Canada’s jobless still required to file taxes
Unemployed could be in for a surprise.
MoneySense at the MoneyShow: ETFs & Investing Strategies
Here’s how to get your free ticket to attend the MoneyShow virtual expo.
The 1.5 million Canadians who found themselves out of work this year might be up against a whole new set of stressors when filing their taxes, according to The Globe Investor.
Most of the country’s unemployed workers are turning to either self-employment or employment insurance as a means of getting by, and both options present tricky tax challenges.
For instance, the self-employed are now required to track their car mileage, as the CRA reviews all automobile expenses to ensure that people are writing off only the applicable amount. Those Canadians collecting employment insurance are also in for a surprise, as the amount they receive must be claimed as income on their tax returns.
By remembering to take advantage of student credits, borrowing from your RRSP to fund your re-enrollment in post-secondary education, and remembering that job-hunting expenses are not deductible in Canada, you can make filing your taxes a little less painful.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Related Articles
Nvidia’s earnings: Blackwell AI chips play into (another) stock price rise
Nvidia beats earnings expectations as investors eye demand for Blackwell AI chips.
Bitcoin approaches USD$100,000 as post-election rally continues
The world’s biggest cryptocurrency topped USD$98,000 on Nov. 21. As it inches ever closer to six figures, investors wonder:...
Canada’s inflation rate increased to 2% in October
Canada’s inflation rate rose to 2% last month, up from 1.6% in September, but a December interest-rate cut is...
Inflation is on target in Canada, so why is food (and other stuff) still so expensive?
Why Canadians are still feeling the squeeze of high food costs, and what to do about it.
Deal or no deal: What to know before shopping Black Friday and Cyber Monday sales
If you’re one of the many Canadians looking for Black Friday and Cyber Monday discounts, here’s how to know...
Where are rent prices headed in Canada?
A new Desjardins report predicts rent inflation will slow in the next few years.
Couldn’t get Eras Tour tickets? Industry practices, lack of competition could be to blame
High demand has made it challenging to get tickets for Taylor Swift and other big artists in Canada, and...
Suncor Energy boosts dividend, earnings rise to $2.02 billion in Q3
The oilsands giant will return all excess cash to shareholders after hitting debt target early.