How to Register a Business in Ontario (Corporation & Sole Proprietorship).
Have you ever considered starting your own business or one with some friends? If you have, you must have heard how long and tedious the process might be. You are confused and don’t know which step to take to start a business. No worries, in this blog you will learn step-by-step how to open your […]
What’s Better to Hire an Independent Contractor or Employee?
In times of outsourcing, downsizing, and economic cutbacks, it may be advantageous for a company to hire individuals as independent contractors to perform some of the functions that are currently being performed by that company’s employees. However, simply calling someone an independent contractor does not make it so. CRA will look behind the title of […]
Filing Your Tax Returns As A Couple In Canada
In Canada, tax returns are always filed separately, which means that you and your partner will continue to file individual tax returns. However, if you’re using tax software, you’ll have the option of “coupling” the preparation of both returns. Filing the two individual returns together can help optimize tax returns by identifying ways in which […]
Why Outsource Accounting for Your Small Business in Canada?
Here are a few compelling reasons to dump Quickbooks in favour of professional outsourced accounting services for your business. Let’s face it: in the business world, accounting has a reputation for being a dull subject. If you’re a small business owner, you’d rather discuss your products and services than your accounting debits and credits unless […]
Is Rental Mortgage Interest Tax Deductible in Canada?
Your mortgage interest tax might be deductible in various situations if you own a property in Canada that generates income. Whether it is your primary residence, a rental property, or a place of business or work from home, you can perhaps declare your right for mortgage interest on your property. However, there are several methods […]
What to Consider When Choosing A CPA Accounting Firm?
Every business owner knows that tax laws come with a new twist with the passing of each year. It can be a real challenge to make profitable financial decisions if you are unfamiliar with the new tax law and do not understand how it works. The truth is, hiring a CPA accounting firm in Toronto […]
Form T2209: Reporting Foreign Income
If you are a Canadian resident and make foreign income, you are subject to tax duty to the CRA. Wait, but I’ve already been taxed by the country where the income is made! How is it fair?…as some of you would ask. Relax, reporting your foreign income to the CRA doesn’t mean double taxation. Rather, […]
What are the ways to avoid Independent Contractor Rules when doing Business in Canada?
An independent contractor is different from an employee, the main distinction is that independent contractors have different legal entitlements compared to employees. An employee has an exclusive one-on-one working relationship with their employer, they are ruled under the employment act and the legislation from the act applies to them, independent contractors are not governed under […]
Transferring Real Estate to a Corporation in Canada
Real estate owners often ask themselves if they should own investment real estate personally or through a corporation. There are certain tax consequences and factors to consider in transferring real estate to a corporation. Do you know which? Holding real estate property personally or in a corporation? Deciding to hold real property in a corporation […]
How to Withdraw Money from a Corporation?
You have worked hard to build your business and create a profitable business. During the first few years, you may have stopped paying to reinvest in your business and grow your business. Now you may be at a point where your business has consolidated, and you are ready to start reaping some of the profits […]
Tips to Save Taxes on Rental Properties in Canada
Saving rental taxes have become an important concern as people find a lot of their income eroded while paying taxes in Canada. If you are unsure of how this can be done, search tax accountant near me to get in touch with a tax accountant who might be able to help. Before you do that, read the following tax-saving […]
Real Estate Vs Property Taxes
Real estate taxes are pretty much the same as property taxes – one can be treated as the sub-head of the other for the sake of understanding. The key difference between real estate taxes and property taxes is that real estate taxes only apply to the land of houses; however, property taxes are much more expansive, covering all […]
Corporate Tax Planning in Canada
Are you a small business in Canada? Or are you passionate about some ideas that you want to implement into your small business, but before you launch your breakthrough product or service, you might want to undertake some tax planning? If you are a Canadian entrepreneur, it is wise to draft a tax planning strategy […]
Advantages To a New Business of Using a Bookkeeping Service in Canada
Employees of a small business organization are always active in the company’s fundamental activities, such as production, marketing, customer services, and sales. This is why bookkeeping operations are typically overlooked in such businesses. Hiring an accountant is a viable option, but that in itself comes with a lot of responsibilities, such as organizing interviews, training […]
Tax Implications of a Rental Unit in Your House in Canada
For people currently renting or considering renting a portion of the home they own, the tax considerations can be complex and the fallout costly if you don’t do it right. In fact, earning income from renting a portion of your home can be subject to different rules and reporting requirements to the Canada Revenue Agency. […]
