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Filing Taxes Insights

September 24, 2022
(OREO) Lease Agreement

(OREO) Lease Agreement

What is the Ontario Real Estate Association (OREO)? One of the biggest business organizations in Canada is the Ontario Real Estate Association. With 79,000 realtor members as of August 2020, this association serves its clients. OREA is working to fulfill one of the largest Canadian aspirations: owning a home.  The Guidelines for Residential and Commercial Clauses and other standard clauses, as well as a collection of Forms Explained Form files, are produced and owned by the Ontario Real Estate Association (“OREA”) for use in Ontario real estate transactions. Through specialized services, ongoing education, and cooperation with the government, OREA supports […]
September 24, 2022
Holding Company

Setting up a Holding Company for Real Estate

Introduction  Canada is a popular location for international businessmen, who may establish a variety of firms there. However, if you want to start your own business, you may already be aware of the many business structures you may set up if you’ve pondered starting your small setup in Canada and have done some research. Depending on your position and the goal of your company, you may make a different decision. For instance, as a sole proprietor, you might not have the financial means to shoulder all of the company’s debts. Therefore, if you cannot afford to be held accountable for […]
September 24, 2022

Personal Emergency Leave (PEL) Days in Ontario

Introduction  When you have a genuine emergency at home but you still need to get to work or your job, do you ever feel confused and frustrated? If so, you are unaware of your legal entitlement to personal emergency leave. In Ontario, amendments to personal leave were made by Bill 148. There were two days of paid personal emergency leave included in this, and a total of 10 days were offered. Later that year, the laws were modified once more by a new provincial administration. Each employee was allowed a total of 10 unpaid days. Only essential absences from work […]
September 24, 2022
Marginal Tax Rate

Marginal tax rate Canada

When it comes to financial planning, knowing your financial needs and sufficiency is very crucial. Get an accurate estimate of how much income tax you could owe each year in order to better understand how much of your money is yours to save, spend, and invest. Every year, you must submit a personal income tax return if you reside and earn your living in Canada. Financial planning involves understanding how your money is taxed. Based on your income, the federal government of Canada determines how much tax you should be paying. In Canada, there is a system of marginal tax […]
September 24, 2022
Mileage Log Book

Mileage Log Book ~ Canada Revenue Tax (CRA)

Many self-employed people and regular workers utilize a corporate automobile for these purposes, whether it be a client appointment in another city, a financial conversation at the bank, or a journey to the airport before a business trip.  You might be able to claim a car expenditure deduction on your subsequent Canada Revenue Agency (CRA) tax return if you travel for work. However, it is typically utilized for both personal and professional travel.  According to the law, taxes must be paid on this benefit just like they would on a monetary income. The self-employed, business owners, and workers who have […]
September 21, 2022
Incorporation in Canada

What’s Next After Incorporating a Company in Canada?

Congratulations—you’ve incorporated your business! Certain things must be done now to keep your company up-to-date and CRA compliant. Remember, you’re no longer your company You’ve heard it before… a corporation is a “separate entity”.   But what does this mean?   It’s like another person. It has the power to enter into contracts, pay and receive money, sue, and be sued. Once you have a corporation, you should not be doing business in your personal name anymore. Any contracts, agreements, or other documents you draft should be in the company name. This way, should things go wrong, you’ll not be […]
September 15, 2022
t4 and t4A slips

T4 vs T4A Differences – When To Issue Which Slip?

T4 vs T4A – What’s the Confusion? There is a common confusion each year among business owners as to when to issue a T4 vs T4A. Business owners who employ several individuals may have staff working full-time, part-time, or once-in-a-while. So, to whom do we issue a T4, and to whom a T4A? What’s the difference? How does it impact the employer and those who work for it? Let’s discuss this below. Employee vs Subcontractor Determining when to issue a T4 (vs T4A) requires determining whether an individual is an employee vs subcontractor. The following factors come into play to determine […]
September 9, 2022
Investment Portfolio

How Can Tax Loss Harvesting Help Your Investment Portfolio?

Tax loss harvesting is a new term that might sound strange to ordinary people in Canada. Nevertheless, it’s simple and straightforward if you understand a few guidelines. The year 2022 is a perfect year for recovering losses as the market is volatile and fluctuating. So let us understand what tax loss harvesting really is. When selling underperforming assets for less than you purchased them for in order to generate a tax loss that can offset realized capital gains in any area of your portfolio, Harvesting tax losses is a common component of portfolio management and typically happens when wealth managers […]
September 9, 2022

Buying Property in Canda

Buying a property is a thrilling and exciting feeling a buyer might experience. People make this big purchase either to build a home where they will enjoy gazing out the window, have a good living standard, and lots of other enjoyments. Or to establish a business place where you will fulfill your other dreams. According to observations and research, owning a property stabilizes or improves your financial status. The most important steps you must take before buying a property are doing your research and getting a full examination of your financial status. For instance, how much debt you have in […]