Tax Tips

CRA My Account is a secure online portal that helps Canadians manage their taxes with ease. From viewing tax slips and notices of assessment to tracking refunds and updating personal details, this tool streamlines your tax process and keeps you organized year-round. Learn how to register, use key features, and authorize representatives efficiently.

Mistakes on your tax return happen — but they don’t have to cost you. Learn how to amend your return, respond to CRA reassessments, and understand your rights as a taxpayer. KLV Accounting explains when to file an adjustment, how penalties and interest work, and what to do if you receive a Notice of Reassessment.

Filing your taxes on time is key to avoiding penalties and protecting your benefits. Learn the essentials of Canadian tax filing, including deadlines, penalties for late filing, required slips, and filing methods. We also cover the benefits of using CRA My Account and tips for a smooth filing process so you can stay compliant and stress-free.

Tax instalments are periodic payments required when not enough tax is withheld at source. Self-employed individuals, investors, and pensioners often need to make these quarterly payments. Learn who needs to pay, how CRA calculates instalments, the risks of underpaying, and strategies to avoid costly interest and penalties. KLV Accounting can help you manage instalments effectively and reduce financial stress.

Income tax deducted at source ensures Canadians meet their tax obligations throughout the year. Whether from employment, pensions, or investments, withholdings act as advance payments toward your taxes. Understanding how they’re calculated, how they impact your return, and how to adjust them can help you avoid large balances owing or overpayments at tax time.

Understanding how taxes payable are calculated is key to managing your tax liability in Canada. From taxable income and marginal rates to credits, refunds, and payment strategies, this blog breaks down how to calculate what you owe and how to pay it efficiently. Learn how to avoid penalties, maximize refunds, and keep your finances on track.

Provincial tax credits can help reduce your provincial taxes while supporting regional priorities. From personal amounts to seniors’ and family benefits, energy efficiency, and education credits, each province offers unique opportunities. Learn how to claim, document, and maximize your provincial tax benefits to lower your overall tax burden.

The Political Contributions Tax Credit helps Canadians support democracy while saving on taxes. Learn what qualifies, how much you can claim, and strategies for maximizing benefits for you and your household.

Supporting charitable causes not only benefits communities but can also reduce your taxes. The Charitable Donations Tax Credit allows Canadians to claim eligible donations, including cash and property, for significant tax savings. Learn about eligibility, calculation methods, donation limits, and strategies to maximize your charitable tax benefits while giving back.

Health care can be expensive, but the Medical Expense Tax Credit helps Canadian taxpayers ease the burden. Learn who qualifies, what expenses count, and how to maximize your return.

Learn how to claim the Tuition Tax Credit and Canada Training Credit in Canada. Understand eligibility, carryforward rules, and strategies to maximize your tax savings.

Student loan interest can reduce your tax bill. Learn who qualifies, how to claim it, when to carry it forward, and how to maximize your deduction for better savings.

Learn how the Home Buyers' Tax Credit helps first-time buyers in Canada. Understand eligibility, how to claim, and tips to maximize your $1,500 tax savings.

Learn how the Canada Workers Benefit (CWB) supports low and modest-income Canadians. Understand eligibility, benefit calculations, and tips to maximize your refund.

Learn how the Basic Personal Amount and Spousal Tax Credit reduce your taxes, who qualifies, and how to optimize your return with clear examples and tips.

Part 2 of our LCGE series covers qualified farm and fishing property, purification strategies, how to calculate the exemption, and key planning considerations.

The Lifetime Capital Gains Exemption (LCGE) offers a major tax advantage for Canadian business owners. Learn the basics, key terms, and how QSBC shares qualify in the first of two posts on LCGE.

Canadian tradespeople may qualify for valuable tax deductions on tools and temporary work expenses. This blog breaks down the Tradespersons’ Tools Deduction, the Apprentice Mechanic Tools Deduction, and the Labour Mobility Deduction—covering eligibility, reporting, and strategies to maximize your tax refund.

Carrying charges and interest expenses can provide significant tax savings—if you know how to claim them correctly. This blog explains what qualifies, how to report them on your tax return, and strategies to maximize your deductions, with examples and common pitfalls to avoid.

CPP and EI are vital deductions that fund your retirement, disability, and unemployment support in Canada. This post explains how these amounts are calculated, their impact on your tax return, and key differences between employees and self-employed individuals.