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Filing Taxes Insights

January 16, 2021
Professional Tax Accounting Services

Why Professional Tax Accounting Services Essential for Businesses?

It doesn’t matter whether you are an owner of a big or small unit or firm, one thing is very clear that you need to have statistics or calculation of professional tax for each and every employee. What do you mean by Professional Tax? For every businessman, it is very important to understand the clear-cut meaning of professional tax then only you can estimate it in a correct way. Professional tax is a tax that is applied to the revenue you make from your employment. It is a tax that the state government charge. Employers month face the same deduction […]
January 3, 2021
Professional Tax Accounting Services

How COVID-19 Government Updates Affect You & Your Taxes

With the outbreak of the COVID-19 pandemic, many lives have been affected in some or another way. The federal government has introduced several measures to support the people in need. With these measures comes a big relief for the taxpayers during these difficult times. It was imperative for the government to come up with this support. As many people have lost their jobs and businesses. Let’s have a look at these measures. Tax Filing and Payment Deadlines You will not be charged any penalty for late filing of interest if your 2019 individual (T1) income tax returns are filed and […]
December 22, 2020
New Ontario Labour Laws Every Business Owners Must Know

New Ontario Labour Laws Every Business Owners Must Know

In 2017, Ontario labor laws were changed for business owners for over ten years, known as Bill 148. There are most of the laws in the bill were executed on January 1st, 2018. While others came into effect at different times during the year, all the way into 2019. If you are a business owner, this bill will tremendously affect you. Therefore, any business owner needs to get hold of the new changes to make sure that they are on the right side of the law. In this blog, we will look at the most vital features of the new […]
December 18, 2020
Tax Return Filing Tips

10 Income Tax Return Filing Tips To Remember

Tax return filing is a time of the year when you go through all the expenses you made this year and consider the same. When you file a tax return for the first time, you can either do it all by yourself just by acquiring some knowledge and gathering some information on the same. Or else you can ask for professional help. If this is your first time filing, the tax filing process can be a bit confusing. However, if you know a few key tips, you will benefit from them for years to come. Filing your tax return is […]
December 7, 2020
How to avoid Cash Flow Crisis

How To Manage Cash Flow In A Crisis

Managing the cash flow impacts your business and if done well, can even lead your business to great heights. New businesses usually do not have that extra money to face any crisis or shortfalls. The first few years are highly crucial for any business. Because this is the time when the business owners need to focus on their cash flow management. What exactly is Cash Flow Management? Understanding cash flow management is very important from your business point of view. Cash flow is considered as the amount of money coming in and going out of your business. If the money […]
July 3, 2020
Tax Changes in Canada For 2021

All You Need To Know About Tax Changes in Canada For 2020

When we think about expenses, we usually look at household budgets, money spent on mortgages or rents, and food and transportation expenses. While these expenses matter, you should always keep income tax in mind as this is the largest expense for most Canadian families. Many tax changes went into effect in 2019, and the same goes for 2020. With the adverse effects of COVID-19, other tax changes will take effect before the tax return expires. It was extended until June 1, 2020. Keeping more of your money in your pocket can be kept by staying abreast of tax changes. In […]
July 3, 2020
What is The Canada Disability Tax Credit

What is The Canada Disability Tax Credit?

Canada Disability Tax Credit (DTC) is a non-refundable credit that can be used to reduce your taxes owed. The Disabled Tax Credit is available to people with severe or persistent physical or mental impairment. Therefore, depending on the situation, you can claim this credit for yourself or on behalf of your loved one. How to apply for the Disability Tax Credit? You can claim the disability tax credit for yourself, your spouse, child, or common-law partner. To apply, either a legal representative or a person with a disability must fill out Part A of Form T2201. For instance, if you […]
July 3, 2020
Ontario Labour Laws

What Are The New Ontario Labour Laws That Business Owners Should Be Aware Of?

In 2017, Ontario’s labor laws were changed to business owners for ten years, known as Bill 148. Most of the legislation in the bill was executed on January 1, 2018. While others came into force at different times during the year. If you own a business, this bill will affect you a lot. Therefore, the owner of any business must catch new changes, to ensure that they are on the right side of the law. In this blog, we will look at the most important features of the new act, which are suitable for business people. Some of the changes […]