Do I Charge GST or HST On Sales to Other Provinces?
If you are running a business, self-employed, or a contractor in Canada, you may be required to charge GST or HST on sales to other provinces. GST and HST are charged by businesses and contractors that no longer qualify as small suppliers. The rate of GST or HST you charge will depend on where business […]
What Goes into a Business Financial Statement?
Financial statements are completed every quarter and provide clear insight into the operational health of any business. Financial statements are commonly used by investors, analysts, and reporters to research operational performance. Are you wondering what goes into a financial statement, and what is it used for? A business’s financial statement will show you detailed and […]
Are There New Tax Breaks for Small Businesses in Canada?
Are there any new tax breaks in 2022 for small businesses in Canada? As of now, there are three tax-saving opportunities for Canadian businesses and contract workers to take advantage of. In this article, we are going to provide a brief overview of the three tax credits and who can apply for them. Expenses The […]
How Can I Find Out When My Business Tax Year Ends?
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 […]
Business Taxes in 2021
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. Extensions and Deferrals Currently no official extensions […]
What Changes Should We Expect for BC and Federal Taxes?
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 for BC, and federal taxes? COVID-19 Relief Measures Will Have a Big Impact on Your Taxes If you […]
