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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
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, […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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, […]
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 importance that tricky tax effects are clearly understood. It is essential that the tax landscape and its intricacies are well […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
