Insights

August 4, 2022
How to Get a Master Business License in Ontario

Do you want to launch your own company in Canada? Do you have a wild business idea? In that case, you should apply for a master's business license. Do you want to launch your own company but want it to be launched as practically and efficiently as possible? You keep hearing that to start a […]

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August 4, 2022
Everything You Need to Know About - Canada Digital Adoption Program (CDAP)

Small start-up businesses are pretty common in Canada. According to the official Canadian government, the statistics from the labour force survey show that around 68.8% of the labour force is employed in small business start-ups.  Furthermore, author Szabolcs Szecsei published an article on the review moose website which stated that every year around 95,000 small businesses are opened in Canada. To […]

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August 4, 2022
SOLIDARITY TAX CREDIT: Everything You Need to Know

Do you ever think that after taxes and fees, your paycheck is almost half? And you're only taking care of the essentials. Do you know that the government helps low - and middle-income employees by levying solidarity taxes. If you don’t know what solidarity tax credits are, then you are missing out on this great […]

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August 4, 2022
Everything You Need to Know About NETFILE in Canada

What is NETFILE? NETFILE is an electronic tax filing online service, launched by the Canada Revenue Agency (CRA). This service allows you to send your tax returns directly to the Canada Revenue Agency (CRA). The tax returns are submitted through protected software like H&R Block, which safeguards against any cyber security issues.  Moreover, the Canadian […]

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July 30, 2022
How to Sell Your Business in Canada

Selling your business is a complex subject. A layman might face difficulty in understanding and comprehending this topic. Let me simply say this to you: selling your business might be one of the hardest decisions of your life. The emotional attachment and all the blood, sweat and tears you might have put into your business […]

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July 27, 2022
How to Carry Forward Capital Losses to Deduct Future Gains?

While capital gains are subject to tax, capital losses are deductible by the same token. But do you know that, with some caveats, you can carry your capital losses forward to offset taxes on capital gains in the future? One step at a time, let’s go through what counts as a capital loss and how […]

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July 27, 2022
Relocation Tax Deductible Expenses

Did you know that some of the costs you incur in connection with relocating to a new job in Canada are tax-deductible? Moving, in general, comes with a slew of different kinds of anxieties, as well as life changes and often significant monetary expenses. But, if you’re starting a new job in a new place, […]

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July 27, 2022
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 […]

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July 25, 2022
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 […]

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July 25, 2022
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 […]

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July 25, 2022
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 […]

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July 23, 2022
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 […]

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July 20, 2022
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 […]

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July 13, 2022
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, […]

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July 12, 2022
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 […]

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July 12, 2022
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 […]

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July 12, 2022
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 […]

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June 23, 2022
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 […]

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June 18, 2022
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 […]

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June 9, 2022
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 […]

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June 8, 2022
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 […]

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June 8, 2022
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. […]

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June 3, 2022
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 […]

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April 30, 2022
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 […]

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April 23, 2022
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. […]

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April 20, 2022
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. […]

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April 13, 2022
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 […]

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April 12, 2022
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 […]

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April 12, 2022
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 […]

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April 12, 2022
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 […]

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