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 […]
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 […]
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 […]
