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Filing Taxes Insights

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

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 […]
August 6, 2022
Automobile reimbursements in Canada

Automobile Reimbursements Allowed by CRA

Besides the possibility of a tax-free allowance, another possibility exists to reimburse employees or shareholders for business use of personally owned or leased vehicles. If the employer is flexible and it appears that the CRA prescribed automobile tax-free allowance rate is not adequate to cover actual operating costs incurred by the individual, taxpayers can argue that the business can reimburse actual operating costs, which can be tax-free to the recipient and tax-deductible to the business. Reimbursements can be argued to not be allowances and, therefore, are non-taxable receipts. At issue is how to measure the reimbursement and the reasonableness of […]
August 6, 2022
Tax free capital divideneds

How does Tax-Free Capital Dividends work in Canada?

Capital dividends are a special type of dividend that Canadian-controlled private corporations ( CCPC ) can pay to their shareholders on a tax-free basis. The Canada Revenue Agency ( CRA ) uses the capital dividend account ( CDA ) to keep track of the capital dividends that are available to shareholders on a tax-free basis. Capital dividends were created to improve the integration in the Canadian tax system, specifically, capital gains incurred within a corporation will have a similar impact on shareholders as if the shareholders earned the capital gains at a personal level. The tax law relating to capital […]
August 4, 2022
GST/HST Tax Filing

GST HST Filing – Common Errors That Can Cost You

When running a small business in Canada, most entrepreneurs are savvy enough to know that when revenues (for taxable supplies) exceed $30,000 in any four consecutive quarters, it is time to register for and collect GST/HST. This also means that you’ll need to file GST/HST returns annually, quarterly, or monthly, depending on your specific scenario and selection. These are some common areas where we find small business owners who try to prepare or file their sales tax returns on their own make mistakes that can be costly:  Meals and Entertainment A very common error that can occur is related to […]
August 4, 2022
Busines License

How to Get a Master Business License in Ontario

Do you want to launch your own company in Canada? Do you have a wild business idea? In that case, you should apply for a master’s business license. Do you want to launch your own company but want it to be launched as practically and efficiently as possible? You keep hearing that to start a business, you must get a Master’s Business License. Only residents of Ontario who desire to launch a business can get this licence, which is also known as an Ontario Business Registration. Any company you see on television, billboards, online, or in newspaper advertising must first […]
August 4, 2022
Personal Bankruptcy

Things to Know Before Declaring Personal Bankruptcy in Canada

If your business is facing financial losses and your expenses are more than your revenue, and you have no idea how to handle your company’s finances anymore, then you need to stop, take a deep breath, and understand the critical situation you are stuck in. However, if you find no way out and the only solution you see is bankruptcy, then here are some things you need to know before declaring bankruptcy. There are a couple of strategies to take to petition for financial protection, which offer insurance from leasers and a clean monetary record. You will require the entirety […]