you respond to inquiries, provide accurate documentation, and resolve any issues effectively. Our Services Include: Value Added Benfits: Contact Us
- [Business Analysis](https://ajaccounting.ca/services/business-analysis/): A thorough business analysis is crucial for identifying areas of improvement, understanding market trends, and ensuring operational efficiency. We assist businesses in evaluating their financial health, assessing risks, and uncovering opportunities to enhance profitability and growth. Our team works closely with you to understand your unique challenges and goals, providing actionable insights to drive your business forward. Our Services Include: Value Added Benefits: Contact Us
- [Individual and Corporate Tax Filing](https://ajaccounting.ca/services/individual-corporate-tax-filing/): In Canada, both individuals and businesses are required to file tax returns annually to report income and claim eligible deductions and credits. For individuals, this involves reporting employment, investment, and self-employment income, while businesses must file corporate tax returns that account for their income, expenses, and tax liabilities. We provide a comprehensive service for both individual and corporate tax filings, helping to minimize liabilities, avoid penalties, and optimize returns. Our Services Include: Value Added Benefits: Contact Us
- [Accounting and Payroll](https://ajaccounting.ca/services/accounting-payroll/): Our solutions empower you to make informed decisions while we handle the complexities of your financial operations. In Canada, businesses must adhere to specific regulations for accounting and payroll compliance, tailored to federal or provincial standards. Federal regulations apply to businesses operating nationwide, while provincial rules are specific to each region. Payroll management requires precise calculations for tax remittances, deductions, and employee payments, ensuring compliance with legal standards. Businesses can structure their accounting systems based on either national or provincial requirements, ensuring accuracy and alignment with operational needs. Proper setup and adherence help businesses avoid penalties and maintain smooth financial […]
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- [Home](https://ajaccounting.ca/): Taxes & Financial Consulting with a Personal Touch Streamlining Finances, Empowering Your Success Contact us Our Services We are committed to helping businesses and individuals diversify their  portfolios, manage their assets, analyze market trends and reduce risks Our Customers​ Happy Stories See what our Customers has to say Would you like to Avail our Services?​  
- [Business Registration](https://ajaccounting.ca/services/business-registration/): A company is an independent legal entity, meaning it has its own rights and responsibilities under the law, separate from its owners. In Canada, there are two primary types of incorporation: federal and provincial. Federal incorporation allows your business to operate nationwide under the same name, while provincial incorporation limits your business operations to a specific province. When incorporating a company, you can choose between two types of businesses: Numbered Company or Named Company. A Named Company must have its name pre-approved, ensuring it meets the naming guidelines and does not conflict with existing businesses Our Services Include: Value Added […]
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