Fuller Landau

What is the difference between a tax deduction and a tax credit?

A deduction reduces taxable income, while a credit directly reduces the amount of tax owed dollar-for-dollar.

What is a T4 slip?

A statement of remuneration paid used in Canada to report an employee's employment income and deductions for the year.

What is a T5 slip?

A statement of investment income used in Canada to report interest, dividends, and other investment earnings.

What is net income vs. taxable income?

Net income is calculated under accounting principles (ASPE/IFRS), whereas taxable income is adjusted under the Income Tax Act for tax liability.

What is the purpose of Taxprep software?

Industry-standard tax software used to prepare personal and corporate tax returns efficiently.

What is corporate taxable income?

Net income for tax purposes after applying capital cost allowance (CCA) and removing non-deductible expenses.

What is an HST return?

A periodic filing required by businesses to report Harmonized Sales Tax collected on sales and claim Input Tax Credits (ITCs) on business purchase