Insights

The Income Tax Act provides for many credits and deductions to help reduce your tax payable. There is one tool in particular that is very powerful in doing that, but often forgotten: the carry forward. What is it, and how is it used? Let’s find out. What are carry-forwards? Carry-forwards are deductions and credits that […]

When starting your own new business, it often makes sense to choose a simpler structure, which is a sole proprietorship. This allows you to test the viability of your business idea and see if the lifestyle and associated stress that comes with running a business match your personality and align with your long-term goals. Alternatively, […]

Selling real estate in Canada is not only about finding a buyer and getting the transaction done rather it is a more complex process. To avoid potential traps and enhance financial gains it is utmost important that tricky tax effects are clearly understood.  It is essential that the tax landscape and its intricacies are well […]

Canadian citizens and residents who own residential properties should familiarize themselves with the Underused Housing Tax’s (UHT) various provisions to understand how they may be impacted. What Is the Underused Housing Tax (UHT)? The UHT is described as a one-percent tax on the value of non-resident, non-Canadian-owned residential real estate that is considered to be […]

Franchising provides a unique opportunity to successful business owners and burgeoning entrepreneurs alike. Franchise businesses in Canada, like in any other country, require specialized accounting services due to the unique nature of their operations. Accounting is a crucial part of any business, but accounting for franchise businesses is a different endeavor. Keeping good records and meeting franchise standards […]

Divorce and separation is a very difficult and crucial time in one’s life. Significant life changes, tough decisions and a mix of emotions is experienced during this time. Dealing with taxes could be added stress during such hard times. To ensure financial stability and to make informed wise decisions, it is essential to understand how […]

Are you a student attending college in Canada and in need of financial assistance? Look no further than a student loan program! But before you dive in, it’s crucial to understand student loan interest rates, repayment schedules, and exit fees. We’re here to guide you through the process and ensure that you’re fully prepared for […]

Small Business Owners and Self-employed entrepreneurs who have not incorporated their businesses, pay Canada Pension Plan (CPP) as a part of the calculations on their personal tax returns. So whether or not your business is incorporated is not a factor. Nor is it whether or not you pay yourself a “salary.” For tax purposes, the Canada Revenue […]

What is CRA Voluntary Disclosure? The Canada Revenue Agency (CRA) Voluntary Disclosures Program (VDP) is a legal avenue that allows Canadian taxpayers to rectify previous errors or omissions in their tax filings. It presents an opportunity for individuals and businesses to come forward and voluntarily correct their tax affairs before the CRA initiates any action […]

Did you get a deposit from “Canada FPT” and you’re unsure what it’s all about? Not to worry – Canada FPT is short for the Federal, Provincial, and Territorial tax credit. What is Canada FPT Tax Credit 2024? The Federal-Provincial-Territorial (FPT) tax credit is a system of tax incentives and relief measures designed to promote economic […]

Embarking on the journey of starting a business in Canada is a thrilling endeavor, but it requires careful planning, strategic guidance, and piloting through legal requirements. In this extensive guide, we will walk you through each step of the process, breaking down the intricacies into manageable jobs. Let's explore deeper into each aspect to ensure […]

Introduction: In the dynamic landscape of Mississauga's business scene, where entrepreneurship flourishes and companies strive for success, the management of accounting tasks holds undeniable importance. While it may seem economical for businesses, particularly those in their early stages, to handle accounting internally, the allure of cost-saving through DIY approaches often leads to unforeseen challenges and […]

The Canada Revenue Agency (“CRA”) conducts a broad range of activities to ensure taxpayers are compliant with tax laws and to maintain the integrity of Canada’s self-assessment system. The idea of getting audited by the Canada Revenue Agency is risky, stressful, time-consuming, and can create unnecessary hardships. CRA pursues the categories of taxpayers it finds […]

Tax season can be a stressful time for many Canadians. With so many rules and regulations to follow, it’s easy to make mistakes when filing your taxes. However, making mistakes on your tax return can lead to penalties and interest charges from the Canada Revenue Agency (CRA). To help you avoid these costly errors, we’ve […]

In Canada, people often have various questions related to personal taxes, especially during tax-filing season or when planning their finances. Here are some common tax-related questions that people may ask in Canada: Income Tax Filing 1. How is personal income taxed in Canada? Canada uses a progressive (graduated) income tax system where your earnings are […]

