Explaining the UHT And the Extended Deadline
Due to rising questions about housing affordability over the last few years, the Canadian government is taking measures to increase affordability and penalize those who own an uninhabited home. With the creation of the Underused Housing Tax (UHT), millions of property owners in Canada must pay a 1% tax on the value of their empty […]
Effective Debt Counseling Strategies for Small Business Owners
Effective debt counseling is one of the most valuable tools small business owners can use when financial pressure starts to build. That’s because running a business often involves loans, lines of credit, and payment plans, but without a structured approach these obligations can quickly overwhelm cash flow. Debt counseling provides practical steps to regain stability, […]
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 […]
