Did you get your 2022 tax assessment?When you file your taxes with the Canada Revenue Agency (CRA), the agency will review your tax return and issue an assessment, which indicates whether you have overpaid or underpaid your taxes. Your notice of assessment ...
There is much confusion around which motor vehicle expenses can be claimed on your taxes. Whether you run your own business or are an employee, if you use your vehicle for business, you may be able to claim your vehicle expenses. The CRA does have some ...
Earning money from being a social media influencer? If you're using YouTube, TikTok, Instagram, Twitch or other platforms to make a living, that means the government wants you to report your monetary and non-monetary earnings. What you need to claim:Social ...
CRA My Business Account - are you registered?A while back, I did a blog about signing up for 'My CRA account'. It is important that all individuals and businesses do this to make it easier for accountants to be authorized on their accounts. The rules ...
It doesn't matter what size business you have, there'll be books to keep. Do you know if you need a bookkeeper or an accountant? Many people don't know the difference. Because the terms have no legislative meaning in Canada, anyone can call themselves ...
Your small business has been growing (or you are just starting) and you could be wondering when you should make the leap... and incorporate it.There are pros and cons to doing this and if you do it too early, it may not be worth it. Now, if your business ...
Do you avoid sending in your taxes? Or, did you somehow, just forget? Here are some good reasons to submit them, even if you're a bit behind.It's not the end of the world that you missed a deadline (or a few!) The Canada Revenue Agency (CRA) is really ...
The pandemic has many people working away from their normal place of business. If you are using your home as a temporary work space, you may qualify for a flat rate $500 tax deduction on your 2021 return. You will have to meet certain criteria in order ...
Are you registered for the CRA's MyAccount?The Canada Revenue Agency's My Account is a secure portal that lets you view your personal income tax and benefit information, as well as manage your tax affairs online.It's available 21 hours a day, 7 days a ...
