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Filing Taxes Insights

December 6, 2021
Tax deduction on lease

Financing Equipment – Lease Tax Benefits in Canada

A question all businesses face when they are looking to purchase new business equipment – should we lease or buy in terms of taxation? What’s the best plan of action, when it’s time to upgrade equipment? Leasing your business equipment in Canada safeguards your capital, cuts red tape, allows for quick and easy upgrades — and offers significant savings at tax time. Leases and loans are treated very differently by the CRA (Canada Revenue Agency). Two of the most significant differences are found in monthly payment deductions and how you claim Input Tax Credits. Some businesses will benefit from larger, […]
December 4, 2021

Tax Brackets Canada 2022

December 2, 2021
Incorporate in Canada

Company Incorporation In Canada

The competitiveness and the highly developed economy of Canada are the testimony of a friendly and open market where entrepreneurs worldwide can activate in varied areas of business, considering a multitude of advantages adapted to the market’s requirements and needs.  Investors from abroad can establish several business forms like corporations, partnerships, co-operatives, or sole proprietorships. For each kind of entity, varied conditions and requirements are imposed, in accordance with the Commercial and Civil Laws in Canada. Types of companies in Canada  The following types of entities for starting a business in Canada are: sole proprietorships – require a single member who conducts the business in his or her name; partnerships […]
November 29, 2021

Advantages of Hiring a Virtual Accountant

Virtual accounting can easily sort out the financial foundation of your business in a hassle-free manner. virtual accounting stands out as the best way to save time. Opting for virtual accounting services is an excellent way to have good control over your finances. You maintain your accounting books perfectly when you have virtual accounting beside you as you don’t have to sacrifice your resources and time. Most of the Canadian businesses that are engaged with virtual accountants are taking advantage of their efficiency, flexibility, and cost-effectiveness. If you are self-employed or run a small business in Canada and cannot manage your […]
November 26, 2021
Set Up a Holding Company

What Is A Holding Company and When Should I Create One?

When considering different structuring options for your business, you may have heard of the idea of having a holding company. However, it is important to understand what a holding company is and how it can benefit your business. They are said to be used in the corporate structure of a lot of businesses, however, you aren’t sure what a holding company is or why you should want one. Here we will be going over what a holding company is and why it may be beneficial to set one up. What is a Holding Company? For beginners, a holding company is an incorporated company […]
November 24, 2021
Guide to Hire a Professional Accountant

Guidelines To Hire Right Professional Accountant For Your Business

Picking the right accountant is a critical decision for your business’s financial future. Choosing an accountant is like choosing a new business partner. The right accountant will become a trusted colleague you can depend on, who offers advice and guidance as your business grows. For the average person, accounting and taxes often go hand-in-hand. If that sounds like you, you might be surprised to learn that tax-related matters are often just a fraction of an accountant’s responsibilities. A good accountant should possess a wealth of skills that are necessary to make money with the most complicated accounting systems. The decision about where to […]
November 20, 2021
Outsource accounting services

6 Ways Outsourced Accounting Services Can Help Your Startup Business

Did you know that 90% of startups fail? A whopping 18% of them fail because of ineffective financial and accounting management. Startups have limited financial resources, so handling their funds effectively is very important. It’s great to have a stellar business plan, but if you don’t manage your money properly, you’ll never make it in the competitive work environment. Are you a startup entrepreneur just learning which services you will need to run your business more smoothly? Nowadays, companies tend to outsource many tasks not related to their core competency – that is, the activity that will ultimately drive revenue […]
November 17, 2021

How to Claim Rent on Taxes in 2022 – 2023

Rent, a major part of people’s expenses living in Canada, has increased recently. Be it a room, an apartment, a condo, or a whole house, rent prices are very high in Canada. However, the real question is whether you can claim rent on your taxes as a deduction or credit.  The answer depends upon the tax situation and province of residence of an individual.  This article defines in detail the process in different states of Canada.  How to Claim Rent on a Tax Return There are two options to claim rent on a tax return in Canada.  The first is […]
November 17, 2021

How Much Tax Will You Pay on Used Cars in Canada?

Are you searching for ways to reduce the taxes on buying a used car? One way to save on taxes when buying a car is to buy your own used vehicle. When you change your car, the amount for the purchase of a new car will be reduced by the value of your vehicle. So, you would only need to pay taxes on this lower number of sales. Even better? If you are funding the purchase of a vehicle, it can help you reduce your payments in the long run. Let’s say you purchase a used truck for CAD 50,000 in […]