Are you getting the most out of your Canada Pension Plan (CPP)? Make sure your grants and/or fellowships are reported properly to ensure that you get what you’re entitled to. Grants and fellowships need to be reported the right way on your tax return in order to be eligible for Canada Pension Plan (CPP) premiums [...]
©iStock/ohmstock For creatives in Canada, grants can be a key part of continuing to produce your art and jumpstart or maintain your career. Here’s how to declare the income from artist project grants on your income taxes, and how they are treated when it comes to GST/HST. An artists’ project grant one that [...]
The first thing you have to remember is that income tax and HST are two separate things. A grant is subject to income tax, but not to HST. So when calculating your income for the $30,000 HST threshold, or when completing an HST return, you don’t count grants as part of the relevant income. But [...]
