Tax season can feel like a whirlwind, especially if you’re an online seller. As the deadline looms, a flurry of questions often arises. How do you ensure everything's in order? What can you claim? don’t panic! Even if the time runs short, there are still proactive steps you can take to minimize your tax liability […]
Navigating through tax season can be like swimming through a sea of paperwork, numbers, and deadlines. Once the dust settles, it’s time for business owners to step back and take a breath. But don’t get too comfy! There are important actions that need your attention after tax season wraps up, business owners should focus on […]
The Canadian government has made a significant stride in healthcare accessibility by making psychotherapy and counseling services tax-exempt. This change, which took effect in 2024, makes mental health care more accessible for everyone. This exemption allows people to afford the care they need without the financial burden. This move is seen as a step towards […]
Starting a small business in Ontario can be as exciting as it is challenging. You have your ideas, your passion, and maybe a great team. But what about the money? That's where small business loans come into play. Whether you’re launching a startup or looking to expand your existing business, one question inevitably arises: Should […]
Thinking about starting a business in Canada but not a resident? You’re not alone! Many non-residents dream of making their mark in this great country. Understanding Canada’s Business Landscape Before jumping in, it’s good to know what Canada offers. With a welcoming economy, safety, and a high standard of living, it’s no wonder many want […]
Ever wondered how businesses manage their finances without a mountain of paperwork? In today’s rapidly evolving business landscape, staying ahead requires leveraging innovative technologies to streamline operations and enhance efficiency. One such technology that has revolutionized the way businesses manage their finances is cloud accounting. By moving away from traditional desktop-based accounting software to cloud-based […]
Are you starting a business? It’s exciting! But that first year? It can feel like a wild ride—lots of ups and downs. Many new entrepreneurs stumble in ways that could be avoided. Here are some common pitfalls and how to sidestep them like a pro. Skipping the Business Plan Think a business plan’s just extra […]
A good tax pro can do more than get you ready for April 30. Finding the right tax accountant can feel like searching for a needle in a haystack. With so many options and each claiming to be the best, how do you figure out who’s right for you? This guide breaks it down to […]
Smile Bright: Understanding Canadian Dental Care Plans and Payroll Requirements When it comes to our health, dental care often doesn't get the attention it deserves. But in Canada, ensuring you have a solid dental care plan is as crucial as brushing your teeth every day. What is the Canadian Dental Care Plan? A Canadian dental […]
When you're in the import/export business, understanding your money is just as important as knowing your products. Accounting and bookkeeping aren't just boring tasks; they’re your lifelines. Let’s break down how these financial practices play a key role in the success of your import/export business in Canada. What is Import/Export Accounting? In the dynamic landscape […]
Education is one of the most vibrant industries, as it spreads knowledge and educates children. Managing an educational institution involves more than delivering quality education; it requires meticulous financial management to ensure sustainability and growth. Understanding the Importance of Accounting Services in Education Institutes Just like a classroom needs teachers and students to thrive, educational institutions […]
It’s not been an easy sail for Canada’s manufacturing sector for a few years. High energy and material costs, supply chain volatility, worker shortages, and trade disruption have all contributed to creating a challenging environment for manufacturers in Canada. But despite all of that, there is a wave of optimism making its way through Canada’s […]
Running a law firm is no small feat. Whether you’re a solo practitioner or part of a medium-sized team, juggling cases, clients, and court appearances to ensure compliance with legal regulations keeps you on your toes. In today’s increasingly complex legal and financial landscape, law firms face a multitude of challenges that demand meticulous attention and […]
What Is a Full-Service really? It's more than just numbers and spreadsheets. A full-service accounting firm offers a comprehensive range of accounting and financial services to businesses, organizations, and individuals. These services extend beyond traditional accounting and tax preparation to include a variety of specialized financial functions. A full-service accounting firm provides a wide range […]
Work-From-Home Expenses: A Guide to the T2200 Form in Canada For many Canadians, working from home has become the new normal. While this flexibility offers numerous benefits, it can also lead to additional expenses like increased electricity bills, internet costs, and wear and tear on your home office furniture. Thankfully, the Canada Revenue Agency (CRA) […]
