As the Canadian government continues to strengthen its tax reporting regulations, new requirements have been implemented for trusts which are now in effect for the year ended December 31, 2023. These changes aim to enhance transparency and ensure compliance with tax obligations. It is essential for individuals and entities involved in trust arrangements to understand […]
Tax season can be a stressful time for many individuals and business owners. Filing your tax return accurately is crucial to avoid penalties and maximize your tax savings. However, mistakes can happen, and it's important to know how to fix a mistake on your tax return. In this article, we will walk you through the […]
As we step into the new year, it's crucial for individuals and businesses in Canada to stay on top of their 2024 tax deadlines. Filing taxes and meeting the deadlines set by the Canada Revenue Agency (CRA) is essential to avoid penalties and hefty interest charges. In this article, we'll walk you through the key […]
How do I pay CPP and EI when self-employed? This is a common question often asked by self-employed individuals. Generally, two areas where self-employed individuals differ from regular employees are contributions to the Canada Pension Plan (CPP) and Employment Insurance (EI). In this article, we will walk you through the process of paying CPP and […]
Starting a business is an exciting endeavor, but one of the most crucial decisions you'll need to make is the legal structure of your company. Incorporating your business in Ontario can provide numerous benefits, such as separating your personal and business finances and protecting your personal assets from liability. However, the process of incorporation can […]
In the complex world of taxes, mistakes can happen. Whether it's a simple oversight or a deliberate omission, the consequences of inaccurate tax filings can be daunting. However, the Canada Revenue Agency (CRA) offers a solution through its Voluntary Disclosure Program. This program allows taxpayers to correct their past tax errors without facing criminal prosecution […]
What is a minute book? As a business owner, you may have heard of a minute book, but do you know what it is and why it's important for your business? In this article, we will dive into the details of what a minute book is, its purpose, and why every corporation should have one. […]
In recent years, there has been a significant increase in the number of Canadians working from home. With the rise of remote work and self-employment, many Canadians are utilizing their homes as their primary place of business. This shift in the work landscape has led to an increased interest in the tax implications of having […]
The alternative minimum tax (AMT) is a tax system that ensures high-income individuals pay a minimum amount of tax, especially those who benefit from certain tax incentives and deductions that reduce the tax they owe to very low levels. The Canadian federal government has proposed significant alternative minimum tax changes in the 2023 Federal Budget. […]
When it comes to your taxes, your marital status plays a crucial role in determining the benefits and credits you may be eligible for. It's essential to inform the Canada Revenue Agency (CRA) when you have a marital status change. Whether you're getting married, living common-law, separated, divorced, or widowed, updating your marital status ensures […]
The Canada Revenue Agency (CRA) is responsible for ensuring that individuals and businesses in Canada comply with tax laws. While most taxpayers strive to file accurate and honest tax returns, there are certain triggers that may increase the likelihood of being selected for a CRA audit. A tax audit can be a time-consuming and stressful […]
Moving can be an exciting and challenging experience, and it often comes with a price tag. However, did you know that in certain circumstances, you may be able to deduct your moving expenses on your tax return? In this article, we will answer the question that many clients have - Are moving expenses tax deductible […]
Investing in rental properties can be a lucrative venture, providing a steady stream of income and potential long-term wealth. A common question that often arises with clients is how best to structure their real estate investments. Though there are a few different structures available to hold your real estate investment, but for the purposes of […]
Are you unsure whether you should classify someone as an employee or a contractor? The Canada Revenue Agency (CRA) has specific guidelines that determine the distinction between the two. Understanding these guidelines is crucial for businesses to ensure compliance and avoid potential penalties. In this article, we will delve into the differences between an employee […]
Renting out properties can be a lucrative venture, but it also comes with tax implications that every landlord should be aware of. Understanding how tax on rental income works in Canada is crucial for both new and experienced landlords. In this comprehensive guide, we will delve into the various aspects of tax on rental income, […]
As the sharing economy continues to thrive, many Canadians are turning to platforms like Airbnb to earn extra income by renting out their properties. However, with this additional income comes the responsibility of understanding and complying with the tax obligations as an Airbnb host. In this comprehensive guide, we will explore the ins and outs […]
Capital gains tax is a crucial aspect of the Canadian tax system that every individual and business owner needs to understand. In Canada, the capital gains tax is levied on the realized gain or profit you make from selling your investments. The tax rate varies depending on your income level and the type of investment […]
Running a business often involves managing numerous financial and administrative tasks, from bookkeeping to filing taxes. While it can be tempting for busy business owners to handle these obligations themselves, partnering with an experienced accounting firm can make a world of difference in your bottom line. Yes, working with an accounting firm can make all […]
Tax planning can be daunting and overwhelming, especially with the ever-changing laws that come into play. Making sure your taxes are filed accurately is important for not only avoiding potential penalties but also maximizing your deductions when it comes time for tax season. With these considerations in mind, hiring a professional accountant could be a […]
The 2023 tax season will bring some changes that taxpayers need to be aware of to make sure they are compliant with their filing obligations. You can file your 2022 tax return starting on February 20, 2023. The deadline for most Canadians to file their 2022 income tax and benefit returns is April 30, 2023 […]