Insights

Were you surprised by your tax bill this year? Small business owners in Canada, especially new ones, are often caught off guard by what they owe. Here’s how small business owners in Canada avoid a big tax bill by using strategies each month to get ready for April. They take advantage of the extension Although […]

Cryptocurrencies are all the rage these days and they’re quickly becoming a popular investment in Canada. It is extremely important to keep track of all cryptocurrency trades to remain onside with the Canada Revenue Agency (CRA). The CRA views cryptocurrency as a commodity for tax purposes, therefore, cryptocurrency trading may result in tax implications to […]

One of the early signs of spring in Canada is tax season! And you’ve got to get ready to file your taxes in Canada for the first time. There are so many pieces to keep track of: "What form am I supposed to fill out? What if I worked in multiple jobs? If I make […]

In the quest for financial diversification, franchises are becoming an increasingly popular path. What it means to open a franchise in Canada Franchises are a popular business option among entrepreneurs in Canada. A franchise business is one where an organization (a franchiser) licenses its registered brand and trademark to someone else (a franchisee), allowing it to […]

With the Canadian tax season 2024 just around the corner, many individuals are beginning to stress about filing mistakes and missed deadlines. By getting your personal tax return prep work done early, however, you can alleviate concerns around potential Canada Revenue Agency (CRA) fines. The main objective of income tax planning for individuals as well […]

Running a small business in Canada comes with many rewards, but it also means dealing with the complexities of the Canadian tax system. Navigating the intricacies of the Canadian tax code, coupled with the responsibility of managing a business, can create stress and uncertainty. However, with careful planning and strategic insights, maneuvering through the Canadian […]

When an employee in Ontario receives their paycheck, there are certain mandatory deductions that come off the top before the net pay is calculated. These deductions include federal tax, provincial tax, Canada Pension Plan (CPP) contributions, and Employment Insurance (EI) premiums. The amount of tax deducted from each paycheck is determined by an employee's salary, […]

A $90,000 annual salary in Ontario translates to a good middle-class lifestyle. However, to determine if this income level allows you to live comfortably, we need to consider the key details: Tax Rates Based on the 2023 tax rates in Ontario, an annual income of $90,000 would have the following tax obligations: Federal Tax: $12,669 […]

A critical process in financial reporting and cash management is the bank reconciliation. This is a comparison between a company's reported cash balance and the corresponding amount per bank records. The purpose of regularly reconciling cash accounts is to ensure transactional accuracy, uncover discrepancies, record adjustments, and prevent fraud. By clearly defining bank reconciliation objectives […]

An annual salary of $40,000 in Ontario translates to a good middle-income salary that affords a decent standard of living in most areas across the province. With the average individual income in Ontario at around $52,000 per year, a salary of $40,000 puts an individual slightly below the middle of the income distribution. While not […]

Current liabilities are financial obligations of a business that are due within one year or within a normal operating cycle. Identifying, recording, and properly disclosing current liabilities is an important aspect of financial accounting in Canada. I will provide an overview of key principles and concepts related to current liabilities under Canadian generally accepted accounting principles […]

A $100,000 salary may sound like a lot, but after deducting taxes, deductions, and living costs in Ontario, the take-home amount will be considerably less. This article will analyze the key components that determine your net income from a $100k salary, including: Tax Rates in Ontario The tax rates in Ontario for 2023 on a […]

The statement of cash flows is one of the core financial statements, along with the income statement and balance sheet, that provides important information about a company's financial health and performance. In Canada, the statement of cash flows is governed by accounting standards issued by the Accounting Standards Board (AcSB). Here is an overview of […]

Companies in Canada use the margin of safety and operating leverage as two crucial financial metrics to evaluate profitability and risk. Margin of Safety The margin of safety measures the buffer between a company's actual or budgeted sales revenue and its breakeven point. It shows how much sales can fall before losses are incurred. The […]

