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Filing Taxes Insights

June 5, 2021

Is Hypo Tax a Pre-Tax Deduction?

Hypo-tax is the amount actually deducted by the employer. Although most of the taxable benefits associated with a transfer are not included in the calculations for the initial tax settlement, hypothetical taxation often applies to the following types of payments: Basic salary Bonuses + commissions (if applicable) Housing allowance Travel allowance Stock options equity compensation Foreign taxes What Influences The Calculation of Hypo Tax? In general, the more detailed the hypothetical calculation of the tax deduction, the more likely it is to be accurate but also you need to be in contact with an accounting firm to know if the […]
May 31, 2021
How to amend a tax return

How to Amend Your Tax Return After You Have Filed?

Made a mistake on your tax return or forgot to claim a tax credit or deduction – Don’t worry you can fix it! It is not as difficult as you might think. CRA acknowledges that the tax code is complex, and that people make mistakes or miss out on some important information. Hence CRA makes it easy for you to correct your tax return if you realize your mistake after filing your return.  A tax return can be considered ‘incorrect’ or ‘incomplete’ for a variety of different reasons. It may involve simple things like forgetting to sign a form to […]
May 25, 2021
Accountant Oakville

7 Important Questions to Ask an Accountant in Oakville Before Hiring

As a business owner, you do it all. Do-it-yourself bookkeeping and accounting can help you through the early days of getting your business off the ground. But it takes away your time you could have spent on other revenue-focused duties.  Canadian business market has quite a diversity when it comes to small and medium entities. This is why we believe businesses of any size and stage benefit from expert accounting firms. Sourcing for an accountant for your business is a make-or-break process. You want an accountant who can help save you money and avoid potential issues with the CRA but […]
May 21, 2021
Accountant or Tax Software

What is Better to Use – An Accountant or Tax Software?

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 look for technological evolution in every aspect. The tax world is no exception to it, where there has been an increasing shift in the usage of tax software over accountants.  In this phase of transition both the options of using either tax software or the traditional way of in-person interaction are working in parallel. Considering your personal preference and situation, you can determine whether to […]
May 17, 2021
Why Your Startup Needs a Professional Bookkeeper

Why Your Start-Up Business Needs Professional Bookkeeping

One of the core reasons start-ups fail is they run out of cash. Sound and steady financials help de-risk your start-up‘s next venture capital round. Working with a start-up expert will help you understand and comprehend the real financial condition of your start-up. Filing Taxes have a team of professionals who enable you to maintain that cash reserves and make proficient use of your money. Here are few reasons to build ample ground to make you realize the need for professional bookkeeping services in Mississauga for your start-up business. Boosts Financial Growth How professional bookkeeping builds on your business’s financial […]
May 13, 2021
Milestones to Get Control over Your Bookkeeping

4 Milestones to Get Control over Your Bookkeeping

An intelligible business owner knows that the basic way to lessen his stress is to get and keep his books in order. Still, it is no wonder that so many small business owners in Canada put it off for as long as possible. Partly because it feels like an arduous task and partly because they are not sure where to begin from. But don’t worry as many small business owners are in the same boat thriving to get their books in order, you are not alone! If you are finding it difficult to keep your books buttoned-up, luckily, there are […]
May 10, 2021
Tips to Organize Bookkeeping for Small Business Owners

Tips to Organize Bookkeeping for Small Business Owners

Just because a business is small doesn’t mean it’s plain sailing. All human endeavors get complicated over time. An organized bookkeeping system lays a strong foundation for your business success.  Financial transactions occur every day in your business and getting and keeping your bookkeeping in order requires commitment. Read on to know a few tips to implement now that will ease the pressure of your mounting receipts in the long run. Implementation of the tips mentioned will bring you a step closer to experience real organization in your business finances.  Organize Your Data Competently Coherence and timeliness are critical for […]
May 7, 2021
How Long Should I Keep My Tax Records – Canada

How Long Should I Keep My Tax Records – Canada?

Whenever a tax season rushes towards its end, taxpayers make the country a bustling town. Taxpayers are busy screening, organizing, and shredding thousands of tax documents. Everyone juggling around with documents is banged with common questions likes – for how long should I keep my tax records? When is it safe to scrap old tax documents? These are simple questions, but you probably have heard different answers. The CRA statute has defined a different set of rules for agencies, businesses, and individuals. Generally, CRA states “if you file your return on time, keep your records for a minimum of six […]
May 4, 2021

Why Your Business needs both– Bookkeepers and Accountants in Mississauga

While most people perceive bookkeeping and accounting as interchangeable terms, both professions have different skill sets and focus that can help your business. However, different skills and focuses go together like bread and butter. Sandwiching these functions together will keep your finances healthy and robust.  An accountant and bookkeeper have the same objectives when it comes to business finance, but they are both crucial at different stages of the financial cycle.  At Filing Taxes, we understand how beneficial it can be for your business when your bookkeeper and accountant work together because we do it all. Here are some reasons […]