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Filing Taxes Insights

August 25, 2022
Staycation Credit

How to Get Staycation Credit?

Introduction  We had probably become a little too accustomed to our own four walls during the global pandemic crisis. We were driven into a moment of contemplation by the COVID 19 and the general pandemic lockdown, which had eliminated all the options for travel in the interim. We were increasingly seeking methods to recreate the festive experience from the comfort of our homes due to blocked borders, flight cancellations, complete lockdown, and the suspension of operations at various ports. However, when the situation became more stable and indoor tourism was open, many of us became more excited about the idea […]
August 25, 2022
Tax Credit

How to Avoid a Tax Audit

The Canada Revenue Agency (CRA) uses tax audits to make sure that your tax return correctly reflects the taxes you are required to pay to the government. There are two degrees of seriousness associated with tax audits that a Canadian business may experience. One is a desk audit, in which the Canada Revenue Agency just wants to investigate one section of a tax return that could seem dubious. Another option is a thorough audit. A taxpayer may occasionally be chosen at random for an audit. There is nothing you can do to change it; it’s like hitting the very worst […]
August 25, 2022
outsourced bookkeeping

The Questions You Should Ask an Outsourced Bookkeeper

Finding the right bookkeeper can be a challenge. Make sure you ask the tough questions to ensure you get the best service. 1. What Do You Charge? A bookkeeping service provider should be able to give you a general estimate on cost early in the conversation after providing some information. It might be a range as well but resist the temptation to think you are going to be on the lowest end of the spectrum. A good bookkeeper is an investment. 2. What Information Do You Need From Me to Give Me a Quote? A bookkeeping service that has been […]
August 24, 2022

Reporting Requirements of Charities & Non-Profit Organizations in Canada

The current reporting requirements for Charities & Non-Profit Organizations have left a lot of our clients wondering what exactly they are required to file. This article is intended to act as a general guideline for the reporting requirements of Charities & Non-Profit Organizations. Charities Under the Income Tax Act, every registered charity has to file an Information Return each year. The return must be filed no later than six months after the end of the registered charity’s fiscal period. The Information Return includes: Registered Charity Information Return, Form T3010A Registered Charity Basic Information Sheet, Form TF725 List of directors/trustees or […]
August 23, 2022

The Benefits Of Filing Taxes For International Students

There is a misunderstanding among the international students that they don’t need to file taxes like local residents in Canada. If you sojourned in Canada for 183 days or more (the 183-day rule) in the tax year,  you must file tax. There are a lot of benefits for international students to file their taxes, the biggest one is a tax credit. T2202A or T2202 This is a form for tuition by the school. General students can download it from the school’s website or go directly to the student office to ask for or request a replacement receipt. Social Insurance Number (SIN) SIN is also known as the […]
August 22, 2022
Bookkeeping services Toronto Mississauga

What Are Bookkeeping Services?

Let’s have a look at what a bookkeeping service is and how it’s different from just hiring someone to enter transactions into a computer. We’ll explain what exactly a bookkeeping service does and how it benefits your business. We’ll also go over what to look for when hiring a bookkeeping service. What Are Bookkeeping Services? If you’re a business owner, you know all too well that you have to keep up with the never-ending task of bookkeeping. You may be doing the bookkeeping yourself, or you may have hired a bookkeeper to wade through the stack of receipts each month. […]
August 6, 2022
fISCAL YEAR

A Guide to Choosing a Company’s Fiscal Year-End Date in Canada

If you have recently incorporated your business in Canada, you may have wondered when your year-end date is, or when it should be. This article will explain the factors to consider when choosing your year-end date and will help you choose which is the right year-end date for your business. We’ll also address some common scenarios which will help you decide the right year-end date for you. Here are the main factors to consider when selecting your year-end date: Your incorporation date: to some extent, your year-end date will dictate your year-end date. Tax planning: you may wish to consider tax […]
August 6, 2022
CRA Compliant

What is Meant By Staying Compliant with CRA?

What does it mean to be compliant with CRA? The thought of being compliant with CRA may cause some initial anxiety among business owners, especially if you are behind on your taxes. This is understandable because business owners are busy managing other vital issues daily such as how to stay ahead of their competitors managing cash flow try to find the right product and service mix for their customers managing the workforce … and so and so forth. These constant struggles drain business owners. This is especially taxing when you are trying to maximize the outcome of your strategy with […]
August 6, 2022
Ontario Staycation Tax Credit

Ontario Staycation Tax Credit

Planning a staycation in 2022? You can claim a tax credit if you travel to Ontario this year. Overview The temporary Ontario Staycation Tax Credit for 2022 aims to encourage Ontario families to explore the province. Ontario residents can claim 20% of their eligible 2022 accommodation expenses when filing their personal Income Tax and Benefit returns for 2022. The credit will provide an estimated $270 million in support to about 1.85 million Ontario families. Who is eligible? You are eligible to claim the credit if you are an Ontario resident on December 31, 2022. Only one individual per family can […]
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