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Filing Taxes Insights

March 26, 2021
Bookkeepers in Mississauga Can Save you Money

Bookkeepers in Mississauga Can Save you Money

If you are a small business owner, chances are that you are more inclined towards the do-it-yourself approach. At the beginning of your business operation, you may have taken the majority of bookkeeping and accounting tasks on yourself or you can give these tasks to accounting firms. Owning and running your own business means handling an ever-increasing number of tasks but putting off managing your finances can lead to severe ramifications. No one person is an expert on everything, and some technical business aspects require a level of professionalism that may not be possible by the owner. One of these […]
March 23, 2021
Bookkeeping Services Mississauga

Guide on How to Catch up on Your Fallen Behind Bookkeeping

So your business has fallen a little behind on bookkeeping, don’t panic. It happens to small business owners everywhere for many different reasons. Bookkeeping often falls low on the priority list for business owners. Organizing the documentation of business transactions piled up in shoebox overtime can be a nightmare. If your business has fallen by the wayside in updating its books, there’s never a better time to catch up on it than right now- especially if the tax season is around the corner. If you wait until your tax return deadline begins to loom in front of you, you may […]
March 22, 2021
Notice to Reader (NTR) Financial Statement

Notice to Reader (NTR) Financial Statement

Purpose of Financial Statements The objective of financial statements is to provide information about the financial position, performance, and changes in the financial position of an enterprise that is useful to a wide range of users in making economic decisions (IASB Framework). Following are the main users and their respective use of financial statements: Managers: to manage the company’s affairs. Shareholders: assess the risk and return of their investment in the company. Prospective Investors: assess the viability of investing in a company. Financial Institutions: assess financial health to decide whether to grant a loan or credit to a business. Suppliers: […]
March 17, 2021
Change in Year End of a Canadian Business

Change in Year End of a Canadian Business

Why would a Company want to change its Fiscal Period? Fiscal year-end remains the same year after year unless there is a dire need for it to be changed. A company changes its fiscal period for various strategic reasons. Reasons may include operational convenience, liquidity reasons, industry benchmarking, seasonal fluctuations of the business, financial reporting requirements and tax implications to name a few.. Is it Allowed to Change Year-End in Canada? Year-end change is an internal matter as it might be required to adhere to business needs. Hence Canada Revenue Agency (CRA) has allowed this change in year-end with some […]
March 13, 2021
Capital Gains Tax Accountant Near Me

Capital Gains Tax Accountant Near Me

Definition of Capital Gains Capital gain is the profit earned on the sale of a ‘capital asset’. Canadian Revenue Agency (CRA) defines securities in the form of shares, investment properties, bonds, and stocks as well as real estate as “capital assets”. Capital gain results when the selling price of an asset exceeds its purchase price. Calculation of Capital Gains Investments yield income when they are held and create capital gains when sold. We pay income tax on the income generated by investments and pay capital gain tax when investments are sold at a profit. CRA requires the following amounts to […]
February 18, 2021
Meals and Entertainment CRA Corporate

Meals and Entertainment CRA Corporate

Tracking your Meals and Entertainment CRA Corporate may appear to be something only certain types of dieters may do. But did you know that spending on these activities can actually save you tax money? There is no definite or precise rule to determine the deduction of your meal and entertainment expenses. It is a subjective and grey area that considers the factors like particular business situations. As well as the scenario in which a specific meal and entertainment expense is incurred.  This guide will provide more insight into the puzzling and ambiguous meals and entertainment expenses. 1. Which “Meals & […]
February 18, 2021
Tax Accountant Toronto

Hiring A Good Tax Accountant Toronto

There are two basic options when it comes to filing taxes in Canada i. Handle it yourself. ii. Hire a tax accountant. Let’s resolve this basic dilemma of every taxpayer together by reading through the article. When is it appropriate to file taxes yourself in Canada? The foremost factor to consider is whether you have enough time and knowledge to file your tax return. If the answer is yes, then in the first place move on with preparing a tax return yourself. Also if you have a simple tax situation or you have a single source of income and no […]
February 3, 2021
Canada Disability Tax Credit

4 Things You Must Know About Canada Disability Tax Credit

Considered as a non-refundable tax credit to help the people with disabilities in Canada, the Disability Tax Credit in Canada aims to support such people by reducing their tax liability. Once eligible for Disability Tax Credit (DTC), the person is eligible to claim the specified amount. With the lump sum of $25,000 and $ 2500 per year including the future as well as current taxes, these refunds are considered important for the people suffering from specified medical conditions. If you want to know more about Canada Disability Tax Credit (DTC), this article is for you! Who can claim the disability […]
January 24, 2021
How to Save Personal Tax in Canada

How to Save Personal Tax in Canada

What is meant by Personal Tax Saving? Tax saving means a reduction in taxes payable — reductions for which the person or entity cannot be indemnified by Canada Revenue Agency. Tax liability reduced within the intent of the law is tax planning and is ethical to do. Contrarily, if the intent is to exploit the law for illegal non-payment or underpayment of tax then it is termed as tax evasion, not tax saving. This basic clarification is a prerequisite for designing a tax-saving plan. Why is tax saving important? It is crucial for both an individual and an organization to […]
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