Filing Taxes Insights

If you are a member of a trade union or professional organization, you can deduct certain types of union contributions or professional membership dues from your income tax applications. The amount of union fees you can claim is listed in box 44 of your T4 tickets or receipts and includes any GST / HST you have paid. You can claim these amounts for a tax deduction on line 21200 in your tax return. If you are the primary beneficiary of the union contributions and your company pays them on your behalf, you cannot be entitled to a tax deduction, and […]

When we talk about financial services, what we commonly hear are a set of notions and misconceptions that surround such services. There are only a few people who understand how these services work. Amongst all of the financial services, bookkeeping is very demanding by a lot of businesses across various industries. Bookkeepers handle a very crucial task for each business they work for. Their work is of paramount significance for business growth and sustenance. But quite surprisingly, there are a set of misconceptions and myths about bookkeeping services, in general. This has led to a general aversion or rise of […]

How to Deal with Unpaid Back Taxes? Well, the first thing is don’t panic. There could be various reasons why a person wouldn’t have paid their taxes. You could owe a significant amount of money and not be able to afford to repay, business hardship, life threatening illness, paying taxes might have slipped out of mind due to any reason, you may not have filed your taxes at all. In any circumstance, if you owe a tax debt to the Canada Revenue Agency (CRA), this problem won’t just disappear.  Millions of Canadians file their tax returns late – and if […]

Whether you are preparing your first tax return or you are a seasoned tax preparation professional, a checklist of what is required to prepare a tax return is essential to make sure you are not leaving any money on the table. Whether you hire a tax accountant or do it yourself, you need certain information and documents to file your tax return. We are here to guide you to determine what documents you need to file your taxes. Save time and money by having these things ready when it is time to do your taxes. Use the checklist below to […]

Why did you start your business? To keep your business books or to do what you love to do? Your answer to this determines the need for a small business owner in Canada to hire a bookkeeper. Bookkeeping tasks are time-sucker! It isn’t what you are good at, rather it takes you away from your main interest. Most small business owners in Canada feel like they can’t afford or don’t need to hire a bookkeeper. In fact, the advantages of hiring a bookkeeper extend to almost every level of your business. It is a decision you cannot afford to ignore.  […]

Whether you are a real estate baron with multiple properties, or just recently started to rent out a property, we know taxes can be a bit of a tricky subject to tackle for landlords submitting a tax return. And that’s where the Filing Taxes come to play. This article covers how to complete and file a tax return for a rental property in Canada. All rental income must be reported on your personal, corporate, or partnership tax return (depending on how you own the property). What is meant by Rental Income for Tax purposes in Canada? Rental income is any […]

If your small business is collecting  Goods and Services Tax (GST)/ Harmonized Sales Tax (HST) from its customers for the goods and services you have provided them as a business, it is important to understand how to remit those taxes back to the government. Filing GST/HST return also refers to claiming the Input Tax Credits (ITCs). It is the GST/HST you pay on services or supplies that you acquired to run your business. Check the CRA website to see if you qualify for an ITC deduction.  Filing a GST/HST return may seem more complicated than filing your personal income tax […]

Have you recently incorporated your business? Wondering about how to pay yourself? Stuck between the options salary or management fees? Then read on to get your answer. If you own a business through a corporation you can choose to pay yourself a salary or management fee. Let’s discuss the benefits and risks associated with management fees and salary to reach out for a solution that best suits you. Paying yourself a Salary/ Wage from Corporation If you opt to have a salary from your business, the payments are the expense of the corporation and employment income for you personally. How […]