Income tax is a tax levied on an individual’s income by the government. It is a primary source of revenue for the government and is used to fund various public services such as healthcare, education, and infrastructure. In this article, we will discuss income tax in detail, including how it works, how to calculate it, […]
“Streamline Your Business with Payroll Services: Everything You Need to Know”
Managing payroll is a critical task for any business, but it can also be time-consuming and complex. That’s where payroll services come in. In this article, we’ll explore what payroll services are, the benefits they offer, and how to choose the right provider for your business. What Are Payroll Services? Payroll services are third-party providers […]
“The Ultimate Guide to Business Plan Development: Steps to Create a Successful Plan”
Starting a business is an exciting endeavor, but it’s important to have a solid plan in place before you dive in. A business plan is a document that outlines the objectives, strategies, and tactics for achieving success in a new venture. In this article, we’ll explore the key steps involved in developing a business plan. […]
Managing your taxes with the CRA
Managing your taxes and benefits with the CRA is an important part of life in Canada. To help you keep track of your financial situation with the CRA, they offer a secure online portal called “My Account.” In this portal, you can access important tax documents, update your personal information, and manage your direct deposit […]
What is QBO and How Can it Help Your Business?
As a small business owner, you have a lot on your plate. You need to manage your finances, keep track of your expenses, and make sure your books are in order. This can be overwhelming, especially if you don’t have a lot of experience with accounting. That’s where QuickBooks Online (QBO) comes in. QBO is […]
What Unincorporated Small Business Owners Need To Know About Filing Their Taxes
Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses. This can seem onerous, but understanding what needs […]
Information On Filing T4s/RL-1s For Small Business Owners
When I was employee, I never really gave much thought to the T4 (and the Quebec equivalent RL-1) process. I knew that sometime around February an envelope would appear on my desk with a tax document that I would need to reflect on my tax return. I suppose I thought that someone, somewhere pressed a […]
Why Every Canadian Should File A Personal Tax Return
A friend of mine has been in a nightmare scenario with CRA. She hadn’t filed her tax return in a few years mostly because she had one T4, figured that she didn’t owe any tax and was simply procrastinating on an unenjoyable task. In 2020 she receive a notice of assessment from CRA indicating that […]
5 Reasons Why You Should Upskill Your Tax Team
Tax duties are unique and essential for businesses to carry out to ensure they are legally compliant. Accounting and bookkeeping must always be performed properly and reliably to ensure accuracy during tax time. Professional accounting and tax services can help businesses ensure they remain compliant while helping them optimize their payment obligations, but do all […]
The Significance of Correcting Errors in Business Accounting
Business bookkeeping and accounting are key components of business sustainability and success in virtually any industry. Therefore, ensuring reliable accounting is key to sound financial health for any business. This is also why correcting errors in business accounting (also known as catch-up) is so important. Here are some of the reasons why it’s critical for […]