Meals and Entertainment Expense

If you received reimbursement for the meals expense that you incurred, the meals expense will be fully deductible to you. However, you will also have to report the reimbursement that you received as income. In effective, the income will cancel out the expense.

If you received the Canada Emergency Response Benefit (CERB), Canada Emergency Student Benefit (CESB), Canada Recovery Benefit (CRB), Canada Recovery Sickness Benefit (CRSB), or Canada Recovery Caregiving Benefit (CRCB) payments, these are considered taxable income, and you will have to enter on your return the total of the amounts you received. You will receive a T4A (for benefits issued by the CRA) and/or a T4E (for benefits issued by Service Canada) tax slip in the mail with the information you need for your return. You can view tax slips online as of February in My Account. Residents of Quebec will receive both a T4A and RL-1 slip. In addition, […]

You can be both a corp shareholder and self-employed if the businesses are different and separate. You cannot be self-employed and claim income from the Corporation as self-employment.

You will need all your T slips. For example, you will need your T4, T3, T5, T5008, and RSP deduction slips etc. Additional slips that you should have ready are: tuition slips, child care receipts, receipts for your childrens’ fitness, charitable donation, monthly GO passes, etc. If you use your vehicle for work and have a T2200 you compile your fuel recipts, insurance costs, maintenance costs, monthly lease costs, purchase invoice if you purchased a new vehicle in the year. Remember to bring the last tax return that you have completed and your notice of assessment, if you can find […]

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.

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 […]