Common Payroll Taxes

The Canada Pension Plan (CPP), Employment Insurance (EI), and the Income Tax; these 03 taxes which are calculated for each employee and in each payroll run. The amount of taxes withheld by the employer in each pay-check must be remitted to the CRA by the 15th of the following month.

September 17, 2020

Common Payroll Taxes

The Canada Pension Plan (CPP), Employment Insurance (EI), and the Income Tax; these 03 taxes which are calculated for each employee and in each payroll run. The amount of taxes withheld by the employer in each pay-check must be remitted to the CRA by the 15th of the following month.
September 17, 2020

Incorporation cost

As per CRA guidelines, the incorporation costs must be amortized. You can report them on Schedule 08 under class 14.1. If you need help in filling your taxes we can certainly help. Please call us to set up an appointment.
September 17, 2020

What are the most common payroll

The Canada Pension Plan (CPP), Employment Insurance (EI), and the Income Tax; these 03 taxes which are calculated for each employee and in each payroll run. The amount of taxes withheld by the employer in each pay-check must be remitted to the CRA by the 15th of the following month.
September 17, 2020

I have investments in stocks.

The stocks value will be reported in the balance sheet either at cost or at market value. You buy and sell the stock which will trigger capital gains. For capital gains reporting you have to track the sale prices and purchase purchase price of the stocks on an excel sheet. We can certainly provide you with a template to do so. You will also receive dividends from the invested stocks. All type of income must be tracked in your books as each type of income i.e. dividends, interest and capital gains are taxed at different rates and require filling of […]
September 17, 2020

I am starting out a freelancer

It is better for you to start as a sole proprietor as it is cost effective. You do not have to deal with corporation registration and on going cost of compliance with the CRA. Once your business is successful then we can incorporate. Apart from cost, also consider liability. If you are hiring someone or your contrats with the service provider put you under liability then consider incorporation. For car, it’s better to lease it as it will make it easy for you to manage cash flow. The lease payments can be deducted as long as they are under $800 […]
September 17, 2020

Regular Method and the Quick Method?

The regular method requires you to keep the record and track for all revenue and expense transactions which involve GST/HST. At the end of the reporting period, the collected and paid amount of GST/HST must be re-verified and the difference belongs to the CRA. On the other hand, you are not required to track GST/HST and do not claim an Input Tax Credit under the quick method. You just simply apply a prescribed GST/HST rate to the revenue you earn, that becomes the GST/HST payable for the business. With the Quick Method of filing HST you keep part of the […]