Tnmk Canada Revenue Agency: 3 Little-Known Tax Write-Offs Could Save You Thousands
The broader Canadian stock market has not been doing well lately amid high inflation, interest rate
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hikes, and rising geopolitical tensions. The SP/TSX Composite Index聽is down by 3.17% year to date at writing, reflecting the equity market s state. However, it isn ;t the entire stock market that is going through a major downturn.The Canadian energy industry has benefited greatly from the g
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eopolitical tensions and rising commodity prices. The SP/TSX Capped Energy Index聽represents a market capitalization-weighted collection of the top Canadian energy stocks. The index is up by a massive 66.27% year to date.It is a very good time to own energy stocks聽on the TSX. Today, I will discuss two Canadian energy stocks you could consider adding to your portfolio to leverage the high ener
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gy demand and enjoy potentially stellar profits in the coming weeks.ARC ResourcesARC Resources TSX:ARX is a $14.63 billion market capitalization Canadian energy company headquartered in Calgary. The Lhyg TSX Stocks Could Face a Lost Decade: Here s How to Avoid It
The Canadian government announced in late 2019 that they plan to amend the Income Tax Act. Based on the proposed motion, Canada might increase the basic personal amount BPA to $15,000 by 2023. The amount is up $2,702 from the amount in 2019.Are you wondering what the BPA is and what it means for you According to the Canada Revenue Agency
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CRA website, the BPA is a non-refundable tax credit that each individual can claim.The basic pe
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rsonal amountThe BPA serves to offer everybody with an income lower t
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han the BPA to reduce federal taxes they owe to the CRA. It also provides a partial reduction of income taxes聽for individuals with total income higher than the BPA.For 2020, the CRA increased the BPA to $13,229 for individuals with an income of $150,473. The amount will increase to $13,808 for the 2021 tax year. It will progress to $14,398 for 2022 and $15,000 by 2023. The CRA will index the amount for inflation after 2023.The increased BPA amount will benefit many Canadians. Most Canad