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Filing Taxes Insights

October 5, 2022

What Qualifies as a Capital Lease?

What is a Capital lease?  In accounting terms, a capital lease is a contract that grants a renter access to an asset for a limited time and has the same economic features as asset ownership. To understand the capital lease in more depth than you need to understand it from two main perspectives:   Transfer of lease ownership. Minimum lease payment  In the lease period under a capital lease, the lessor gives the lessee ownership of the asset. By virtue of the bargain option provided by the lease agreement, the lessee will be able to purchase the asset at a lower […]
October 5, 2022

What is the Interest Rate on the Equipment Lease?

How to know what is the best interest rate on equipment lease  The interest rate is described in a way that you will be charged for using your lender’s cash each time you require funding. Your lease rate or interest rate is the sum you pay. So when you wanna know the best interest rate on equipment lease it depends on your credit rating, the amount you are borrowing, and whether you are leasing new or used equipment will all affect the rate you receive. Furthermore, for leases under $100,000, standard rates for acceptable credit range from 7% to 9%. […]
October 5, 2022

SR & ED Tax Credit Calculation

The history of the program, who is qualified to use it, and how to take advantage of it to help your R&D operations are all covered in this article. What is SR&ED?  A federal tax incentive program in Canada called Scientific Research and Experimental Development (SR & ED) is intended to encourage companies of all sizes to engage in scientific research and development in order to develop new or improved products, procedures, fundamentals, methodologies, or materials in Canada. Moreover, the primary financial aid program provided by the Canadian federal government to promote scientific research and experimental development (SR & ED) […]
September 24, 2022
(OREO) Lease Agreement

(OREO) Lease Agreement

What is the Ontario Real Estate Association (OREO)? One of the biggest business organizations in Canada is the Ontario Real Estate Association. With 79,000 realtor members as of August 2020, this association serves its clients. OREA is working to fulfill one of the largest Canadian aspirations, owning a home.  The Guidelines for Residential and Commercial Clauses and other standard clauses, as well as a collection of Forms Explained Form files, are produced and owned by the Ontario Real Estate Association (“OREA”) for use in Ontario real estate transactions. Through specialized services, ongoing education, and cooperation with the government, OREA supports […]
September 24, 2022
Holding Company

Setting up a Holding Company for Real Estate

Introduction  Canada is a popular location for international businessmen, who may establish a variety of firms there. However, if you want to start your own business, you may already be aware of the many business structures you may set up if you’ve pondered starting your small setup in Canada and have done some research. Depending on your position and the goal of your company, you may make a different decision. For instance, as a sole proprietor, you might not have the financial means to shoulder all of the company’s debts. Therefore, if you cannot afford to be held accountable for […]
September 24, 2022

Personal Emergency Leave (PEL) Days in Ontario

Introduction  When you have a genuine emergency at home but you still need to get to work or your job, do you ever feel confused and frustrated? If so, you are unaware of your legal entitlement to personal emergency leave. In Ontario, amendments to personal leave were made by Bill 148. There were two days of paid personal emergency leave included in this, and a total of 10 days were offered. Later that year, the laws were modified once more by a new provincial administration. Each employee was allowed a total of 10 unpaid days. Only essential absences from work […]
September 24, 2022
Marginal Tax Rate

Marginal tax rate Canada

When it comes to financial planning, knowing your financial needs and sufficiency is very crucial. Get an accurate estimate of how much income tax you could owe each year in order to better understand how much of your money is yours to save, spend, and invest. Every year, you must submit a personal income tax return if you reside and earn your living in Canada. Financial planning involves understanding how your money is taxed. Based on your income, the federal government of Canada determines how much tax you should be paying. In Canada, there is a system of marginal tax […]
September 24, 2022
Mileage Log Book

Mileage Log Book ~ Canada Revenue Tax (CRA)

Many self-employed persons and regular workers utilize a corporate automobile for these purposes, whether it be a client appointment in another city, a financial conversation at the bank, or a journey to the airport before a business trip.  You might be able to claim a car expenditure deduction on your subsequent Canada Revenue Agency (CRA) tax return if you travel for work. However, it is typically utilized for both personal and professional travel.  According to the law, taxes must be paid on this benefit just like they would on a monetary income. The self-employed, business owners, and workers who have […]
September 21, 2022
Incorporation in Canada

What’s Next After Incorporating a Company in Canada?

Congratulations—you’ve incorporated your business! Now, certain things must be done to keep your company up-to-date and CRA compliant. Remember, you’re no longer your company You’ve heard it before… a corporation is a “separate entity”.   But what does this mean?   It’s like another person. It has the power to enter into contracts, pay and receive money, sue, and be sued. Once you have a corporation, you should not be doing business in your personal name anymore. Any contracts, agreements, or other documents you draft should be in the company name. This way, should things go wrong, you’ll not be […]