Filling out tax forms to file a tax return is fatiguing – So why on earth would anyone file a tax return if they don't have to? Well, there's one particularly important reason why – you might get a hefty tax refund check in the mail. Although you might not be required to file a tax […]

Revealing Financial Mastery: A Roadmap for Toronto Entrepreneurs In the bustling heart of Canada, Toronto stands as a beacon of opportunity for businesses. Here, new companies and small ventures dot the landscape, each striving for success in its own way. But navigating the financial terrain isn't a walk in the park. It takes more than […]

Every year in Canada, millions of dollars in tax deductions and credits go unclaimed. With literally hundreds of tax credits and tax deductions available to eligible Canadian taxpayers, it can be easy to overlook some. In this article, we will discuss some overlooked tax deductions and credits that can save you quite a bit on […]

If you’re self-employed in Canada, you know that the many perks of entrepreneurship come with some challenges unique to being your own boss, including funding your own retirement. With an unpredictable income stream or a lack of clear direction on navigating saving for your future, it can be daunting to ensure all your bases are covered. […]

Have you ever wondered how businesses achieve peak financial performance while maintaining their focus on growth? The answer might lie in the strategic power of outsourced accounting. In this blog, we will delve into the importance of outsourced accounting for businesses of all sizes in Canada, shedding light on its advantages and impact. What Does Outsourced Accounting […]

In the ever-evolving world of social media, individuals have found new avenues to express their creativity, share their passions, and build thriving businesses. This paradigm shift has introduced new lucrative income streams available to a breed of professionals known as “influencers”. These may include Twitch or YouTube streamers earning advertisement revenue, performers receiving subscriptions, gifts, and […]

Tax is one of those things that can keep you up at night. This difficulty could stem from a variety of different reasons – perhaps the business wasn’t profitable enough the year before, or maybe your business is still feeling the effects of the COVID-19 pandemic. In most cases, you already know when you file […]

Navigating the complex world of taxation in Canada can be challenging, especially when dealing with residency status and its implications on your tax obligations. If you’re a resident, you have to declare your worldwide income and pay taxes on it. If you’re a non-resident, you’re taxed only on your Canadian-sourced income. Therefore, it is essential […]

If you own a company in Canada, you are required to file a T2 corporate income tax return each year. Depending on your industry, structure, and income, your corporate income tax return T2 will vary from any other company. Some companies, such as startups and new SMEs, may operate for years before reaching a profitable threshold. Other enterprises […]

The rapidly expanding gig economy in Canada provides countless opportunities to work from the comfort of your home and perform other “gig jobs.” Independent contractors, freelancers, and gig workers are reshaping the traditional employment landscape, offering their skills and services on a project basis. Many Canadians are capitalizing on a boom in freelance positions and side […]

Cross-border tax refers to the taxation considerations and implications that arise when individuals, businesses, or investments operate across national borders. Cross-border tax planning is a specialized form of tax mitigation that helps individuals and businesses to minimize their exposure to double taxation. It involves navigating the complex web of tax laws and regulations across borders […]

In the latest budget, the federal government introduced a new savings vehicle for the purchase of a first home. Let’s find out the details of this new program. What is it? The Tax-Free First Home Savings Account (FHSA) is a new tax-sheltered account, similar to an RRSP and TFSA, that you can use to save […]

Is There a Mistake in Your Taxes? Maybe you missed a tax slip or a receipt when you filed your return. Or maybe CRA made a change to your return based on a misunderstanding. However it happens, you can discover that there’s a mistake on your taxes – an error in an income tax return […]

Do you drive your personal vehicle for business purposes? You may be eligible for special allowances in your tax return! Automobile expenses continue to be an area of scrutiny for the taxman, so you shouldn’t be surprised if the Canada Revenue Agency inquires about how you may have claimed any vehicle expenses or employer’s travel allowances […]

As a small business owner in Canada, it’s not uncommon for your day to go in various directions.  Once your business starts to gain momentum your company must find an effective way to manage its books. From small startups to large corporations, businesses of all sizes are increasingly turning to outsourcing their bookkeeping functions. The […]