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23 03, 2020

What Can I Deduct From my Rental Income?

By |2020-07-06T16:23:54+00:00March 23rd, 2020|resource, Tip of The Month|0 Comments

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 […]

23 03, 2020

What Accounting Standards Are Used in Canada?

By |2020-06-03T21:05:56+00:00March 23rd, 2020|resource|0 Comments

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 […]

23 02, 2020

What Do I Need To Prepare My GST?

By |2020-03-09T02:20:20+00:00February 23rd, 2020|resource|0 Comments

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 […]

20 12, 2019

5 Tips to Setting up a Rainy-Day Fund for Your Small Business

By |2020-01-28T17:07:13+00:00December 20th, 2019|resource|0 Comments

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 […]

25 09, 2019

What Tax Credits Can I Claim in Canada?

By |2019-11-14T16:00:53+00:00September 25th, 2019|resource|0 Comments

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 […]

6 09, 2019

What are the Advantages of RDSPs (Registered Disability Savings Plans)?

By |2019-11-14T16:02:39+00:00September 6th, 2019|resource|0 Comments

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 […]

26 06, 2019

What Tax Changes are in Store for Small Businesses in 2019?

By |2019-11-14T19:58:33+00:00June 26th, 2019|resource|0 Comments

What Tax Changes are in Store for Small Businesses in 2019?

 

It seems every year brings about new tax changes, and 2019 is no exception. The 2019 taxes for small business have come with some changes, so keep reading to learn about some of the small business tax changes that came into effect this year.

Some Good […]

12 06, 2019

As a Non-Resident, What Taxes Should I Pay on my Canadian Rental Property Income?

By |2019-11-14T19:59:29+00:00June 12th, 2019|resource|0 Comments

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 […]

31 05, 2019

Tracking Your Expenses for a Business Trip: Which Receipts Should You Save?

By |2019-11-14T19:56:22+00:00May 31st, 2019|resource|0 Comments

Tracking Your Expenses for a Business Trip: Which Receipts Should You Save?

 

Whether you are on business trips every week, or are about to embark on your first trip ever, one of the most common question is which receipts to save when tracking your business expenses. When doing business taxes, there are many write-offs available to […]

1 04, 2019

Can I Claim the Exception for the Speculation & Vacancy Tax?

By |2019-11-14T20:02:00+00:00April 1st, 2019|resource|0 Comments

British Columbia’s new Speculation and Vacancy tax is an annual tax for owners of residential property in certain taxable regions of B.C. The main idea behind this new BC tax is to discourage housing speculation and encourage owners of vacant houses to make these properties available for rental. Thankfully, the BC NDP government has claimed […]