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Filing Taxes Insights

July 23, 2021

Are conference expenses tax-deductible?

Conferences can be great places to generate ideas, learn about trends, network with other professionals, and promote your business. The Canada Revenue Agency (CRA) allows you to claim travel expenses as corporate deductions, but the agency has special rules for Conferences. If you want to take advantage of the Conferences and maximize the payback potential, it’s important to understand the rules. What is the cost of the agreement? If you are an entrepreneur or self-employed, the CRA will allow you to amortize the cost of attending two conferences a year. The conference must apply to your business, and in most […]
July 11, 2021

Is The Occupancy Fee Tax-Deductible in Canada?

In Ontario, new condominiums go through a so-called period of temporary employment (or simply “occupation”) before final closure. This is the time period when you have the right to occupy the unit, but technically you do not yet own it. This is unique to apartments and does not happen in owned properties that go until the final closure. You will have a job on the closing day, where you will receive the keys to the unit. Then, sometime later, you will have your last closing day when the title will actually be transferred to you. What is the occupancy fee, […]
July 5, 2021

How to Manage Cash Flow in a Crisis– Covid-19 & Beyond

Several classes of business are particularly vulnerable to cash-flow issues stemming from the outbreak of Covid-19. Following this outbreak in early 2020, Canada’s businesses have suffered their greatest economic turbulence in living memory. The global pandemic has capsized revenue forecasts, toppled growth projections, and slackened cash flows to trickle. How we respond to this extraordinary and evolving situation will affect Canada and Canadian businesses for years to come. The Covid-19 pandemic hit suddenly, causing upheaval to all parts of the economy– leaving business owners dealing with a lot of uncertainty. Crucial Cash Flow Challenges Cordoned off borders, government lockdowns, and […]
July 2, 2021

Why Do You need an Accountant to Incorporate Your Business?

If you are planning on incorporating your business in Mississauga or anywhere in Canada, one of the most important decisions that will take you in the right direction is to find the right professional accountant. An accountant is well equipped with all the latest rules and regulations. Hence, he is in a better position to assess your individual and family tax situation and give you personalized tax advice and appropriate corporate structure. Once your accountant is aware of your tax situation, he or she can work out the exemplary business structure ultimately mitigating your tax burden. He will consider various […]
June 30, 2021
Transfer a Pre-Existing Business to a New Holding Company

Can I Transfer a Pre-Existing Business to a New Holding Company?

This is actually a common question, and it’s really important that you do it right. How do you do this, depends on various factors with your pre-existing business, as well as your new holding company. You can surely transfer an existing business to a newly incorporated holding company on a tax-free basis by implementing a Section 85 Rollover. There are few reasons that compel people to convert their pre-existing business to a new holding company. One of the primary reasons is that the business has grown. This alone can be a significant reason to switch the business to a new […]
June 28, 2021
better to use – An Accountant or Tax Software

What is better to use – an accountant or tax software

In this phase of transition both the options of using either tax software or the traditional way of in-person interaction are working parallel. Considering your personal preference and situation, you can determine whether to move on traditionally or adapt to the new wave of software application. Read on to look for the pros and cons for both options and compare both sides of the spectrum. Every turn of the century is opening doors for rapid technological advancement, increasing dependency on technology to accomplish targets of our life. This drastic technological development is compelling everyone, from individuals to large entities, to […]
June 28, 2021
Effective Tips to Cut Your Tax Bills This Year

Effective Tips to cut your tax bills this year

No one is immune from the desire of paying less taxes. As tax experts and tax accountants in Oakville and Toronto, we can help you keep more of your hard-earned money. We strategize to minimize your tax exposure. Here are some smart strategies to pay less tax without raising the ire of the Canada Revenue Agency. Hoping for a pay raise? How about a Non-Cash Gift, Instead? A pay raise or cash incentive – cash is always better right? However, I would rethink this when a non-cash gift is saving me tax! The Canada Revenue Agency has an administrative policy […]
June 28, 2021
Incorporating Services in Mississauga

Incorporating services in Mississauga

Giving thought to incorporate business but don’t know how to take the first step? Where to start from? At Filing Taxes, we create a seamless transition for those who desire to take the next step towards growing their business. As the business grows, so do its needs. At any stage of your business growth, the decision to incorporate is a particularly important decision and something that will dictate what you can do in the future. Our services – fast, reliable, diligent Incorporation provides a solid legal foundation for the operation and growth of your business. There are many benefits to […]
June 28, 2021
Good Bookkeeping Practices

Good Bookkeeping Practices

Do you know what will help your business to run like a smooth working machine? Good bookkeeping practices. Good bookkeeping can help you avoid several payment issues and use your financial reserves efficiently to grow your business. Abandon these practices – and mistakes will fester, leaving you up the proverbial creek with lots of backlogs to clear. The best approach to understand good bookkeeping practices is to categorize them into daily, weekly, monthly, and quarterly tasks. Daily tasks become habits as you repeat them often. They make up the basic chore of your daily workflow. But do not let yourself […]