When considering home ownership in Canada, the terms "Home Buyers Plan" and "First Home Savings Account" often pop up. The Home Buyer's Plan (HBP) and the First Home Savings Account (FHSA) are programs designed to help individuals purchase their first home in Canada. To take advantage of the HBP and/or FHSA, you need to be […]
Your accounting system is the key to understanding what's happening in your business. It's also vital to tax return preparation and other government compliance regulations. That's why getting things right is essential. Mistakes happen — even in buttoned-up accounting departments. Unfortunately, whether you use a cloud-based or desktop accounting system, mistakes can happen. A transposed […]
As the business world enters a new era in 2024, the Accounts Payable (AP) function stands at the forefront of significant transformation. The challenging market, growing economic uncertainty, the emergence of artificial intelligence (AI)-powered systems, and increasingly sophisticated payment fraud threats have forced AP departments to rethink the way they operate. Experts predict these factors will shape […]
In 2024, the Canada Pension Plan (CPP) underwent several enhancements aimed at improving retirement security for Canadians. These enhancements include adjustments to contribution rates, benefit calculations, and eligibility criteria. The goal of the enhancements is to ensure that Canadians have access to higher benefits and greater financial stability through a small increase in the amount […]
Got a year-end work bonus, congrats! Having extra money may sound great, but you will still have to pay taxes on this amount as you do on all other income. Before you plan to spend it, know what deductions to expect—and how to avoid unexpected balances at tax time once you file your taxes. In Canada, […]
What is Disability Tax Credit (DTC) The Disability Tax Credit (DTC) created by the Canadian Government and Canada Revenue Agency (CRA) is a non-refundable tax credit intended to reduce the amount of income tax Canadians with disabilities and/or their families and supporters would have to pay annually hence assisting to offset some of the additional […]
For 2024, the Canada Revenue Agency (CRA) has updated the payroll deduction tables to reflect changes in federal, provincial, and territorial tax rates, Canada Pension Plan (CPP) contributions, and Employment Insurance (EI) premiums. Employers are responsible for deducting the following four amounts: the Canada Pension Plan contribution the Employment Insurance premium federal income tax provincial […]
Managing accounts payable and accounts receivable is critical in determining the financial health of any company. Properly tracking and managing them is important not only for assessing overall performance but also for helping managers and owners make smarter decisions that can influence an organization’s future. When and how should businesses pay their bills? And when and how should they […]
In the fast-paced world of accounting, cash flow is king. However, managing a constant flow of incoming and outgoing payments can be a logistical nightmare for any business. Inefficient accounts payable (AP) and accounts receivable (AR) processes can lead to delayed payments, lost discounts, and strained relationships with suppliers and customers. Managing accounts payable and […]
The Canadian federal government announced changes to the rules in the April 2024 Federal Budget that will go into effect starting June 25, 2024. These changes particularly impact the taxation of estates and will likely have a profound impact on estate/succession planning for both Canadian residents and non-residents with investments/assets located in Canada going forward. The draft proposals […]
Marginal and average tax rates occupy a prominent place in the Canadian tax mechanism. Tax rate, tax bracket, marginal tax, average tax — there sure is a lot of tax-related terminology floating around, isn’t there? This blog will guide you through the nuances of the complex Canadian tax system. Canada has a progressive tax system, […]
In Canada, having a dependent can provide several tax benefits that can help reduce the amount of income tax you owe. Do you support someone financially? If so, you might be able to claim them as a dependant on your taxes. You’ll pay less tax, and who doesn’t like that? CRA offers credits for you […]
Registered Retirement Savings Plans (RRSPs) are popular retirement savings vehicles in Canada, offering tax-deferred growth on investments. You can contribute to your RRSP or your spouse’s RRSP and claim a deduction for your contribution against your taxable income. However, there are contribution limits, and exceeding them can lead to penalties. What is an RRSP Over-Contribution? […]
In today’s economy, real estate is one of the best ways to generate wealth and fund your retirement. But while asset appreciation has been enormous, sellers should be asking themselves this very important question: How much tax do I pay when selling my property in Canada? Real estate investors should know that the Canada Revenue Agency […]
When it comes to getting a car, the decision of whether to lease or finance can be a daunting one. As a business owner, the decision to buy or lease a vehicle under a corporation in Canada can be complicated and requires careful consideration. Both options come with a different set of advantages and disadvantages, […]
