Insights

June 5, 2024
Efficient Virtual Bookkeeping: Remote Services for Your Business

The trend toward remote employment in the current digital era has completely changed numerous businesses, including accounting. You can handle your company’s finances more simply and effectively by using remote bookkeeping services instead of hiring an on-site bookkeeper. Your financial operations’ scalability and flexibility can be greatly increased by using virtual bookkeeping services. Virtual bookkeeping combines cloud-based […]

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June 5, 2024
Why Construction Companies Need Effective Bookkeeping Services in Canada

Construction companies work in a volatile environment with uncertainty in construction projects and their cash flow. To deal with this, effective bookkeeping service is crucial. Every business needs a strong bookkeeping system at its core to account for the everyday variables that make a business profitable—taxes and fees, payroll, expenses, etc. Bookkeeping is a highly […]

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June 5, 2024
How GIC Income is Taxed in Canada

Low risk, high interest rates, and guaranteed returns are the features that make guaranteed investment certificates (GICs) very attractive right now. Guaranteed Investment Certificates (GICs) are popular investment vehicles in Canada that pay interest income. But before investing in anything, GICs included, it’s important to understand how it fits into your overall financial picture from a tax perspective. […]

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June 5, 2024
Haven't Received Your Tax Refund? Debt Recovery from the CRA May Be the Reason

If you haven't received your tax refund in Canada, one possible reason could be the Canada Revenue Agency’s (CRA) Debt Recovery Program. This program allows the CRA to offset tax refunds and other credits against debts you owe to federal, provincial, or territorial government programs. CRA debt recovery activities may impact upcoming benefit, credit, and […]

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June 5, 2024
How Your Accountant Can Help Your Canadian Healthcare Business

Doctors today are busy. There is tremendous pressure being put on all aspects of Canada’s public healthcare system, and family physicians running their own practices are definitely feeling the squeeze. Between your patients, your staff, and your own obligations outside of work, we know you have a lot to juggle. Streamlining your finances and improving how […]

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June 5, 2024
Estate Planning Strategies - Guide by an Accounting Firm

Estate planning in Canada involves preparing for the management and distribution of a person's estate after their death. It ensures that the individual's wishes are honored, minimizes taxes, and provides for the needs of their beneficiaries. Death and taxes are two certainties in life, and taxes are also a certainty in death. But when it […]

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May 24, 2024
How to Minimize Taxes on RRSP

A Registered Retirement Savings Plan (RRSP) can represent a key source of future retirement income for many people in Canada. Funding a registered retirement savings plan (RRSP) is a solid option when you’re preparing for retirement. But after years of contributing to your RRSP, you might start to think about withdrawing some or all of that money, […]

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May 24, 2024
What Happens If I Don't File My Tax Returns in Canada

There are many probable consequences related to unfiled tax returns in Canada. Failing to file your tax returns in Canada can have various consequences, ranging from financial penalties to legal actions. Here are some potential repercussions of not filing your tax returns: Late Filing Surcharge The late filing surcharge is a penalty fee when an […]

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May 24, 2024
What is the T1 General Tax Form

Curious about what is a T1 tax form? For many Canadian investors, understanding this essential document is vital in navigating the Canadian tax system with confidence and clarity, ensuring compliance, and maximizing returns. In this guide, we’ll discuss the T1 form, including who should fill it out, when and how to file it, and its […]

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May 13, 2024
Green Accounting Firm 2024- Sustainable Financial Practices for Toronto’s Eco-conscious Businesses

In an era where businesses are increasingly being held accountable for their environmental and social impact, sustainable accounting practices have emerged as a vital tool for organizations and their leaders. Sustainable accounting practices refer to the integration of environmental, social, and governance (ESG) factors into financial reporting and decision-making processes. It involves gathering, assessing, and […]

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May 10, 2024
Top Tax Tips for Canadian Company Incorporation

Congratulations! You have just added another brick to the foundation of your own business. You have taken it from the ground up with the decision to give your business a corporate structure. Although your daily business operations have not changed much because of that, you have to realize how many things have changed for you […]

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May 8, 2024
Incorporate Sole Proprietorship

Businesses in Canada can take three legal structures: Sole proprietorship, Partnership, and, Corporation. Each structure has different and important implications for liability, taxation, and succession. In this article, we will discuss the incorporation of sole proprietorship which means converting a sole proprietorship into a corporation. What is Incorporation? First thing is first– What does it […]

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May 2, 2024
What is Considered Taxable Income in Canada and Reporting Requirements

In Canada, taxable income includes various sources of earnings and benefits that individuals receive throughout the tax year. Individuals and corporations are taxed on their total income after subtracting allowable deductions. Different rules apply to each type of income, which therefore affect the amount of tax you will have to pay. To file a tax […]

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May 2, 2024
How Tax Returns Work in Canada: A comprehensive Guide

Navigating the Canadian tax system can be complex, especially when considering the variety of tax returns that individuals and businesses may need to file. Understanding these different types of tax returns is crucial for ensuring your compliance with Canadian tax laws, however, and for making informed financial decisions. What Is a Tax Return? Tax returns […]

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May 2, 2024
Bookkeeper VS Accountant - Which One is Right for Your Small Business in Toronto

Bookkeeping and accounting - do the two terms sound synonymous to you? Do you often use the two of them interchangeably? Sometimes understanding the difference between the two can be tricky. When it comes to managing the finances of your business, making the right decision between hiring a bookkeeper or an accountant can significantly impact […]

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May 2, 2024
Crypto Trading for Beginners - Essential Tips for 2024

