What Income Do You Have to Report When Completing Tax Return

Lisa C. Finance, Newcomer Information Leave a Comment

For the part of the tax year that you were considered a resident of Canada You have to report your world income. World income is income from all sources both inside and outside Canada earned after becoming a resident of Canada for income tax purposes on your Canadian tax return. Are you a resident of Canada? You become a resident …

Prepare yourself for 2021 tax season

Michelle Mak Community, COVID-19, Finance, Newcomer Information, Volunteers Leave a Comment

Tax season is right around the corner, here are some things you can do to prepare yourself for the tax season. Gather your information slips! This includes your T4s, receipts, previous tax year’s notice of assessment and a copy of last year’s return to use as a model. Sign up for direct deposit, this can allow you to receive your …

Claiming Home Office Expenses

Lisa C. COVID-19, Daily Life, Finance, Newcomer Information, Settlement & Community News, Settlement News, Updates

Un message en français suivra. Employees who worked from home more than 50% of the time over a period of a least four consecutive weeks in 2020 due to COVID-19 will now be eligible to claim the home office expenses deduction for 2020. A new temporary flat rate method will allow eligible employees to claim a deduction of $2 for …

Money Smart Program

Michelle Mak Community, Daily Life, Finance, Newcomer Information

Need some tips on how to save money? Or are you struggling on understanding the Canadian financial system? The Immigrant Education Society has programs and services that are available for you! Money Smart offers help in 4 different ways: 1. Financial CoachingFinancial Coaching offers one-on-one support for anything related to your finances. Meet with an expert who can answer your …

Apply for the Tax Instalment Payment Plan (TIPP)

Michelle Mak Finance, Newcomer Information

What is the Tax Instalment Payment Plan (TIPP)? TIPP is a popular program that allows you to pay your property tax​ on a monthly basis instead of one payment in June. The payment automatically comes out of your chequing account the first day of every month. TIPP makes budgeting easier and eliminates the risk of a 3.5% late payment penalty. In response …

UofC Law Students offering free legal service for Albertans facing debt

Michelle Mak Community, Finance, Newcomer Information

The Consumer Debt Negotiation Project is a project that aims to help Albertans facing debt by offering free legal advice. This project is done by the University of Calgary law school students who are volunteering their time to help those in need. The clinic is also collaborating with Pro Bono Law Alberta’s ongoing duty counsel and amicus programs as well …

Funding to help Canadians develop work skills

Michelle Mak Community, Employment, Finance, Newcomer Information

The Prime Minister, Justin Trudeau announced on November 13, the details of an investment of $1.5 billion in the Workforce Development Agreements (WDAs) with provinces and territories. This investment will help Canadians in underrepresented groups and in sectors that have been hardest hit by the pandemic (such as construction, transportation, and hospitality) quickly access supports to re-enter the workforce. This …

Federal Investments Announced to Launch Black Entrepreneurship Program

Lisa C. Finance, Settlement & Community News, Settlement News, Updates

The COVID-19 pandemic has exacerbated existing systemic barriers faced by Black entrepreneurs and small and medium-sized business owners in Canada. We need to do more to support them and address anti-Black racism. The Prime Minister, Justin Trudeau, has announced investments of up to nearly $221 million in partnership with Canadian financial institutions (including RBC, BMO Financial Group, Scotiabank, CIBC, National …

Financial Relief Navigator

Michelle Mak Finance, Newcomer Information

Prosper Canada has launched an online tool: Financial Relief Navigator (FRN). This tool helps vulnerable Canadians and those impacted financially by COVID-19 access critical emergency benefits and financial relief from governments, financial institutions, telecoms and internet providers. While some other tools focus on only emergency benefits, the FRN acts as a one-stop portal where Canadians can access relief measures from …

CERB Extended by Another Four Weeks & Changes to EI

Lisa C. Finance, Settlement & Community News, Updates

The Government of Canada has recently announced some new changes to the Canada Emergency Response Benefit (CERB) and the Employment Insurance (EI) program. These changes are aiming to allow more people to receive financial assistance during COVID-19. The CERB will be extended by an additional 4 weeks to a maximum of 28 weeks. Canadians expecting to exhaust their CERB benefits …