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 ...
Take advantage of charitable donation tax claims for 2021 but be aware who you're donating to! There is an increase in the social media services pushing for people to do things to collect donations on behalf of charities. For example, Facebook nudges ...
Are you curious what the Federal Budget looks like? Download this informative pdf to learn what benefits or claims will affect you. It outlines how to handle COVID-19 benefits and deductions, as well as changes to the tax claims for 2021. Some of ...
Some benefits individuals and businesses may qualify for, to help get through the Covid-19 pandemic. CANADA EMERGENCY BUSINESS ACCOUNT (CEBA) If you own a business, look into whether you can apply for CEBA. It is an interest-free loan available to ...
When preparing your taxes for next year, give this some thought. Every year, the amount of tax owed is calculated in the normal way. However, there is an Alternative Minimum Tax (or AMT) designed to make sure that high income earners do not pay little-to-no ...
The CRA is cracking down on real estate tax compliance.
Wednesday, July 10, 2019
So you're selling your property - the CRA is watching When selling your home or any other real estate you must correctly report the transaction. If you go without doing so it could lead to audits, back taxes, high interest, and let's face it a ...