You’ve heard about cryptocurrency for years, but have you taken the plunge into the world of investing? There are thousands of cryptocurrencies in existence, so it can be overwhelming to know where to begin One of the biggest challenges investors face when it comes to cryptocurrencies is not getting caught up in the hype. Digital currencies have quickly risen […]

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May 2, 2024
Tips for Crypto Tax Planning & Preparation in Canada

As cryptocurrencies gain popularity in Canada, it’s becoming increasingly important to be well-versed in crypto tax planning. By properly understanding the tax implications of crypto transactions, accounting firms can help their clients minimize their tax liabilities while ensuring compliance with all applicable laws and regulations. Understanding Crypto Tax Planning Crypto tax planning involves ensuring that […]

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May 2, 2024
Canadian Departure Tax Planning & Ongoing Tax Filing Obligations

Leaving Canada and becoming a non-resident of Canada results in a departure tax. Building in plenty of lead time before leaving the country can save clients money. Clients leaving Canada must put departure tax planning at the top of their travel checklist. About three million Canadians currently live outside the country. Many others contemplate making a move […]

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April 29, 2024
Tax Obligations for a Non-Resident of Canada

Are you a Non-Resident of Canada? You’re a non-resident of Canada for tax purposes if you: normally, customarily, or routinely live in another country and are not considered a resident of Canada. You don’t have significant residential ties in Canada, or you lived outside Canada throughout the year, or your stay in Canada was less […]

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April 17, 2024
Tax Carry Forwards - A Forgotten Fax Benefit

The Income Tax Act provides for many credits and deductions to help reduce your tax payable. There is one tool in particular that is very powerful in doing that, but often forgotten: the carry forward. What is it, and how is it used? Let’s find out. What are carry-forwards? Carry-forwards are deductions and credits that […]

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April 17, 2024
Managing Transition from a Sole Proprietorship to a Corporation in Canada

When starting your own new business, it often makes sense to choose a simpler structure, which is a sole proprietorship. This allows you to test the viability of your business idea and see if the lifestyle and associated stress that comes with running a business match your personality and align with your long-term goals. Alternatively, […]

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April 14, 2024
Exposing Real Estate Taxation: A Comprehensive Guide to Selling Property in Canada.

Selling real estate in Canada is not only about finding a buyer and getting the transaction done rather it is a more complex process. To avoid potential traps and enhance financial gains it is utmost important that tricky tax effects are clearly understood.  It is essential that the tax landscape and its intricacies are well […]

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April 13, 2024
Canada's Underused Housing Tax (UHT)

Canadian citizens and residents who own residential properties should familiarize themselves with the Underused Housing Tax’s (UHT) various provisions to understand how they may be impacted. What Is the Underused Housing Tax (UHT)? The UHT is described as a one-percent tax on the value of non-resident, non-Canadian-owned residential real estate that is considered to be […]

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April 12, 2024
Why Your Franchise Business Needs Franchise Accounting Services in Canada

Franchising provides a unique opportunity to successful business owners and burgeoning entrepreneurs alike. Franchise businesses in Canada, like in any other country, require specialized accounting services due to the unique nature of their operations. Accounting is a crucial part of any business, but accounting for franchise businesses is a different endeavor. Keeping good records and meeting franchise standards […]

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April 5, 2024
Navigating Taxes During Divorce and Separation: A Comprehensive Guide

Divorce and separation is a very difficult and crucial time in one’s life. Significant life changes, tough decisions and a mix of emotions is experienced during this time. Dealing with taxes could be added stress during such hard times. To ensure financial stability and to make informed wise decisions, it is essential to understand how […]

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April 5, 2024
How Student Loans Work in Canada: Types, Eligibility, and Repayment

Are you a student attending college in Canada and in need of financial assistance? Look no further than a student loan program! But before you dive in, it’s crucial to understand student loan interest rates, repayment schedules, and exit fees. We’re here to guide you through the process and ensure that you’re fully prepared for […]

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April 3, 2024
Do Canadian Small Businesses and Self-Employed Entrepreneurs Have to Pay CPP?

Small Business Owners and Self-employed entrepreneurs who have not incorporated their businesses, pay Canada Pension Plan (CPP) as a part of the calculations on their personal tax returns. So whether or not your business is incorporated is not a factor. Nor is it whether or not you pay yourself a “salary.” For tax purposes, the Canada Revenue […]

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April 3, 2024
Come Clean with CRA – How and When to Use the Voluntary Disclosures Program

What is CRA Voluntary Disclosure? The Canada Revenue Agency (CRA) Voluntary Disclosures Program (VDP) is a legal avenue that allows Canadian taxpayers to rectify previous errors or omissions in their tax filings. It presents an opportunity for individuals and businesses to come forward and voluntarily correct their tax affairs before the CRA initiates any action […]

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April 3, 2024
Canada FPT Tax Credit – Eligibility Criteria, Payment Dates 2024

Did you get a deposit from “Canada FPT” and you’re unsure what it’s all about? Not to worry – Canada FPT is short for the Federal, Provincial, and Territorial tax credit. What is Canada FPT Tax Credit 2024? The Federal-Provincial-Territorial (FPT) tax credit is a system of tax incentives and relief measures designed to promote economic […]

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March 29, 2024
A Comprehensive Guide to Establishing Your Business in Canada

Embarking on the journey of starting a business in Canada is a thrilling endeavor, but it requires careful planning, strategic guidance, and piloting through legal requirements. In this extensive guide, we will walk you through each step of the process, breaking down the intricacies into manageable jobs. Let's explore deeper into each aspect to ensure […]

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