Filing Taxes Insights
July 12, 2022
You have worked hard to build your business and create a profitable business. During the first few years, you may have stopped paying to reinvest in your business and grow your business. Now you may be at a point where your business has consolidated, and you are ready to start reaping some of the profits from your business. These ways are essential to understand when employing services like small business accounting. This article discusses some of the more general approaches that business owners can use to withdraw money from a business tax-efficient way. Reward yourself and your family Business owners will […]
June 29, 2022
Since technology took over every aspect of life, it has also affected businesses positively. When performing a simple task requires a lot of time, such as keeping an updated accounting journal. But gone are the days when traditional accounting was a significant part of every big and small organization. Now keeping in mind that accounting is the backbone of every business entity, you must ensure that your firm must adopt the new ways of accounting. Despite nature or size, most businesses are shifting towards virtual accounting systems, as they have become more convenient, fast, and reliable. So even if you own a […]
June 29, 2022
While one is undertaking corporate tax planning, it is advised to take the help of a small business tax accountant so you may not overlook the options of probable tax cuts that only your accountant might be able to pinpoint. However, there are other easily understandable tax loopholes to look into when filing small business taxes in Canada. 1. Maximize your non-capital losses Likewise, if your business has a non-capital loss (defined as when your expenses exceed your business income) in any year, consider when you can best use that loss to reduce your tax liability. Non-capital losses incurred after 2005 can be used to […]
June 23, 2022
Saving rental taxes have become an important concern as people find a lot of their income eroded while paying taxes in Canada. If you are unsure of how this can be done, search tax accountant near me to get in touch with a tax accountant who might be able to help. Before you do that, read the following tax-saving tips from a tax accountant. Advertising If you advertise your rental property in magazines, newspapers, websites, and other similar places, go ahead and claim a tax deduction on all payments you have made for it. You spend all advertising expenses because they are all directly related […]
June 18, 2022
Real estate taxes are pretty much the same as property taxes – one can be treated as the sub-head of the other for the sake of understanding. The key difference between real estate taxes and property taxes is that real estate taxes only apply to the land of houses; however, property taxes are much more expansive, covering all sorts of properties, for example, vehicles, livestock, or even farmlands. “Property” is defined in subsection 248 (1) as property of any kind, real or personal, immovable or movable, tangible or intangible, tangible or intangible. For added security, “ownership” includes, but is not limited to, laws […]
June 14, 2022
In Canada, we are fortunate to have access to the various benefit, credit, and incentives programs delivered to Canadians through the tax system. Dependant and Care Giver benefits What is the Canada caregiver credit? Do you support a spouse, common-law partner, or dependant with a physical or mental impairment? The Canada caregiver credit (CCC) is a non-refundable tax credit that may be available to you. Who can you claim this credit for? You may be able to claim the CCC if you support your spouse or common-law partner with a physical or mental impairment. You may also be able to claim […]
June 9, 2022
Are you a small business in Canada? Or are you passionate about some ideas that you want to implement into your small business, but before you launch your breakthrough product or service, you might want to undertake some tax planning? If you are a Canadian entrepreneur, it is wise to draft a tax planning strategy before starting your business. The benefits of tax planning are that the taxpayer can use these strategies to avail tax exemptions and benefits, reduce their liability, and pay deducted taxes. Often small businesses hire a tax accountant business accountant to draft the tax plan. Many techniques are commonly […]
June 8, 2022
Employees of a small business organization are always active in the company’s fundamental activities, such as production, marketing, customer services, and sales. This is why bookkeeping operations are typically overlooked in such businesses. Hiring an accountant is a viable option, but that in itself comes with a lot of responsibilities, such as organizing interviews, training new staff, paying their salary, and so on.This is why, for small firms, outsourcing bookkeeping services is a considerably better alternative than forming an in-house bookkeeping staff. Here are some major advantages of using bookkeeping services for your small business: Increased Efficiency When you use […]
June 8, 2022
For people currently renting or considering renting a portion of the home they own, the tax considerations can be complex and the fallout costly if you don’t do it right. In fact, earning income from renting a portion of your home can be subject to different rules and reporting requirements to the Canada Revenue Agency. Once you start to go through all the considerations, small rentals can get quite complicated. The following are some basic guidelines for renting out a unit in your home. Step 1: Set up a legal rental While it might seem simple to just rent out […]
