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Filing Taxes Insights

October 23, 2021
Image about T2 Tax

T2 Tax Return – Things You Need to Know About Your T2

Preparing a T2 corporate tax return can be intimidating. Whether you are a start-up or expanding your existing business operations, it can be daunting to tackle the T2 declaration requirements and tax forms. If your company does not have an internal accountant or accounting team, it is always recommended to hire a professional accountant (CPA) with experience with T2 tax returns. As your company’s tax obligations grow, it’s important that you keep up with the requirements to meet those obligations. What is a T2 tax return? Companies operating in Canada must pay income taxes, as do individuals. The T2 Corporate […]
October 23, 2021

Canada RIT: Things You Need to Know About the CRA Deposit

Canada RIT is a Canadian income tax refund and is a Canadian Revenue Authority (CRA) filing. There are few things more exciting than receiving unexpected credit from the Canadian government. But before you start spending money, you should understand what an RIT Canada deposit means. What is a Canadian RIT filing? Canadian RIT applies to income tax refunded by Canada and is a direct deposit of the Canada Revenue Authority (CRA). As the name suggests, if you have received a deposit with a caption, this is a tax refund from the CRA. The deposit usually arrives in your account shortly […]
October 19, 2021

Minimum Age to File Tax Return in Canada

The Canada Revenue Agency (CRA) requires all individuals earning income in Canada to file a tax return and pay the appropriate income tax in any year their gross income exceeds certain levels, regardless of age. to file a tax return and pay the appropriate income tax in any year their gross income exceeds certain levels. There is no specific age. It depends on whether you have earned enough income to do so. If you earn more than the amount of the personal exemption allowed by the Canada Revenue Agency within one tax year, you will need to report that income […]
October 19, 2021
GST Payment Dates 2022

GST Payment Dates 2022: GST/HST Credit Guide

If you are looking to understand the basics of GST, then you have come to the right place. This post entails a complete guide regarding the GST/HST credit program in Canada. The GST/HST credit serves as a core advantage for low-to-moderate-income families in Canada. Under this, a base benefit is paid to the eligible individuals and families. The base payment is decreased in proportion to the increase in income level. This article outlines the criteria of eligibility for the GST/HST credit payment, its application procedure, and other related information. GST/HST Payment Dates 2022 Benefit Quarter GST/HST Payment Dates Quarter 1 […]
September 28, 2021

How to Become a Nurse Entrepreneur –Incorporation, Accounting, and Tax

As long as we earn, there will always be an obligation to pay taxes, regardless of profession. As a medical professional, medical doctor, physician assistant, or nurse either working on a part-time or full-time basis, you will also have to file for an annual tax return on your earnings.  While you look after your patients, we’ve got our eye on all the top tax deductions for nurses and healthcare professionals.  Can you have your own business as a nurse? In Canada, nurses can carry on the practice of their profession under a corporation’s name. Nurses who operate as a professional […]
September 22, 2021

Crypto Tax Accountant Canada

This is a guide presented by the Canada Revenue Agency (CRA) that covers the Taxation issue on Cryptocurrency. This way, you can comprehend the tax obligations and implement the recommendations mentioned ahead wherever necessary. Tax treatment Even though cryptocurrency is not a legal tender, it is a digital asset that can be used as a medium of exchange for goods and services. This operates through strong encryption and without any regulation from a central bank or authority. Cryptocurrency is mostly unclear to everyone so in this you should contact an accountant to tell you about the tax stuff. The word […]
September 22, 2021

What is a holding company, and when should I set up one?

Worrying about excess cash sitting idle? Well, worry not! You can always invest it by incorporating a holding company. A holding company is an ideal way for holding different assets, including stock shares, real estate, cryptocurrency, etc., without the requirement of an active business income. It is mostly used to hold assets that generate passive income. Moreover, the registration for a holding company is like any other company. Although, you will have to register it either at a regional or federal level. For an official name, you will have to order a NUANS report to ascertain the availability of your […]
September 18, 2021

Tax Benefits of Shareholder Loans

Inclusion isn’t all upside down when it comes to taxes. As in most areas of Canadian law, corporations and their shareholders operate as separate individuals for tax purposes. The Canadian Tax Code devotes a lot of space to try to achieve “integration,” a principle that the same activities should be taxed equally regardless of whether or not they are conducted through a company. For example, company directors, who pay all business profits as salaries or dividends, end up in tax accounts very similar to what they would have if they ran the business in person. While the integration can provide […]
August 27, 2021

Should I Pay Myself Salary or Dividends from My Corporation?

Should I pay myself a salary or dividends from my corporation? A very recurring question that is encountered by accountants in Toronto and all over Canada. The method you choose to pay yourself from a corporation has an impact on many different things – and not just your personal income tax.  Is it better to pay yourself a salary or dividends? Being an owner of a Canadian small business corporation, one of your first actions is to determine whether you should pay yourself a salary income or dividends – or both. However, this choice will vary depending on how your […]