Filing taxes can be a daunting task, especially for those without a background in accounting or finance. However, there’s good news: free tax software can simplify the process of filing taxes online. By utilizing such software, you can save money that would have been spent on hiring a tax expert. Filing your own taxes not […]
Making Installment Payments for GST/HST
Annual GST filers are required to make four installment payments at regular intervals throughout the year, similar to income tax payments. The Canada Revenue Agency (CRA) does not wait a year or more for the tax from installment payments for GST/HST registrants who file and remit on an annual basis. Instalment Payments for GST […]
Tax Tips for Newcomers in Canada
Are you a newcomer or do you know some other newcomers? The first year of being a new immigrant is undoubtedly the hardest as you adapt to a new environment and learn various aspects of life. This blog can be a strange concept for many, but don’t worry – we’re here to help. Newcomers are […]
Canada Emergency Business Account (CEBA) Program
The Government Expands CEBA Loan Facility with Increased Forgivable Amounts For those who may need a refresher, CEBA (Canada Emergency Business Account) is an interest-free loan program that offers up to $40k, with $10k potentially forgivable if $30k is repaid by December 31, 2022. This program is accessible through regular banks or credit unions, with […]
Tax Deductions for Work-from-Home in Canada
Navigating Tax Write-Offs for Work-from-Home in Canada: A Guide for Employees and Employers The COVID-19 pandemic drastically altered work-life dynamics in 2020, with laptops and files taking up permanent residence on dining tables and Zoom replacing in-person meetings. Dress codes became more relaxed, with sweatpants and pajama pants becoming acceptable attire. However, this new way […]
Strategic Planning for Corporate Taxes in Canada
Are you a small business owner or an aspiring entrepreneur in Canada with innovative ideas for your venture? Before launching your breakthrough product or service, it’s crucial to consider tax planning. By drafting a tax planning strategy, you can benefit from tax exemptions, reduce your liability, and pay fewer taxes. Many small businesses hire tax […]
How Virtual Accounting Services Can Benefit You
As technology continues to pervade every aspect of our lives, it has brought about positive changes in the business world. Previously, tasks such as maintaining an up-to-date accounting journal could be time-consuming. However, traditional accounting practices are no longer a necessary part of every small or large organization. Given that accounting is the backbone of […]
Tips for Self-Employed Individuals in Canada to Navigate Audits
To promote adherence to Canadian tax laws and prevent tax evasion, the Canada Revenue Agency (CRA) conducts annual risk assessments on businesses and individuals after the tax season. For most business owners, this involves an informal review of specific aspects of their business, such as HST, and requests for certain online document submissions through CRA’s […]
Which is Better: Hiring an Independent Contractor or an Employee?
Incorporating Independent Contractors in a Company: A Cautionary Tale As businesses turn to outsourcing, downsizing, and economic cutbacks, they may find it advantageous to hire independent contractors to perform certain functions previously carried out by employees. However, merely labeling someone as an independent contractor is insufficient. The Canada Revenue Agency (CRA) scrutinizes the nature of […]
Ontario Business Registration: Corporation & Sole Proprietorship Guidelines
If you’ve ever thought about starting a business, whether alone or with some friends, you’ve probably heard how long and arduous the process can be. It’s normal to feel overwhelmed and unsure of what steps to take next. But don’t worry! This blog will guide you through the process, step-by-step, of how to start your […]