With charity-scandals so often grabbing the headlines as of late, many people are wondering what measures are used to keep charitable organizations from being misused or abused. Each year, the Canada Revenue Agency audits approximately one percent of registered charities. This may take the form of a field audit at the charity’s location, or an […]
Canadian government both provincial and federal are putting in place several different types of financial help for citizens during the current COVID-19 pandemic. The financial help becoming available is changing and increasing rapidly. These are the benefits available as of March 31, 2020, that we are aware of.
Provincial (British Columbia):
1. BC Emergency Benefit
This is intended […]
In Canada, in every province there are many things that be deducted from your rental income for tax purposes.
Here is a brief list of things you can deduct followed by a few things you can’t deduct.
What You Can Deduct
1. Interest on your mortgage
If your rental property has a mortgage, you can’t deduct the principal you’re […]
Before we get into what accounting standards are used in Canada, let’s talk about accounting standards in general.
What are Accounting Standards?
These are the generally accepted rules by which accountants can prepare financial statements. They are referred to as GAAP or Generally Accepted Accounting Principles.
Certified accountants will usually be preparing financial statements using GAAP standards. There […]
Most businesses, sooner or later, will have to prepare a GST return for Revenue
Canada. It’s not terribly difficult, and we’ll go over the important parts with you.
Here are some of the most important parts about preparing to pay GST:
Keep good records
This is true for all accounting purposes, but it’s especially helpful for calculating
GST. You need […]
It’s generally recommended that individuals have enough cash or liquid assets set aside to continue to live for about six months in case of emergency. Not everyone does or even can manage to do this, but it’s a good idea.
Your small business should have at least the same amount set aside—for the same reasons—to be […]
Tax credits are amounts that you can claim against your taxable income to reduce your taxable income.
In Canada, there are two types of tax credits: refundable and non-refundable. Refundable tax credits are tax credits that you can claim whether you have any taxable income or not. That means that the Canada Revenue Agency will refund […]
A registered disability savings plan, or RDSP, are savings plans that offer extraordinary benefits for those who qualify for and use them, or even in estate planning and trusts for those with disabled dependents. The RDSP is a federal plan for people with disabilities that provides the following advantages:
– Tax Free Earnings
– Government Grants and […]
What Tax Changes Brought 2019 for Small Businesses?
It seems every year brings about new tax changes, and 2019 was no exception. The 2019 taxes for small business came with some changes. Some were good, such as the reduction on the federal small business tax rate, others not so much for instance the CPP changes which […]
As a Non-Resident, What Taxes Should I Pay on my Canadian Rental Property Income?
If you are a non-resident of Canada, but own a rental property and generate Canadian rental income in Canada, you might be confused about what your tax requirements are. Non-residents tax obligations can be confusing, so read on to see what your […]