Tax Rates on $130,000 in Ontario The tax rates on $130,000 of income in Ontario consist of federal and provincial income taxes, as well as Canada Pension Plan (CPP) and Employment Insurance (EI) premiums. Federal Tax Rates The federal tax rates for 2023 applied to a taxable income of $130,000 are: 15% on the first […]

Tax Rates An individual earning $95,000 annually in Ontario would fall into the following federal and provincial tax brackets for 2023: Federal Tax Brackets 15% on the first $53,359 20.5% on the next $53,360 to $106,717 26% on the next $43,483 to $150,000 29% on the remaining $45,000 Ontario Tax Brackets 5.05% on the first […]

Making $200k After Tax in Ontario: A Comprehensive Guide Earning a $200,000 annual salary puts you in an elite group of top income earners in Ontario. But after federal and provincial taxes, how much of that income do you actually take home? And what is the lifestyle impact of making $200k in Ontario compared to […]

Tax Rates on $110k in Ontario An individual earning $110,000 annually in Ontario would fall into the 43.41% marginal tax bracket for 2023. This means every additional dollar earned above $110,000 is taxed at 43.41% [1]. The breakdown of taxes on $110,000 in Ontario is: Federal tax: $17,366 Provincial tax: $9,518 Canada Pension Plan (CPP): […]

Tax Rates An individual earning $68,000 per year in Ontario would fall into the 29.65% marginal tax bracket for 2024. This means federal and provincial income taxes are calculated as follows: Federal tax: 15% on the first $53,359 of taxable income, plus 20.5% on the next $53,360 to $106,717, plus 26% on the next $58,713 […]

In managerial accounting, manufacturing overhead refers to the indirect costs incurred during production that cannot be easily traced to individual units produced. These costs include things like factory utilities, equipment depreciation, and factory supervisor salaries. To allocate overhead costs to units produced, companies estimate the overhead costs for the year and divide that by an […]

What is ODSP? According to the Ontario Government, the Ontario Disability Support Program (ODSP) was created “to meet the unique needs of disabled residents of Ontario through the provision of income and support to help recipients find meaningful employment. ODSP is a social assistance program that provides financial support to eligible residents of Ontario who […]

Tax Rates on $85,000 in Ontario An individual earning $85,000 per year in Ontario would fall into the 31.48% marginal tax bracket for 2023. This means every additional dollar earned above $85,094 is taxed at 31.48% [1]. The total income taxes paid on an $85,000 salary in Ontario are estimated to be $24,797, which includes: […]

Tax Rates and Take Home Pay An individual earning $75,000 annually in Ontario would have the following tax rates applied: Federal tax rate: 15% on the first $53,359 20.5% on the next $21,641 Ontario provincial tax rate: 5.05% on the first $49,231 9.15% on the next $25,769 Based on these tax brackets, the total annual […]

Tax Rates and Take Home Pay on $85,000 in Ontario An annual salary of $85,000 in Ontario would have the following key tax rates and take home pay: Total Income: $85,000 Federal Tax: $11,436 Provincial Tax: $5,685 CPP Contributions: $3,754 EI Premiums: $1,002 Total Deductions: $21,878 Net Take Home Pay: $63,122 This results in an […]

Tax Rates and Take Home Pay An individual earning $150,000 in Ontario would face the following tax rates in 2023: Federal tax rate: 26% Ontario provincial tax rate: 11.16% Combined federal + provincial marginal tax rate: 37.16% After taking into account tax deductions and credits, the average total tax rate would be approximately 30%, meaning […]

Tax Rates and Take-Home Pay An individual earning $72,000 per year in Ontario would have the following income tax rates applied in 2024: Federal tax rate: 20.5% on income between $50,197 and $100,392, plus 26% on income between $100,392 and $72,000 Ontario tax rate: 9.15% on income between $49,231 and $98,462 This results in an […]

Take Home Pay and Tax Rates For a gross annual salary of $80,000 in Ontario in 2024, the total income tax deduction is estimated to be $20,396, resulting in a net annual take home pay of $59,604, or $4,967 per month. The average tax rate is 24.9% and the marginal tax rate is 31.5%. This […]