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At Naicker and Associates we provide complete CPA services, including: tax & financial services for business and personal, estates & trusts services, as well as services for not-for-profit outfits, and non-resident individuals.
All businesses, whether a self-employed sole proprietorship or a corporation, follow a 12-month fiscal period. This is done to manage tax fillings and for general bookkeeping purposes. However, when this 12-month period begins, and ends is less apparent to first-time business owners.
If you are in this position, this article will attempt to provide an answer […]
This year, 2021, will be an unpredictable year for the economy in Canada due to the ongoing pandemic, the limited vaccine supply, and the varying approaches to economic recovery on both provincial and federal levels. Here are some changes to Canadian Business Taxes you can expect in 2021.
Currently no official extensions of Corporate […]
Canada’s ‘COVID-19 Economic Response Plan’ has provided millions with financial relief throughout 2020. But it may be providing everyone with some extra work come tax time. With that in mind, what changes should we expect to see in 2021 for BC, and federal taxes?
If you […]
The end of the year is fast approaching and that means that tax season will be starting up shortly after the new year begins. With a new tax year on the horizon, when is the best time to file your corporate income tax?
Ordinarily corporate income tax is due no later than 6 months following the […]
If you have not yet paid your taxes for this year, or a previous year, it’s getting to the point where it is likely going to be costing you a lot of extra money. Now, if you don’t owe the CRA anything, you have a bit of a grace period to file your taxes without […]
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.
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.
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.
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:
This is true for all accounting purposes, but it’s especially helpful for calculating
GST. You need […]
