Introduction: In the dynamic landscape of Mississauga's business scene, where entrepreneurship flourishes and companies strive for success, the management of accounting tasks holds undeniable importance. While it may seem economical for businesses, particularly those in their early stages, to handle accounting internally, the allure of cost-saving through DIY approaches often leads to unforeseen challenges and […]
The Canada Revenue Agency (“CRA”) conducts a broad range of activities to ensure taxpayers are compliant with tax laws and to maintain the integrity of Canada’s self-assessment system. The idea of getting audited by the Canada Revenue Agency is risky, stressful, time-consuming, and can create unnecessary hardships. CRA pursues the categories of taxpayers it finds […]
Tax season can be a stressful time for many Canadians. With so many rules and regulations to follow, it’s easy to make mistakes when filing your taxes. However, making mistakes on your tax return can lead to penalties and interest charges from the Canada Revenue Agency (CRA). To help you avoid these costly errors, we’ve […]
In Canada, people often have various questions related to personal taxes, especially during tax-filing season or when planning their finances. Here are some common tax-related questions that people may ask in Canada: Income Tax Filing 1. How is personal income taxed in Canada? Canada uses a progressive (graduated) income tax system where your earnings are […]
Filling out tax forms to file a tax return is fatiguing – So why on earth would anyone file a tax return if they don't have to? Well, there's one particularly important reason why – you might get a hefty tax refund check in the mail. Although you might not be required to file a tax […]
Revealing Financial Mastery: A Roadmap for Toronto Entrepreneurs In the bustling heart of Canada, Toronto stands as a beacon of opportunity for businesses. Here, new companies and small ventures dot the landscape, each striving for success in its own way. But navigating the financial terrain isn't a walk in the park. It takes more than […]
Every year in Canada, millions of dollars in tax deductions and credits go unclaimed. With literally hundreds of tax credits and tax deductions available to eligible Canadian taxpayers, it can be easy to overlook some. In this article, we will discuss some overlooked tax deductions and credits that can save you quite a bit on […]
If you’re self-employed in Canada, you know that the many perks of entrepreneurship come with some challenges unique to being your own boss, including funding your own retirement. With an unpredictable income stream or a lack of clear direction on navigating saving for your future, it can be daunting to ensure all your bases are covered. […]
Have you ever wondered how businesses achieve peak financial performance while maintaining their focus on growth? The answer might lie in the strategic power of outsourced accounting. In this blog, we will delve into the importance of outsourced accounting for businesses of all sizes in Canada, shedding light on its advantages and impact. What Does Outsourced Accounting […]
In the ever-evolving world of social media, individuals have found new avenues to express their creativity, share their passions, and build thriving businesses. This paradigm shift has introduced new lucrative income streams available to a breed of professionals known as “influencers”. These may include Twitch or YouTube streamers earning advertisement revenue, performers receiving subscriptions, gifts, and […]
Tax is one of those things that can keep you up at night. This difficulty could stem from a variety of different reasons – perhaps the business wasn’t profitable enough the year before, or maybe your business is still feeling the effects of the COVID-19 pandemic. In most cases, you already know when you file […]
Navigating the complex world of taxation in Canada can be challenging, especially when dealing with residency status and its implications on your tax obligations. If you’re a resident, you have to declare your worldwide income and pay taxes on it. If you’re a non-resident, you’re taxed only on your Canadian-sourced income. Therefore, it is essential […]
If you own a company in Canada, you are required to file a T2 corporate income tax return each year. Depending on your industry, structure, and income, your corporate income tax return T2 will vary from any other company. Some companies, such as startups and new SMEs, may operate for years before reaching a profitable threshold. Other enterprises […]
The rapidly expanding gig economy in Canada provides countless opportunities to work from the comfort of your home and perform other “gig jobs.” Independent contractors, freelancers, and gig workers are reshaping the traditional employment landscape, offering their skills and services on a project basis. Many Canadians are capitalizing on a boom in freelance positions and side […]
Cross-border tax refers to the taxation considerations and implications that arise when individuals, businesses, or investments operate across national borders. Cross-border tax planning is a specialized form of tax mitigation that helps individuals and businesses to minimize their exposure to double taxation. It involves navigating the complex web of tax laws and regulations across borders […]
In the latest budget, the federal government introduced a new savings vehicle for the purchase of a first home. Let’s find out the details of this new program. What is it? The Tax-Free First Home Savings Account (FHSA) is a new tax-sheltered account, similar to an RRSP and TFSA, that you can use to save […]
Is There a Mistake in Your Taxes? Maybe you missed a tax slip or a receipt when you filed your return. Or maybe CRA made a change to your return based on a misunderstanding. However it happens, you can discover that there’s a mistake on your taxes – an error in an income tax return […]
Do you drive your personal vehicle for business purposes? You may be eligible for special allowances in your tax return! Automobile expenses continue to be an area of scrutiny for the taxman, so you shouldn’t be surprised if the Canada Revenue Agency inquires about how you may have claimed any vehicle expenses or employer’s travel allowances […]
As a small business owner in Canada, it’s not uncommon for your day to go in various directions. Once your business starts to gain momentum your company must find an effective way to manage its books. From small startups to large corporations, businesses of all sizes are increasingly turning to outsourcing their bookkeeping functions. The […]
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 […]