GST and HST Rebates on New Homes in Canada 2024
Buying a home, especially a newly built home, is already an expensive process in Canada. Along with land, construction, and property taxes, there’s also that troublesome GST or HST to pay. While GST/HST isn’t charged on purchases of an existing property, newly built homes will have the tax levied on them, and it can add […]
Canada Emergency Business Account(CEBA)
The government has just announced the long-trailed expansion of the CEBA loan facility. To remind long-suffering readers: CEBA (Canada Emergency Business Account) is the interest-free $40k loan, of which $10k is potentially forgivable if $30k is repaid by December 31, 2022. You access the loan through your regular bank or credit union, but the government […]
How To Write Off Your Car As A Business Expense In Canada
Are you trying to find a way to save on your taxes? Simply put, you can write off some of the expenses associated with the automobile, which you use to help earn income. Whether you are an employee, a business proprietor, in a partnership or self-employed, you can find a way to save on taxes. […]
Newcomers to Canada: Tax Tips
Are you a newcomer or know someone who is? As a new immigrant, your first year is undoubtedly the hardest as you are adapting to your new environment and learning new aspects of life. Filing taxes is right up there on the list of strange concepts for many – but don’t worry, that’s what we’re here for. […]
What Is The Canada Emergency Student Benefit? (CESB)
The Canada Emergency Student Benefit, or CESB, is student-centric financial relief amid the COVID-19 pandemic. To offer financial support to post-secondary students and recent grads who lost work opportunities due to COVID-19, the government has introduced the Canada Emergency Student Benefit (CESB) a $1,250 a-month taxable benefit available for up to 24 weeks. -The Canada […]
List of Disabilities That Qualify for the Disability Tax Credit
Do you know what the Disability Tax Credit is? The Disability Tax Credit (DTC) was established by the Canadian Government and the Canada Revenue Agency (CRA). It is a non-refundable tax credit and its goal is to help Canadians with disabilities and/or their families pay less income tax. The supporters would be required to pay […]
Best RESP Providers in Canada (2024): The Ultimate Guide
Some of the best RESP plans in Canada can help you pay for your child’s education costs, relieve them of a lot of stress, and keep them from having to take out huge student loans. According to statistics from Statistics Canada, there was an average tuition fee for undergraduate programmes in Canada in 2021 of […]
Personal Real Estate Corporation (PREC) Explained
A Personal Real Estate Corporation (PREC) is a corporation that only one real estate salesperson, associate broker, or managing broker owns. It is used to take advantage of the income and tax planning abilities of a corporation. As long as they work in real estate or help services with their real estate services, personal real […]
T5008 Slip – Statement of Securities Transactions
You or someone on your behalf will get a T5008: Statement of Securities Transactions Slip from your broker. This slip lists all the securities that you, or someone on your behalf, bought, sold, or cashed in during the year. In your case, the T5008 slip could include any of these: Bonds, debentures, promissory notes, and […]
What is Canada’s FPT deposit? FPT Dates for 2022
What is an FPT deposit in Canada? In Canada, FPT stands for “Federal-Provincial/Territorial Tax” Credit, and the deposit is used to fund a variety of government aid programs. However, if your bank statement shows a deposit with this entry, it implies you’ve received the GST/HST credit or Canada Child Benefit (CCB). In most cases, the […]
Incorporating Real Estate Business in Canada
Real estate agents and brokers have historically been prohibited from carrying on their business through a corporation. But now Several provinces, including British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, Nova Scotia, and, most recently, Ontario, allow PRECs. Under the proposed regulations, individuals can incorporate and register their real estate service business to form a “personal real estate […]
Canadian Tax Year – Key Dates 2024
One of the most important things to remember as a taxpayer is the deadlines for filing your taxes. The Canada Revenue Agency sets strict due dates for returns and payments. Filing your return on time helps you avoid any interest or penalties and get your refund earlier. We’ve rounded up all the major dates that […]
U.S. Tax I.D. Numbers for Canadians
Are you interested in obtaining an Individual Taxpayer Identification Number? Read on to find out what an ITIN (Individual Taxpayer Identification Number) is and how you can apply for one. Please note, that this number is not a replacement for the Social Security Number (SSN). This information will teach you how to apply for an IRS […]
Installment Payments of GST/HST
Where GST registrants file and remit on an annual basis, the CRA does not wait a year or more for the tax. As is the case with income tax, annual GST filers are required to make a series of four installment payments at regular intervals throughout the year. Who Has to Pay Instalments? Not every […]
The Best Online Will Kits in Canada 2024
Everything in your will is something that is truly yours. These are assets that have been designated for someone else, like: insurance money. The accounts are for “brokerage or investments.” The money for retirement and pension plans Income from bank accounts that payout when you die. Crafting legally valid wills stands as one of the […]