What Can I Deduct From my Rental Income?
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 […]
What Accounting Standards Are Used in Canada?
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 […]
What Do I Need To Prepare My GST?
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 […]
5 Tips to Setting up a Rainy-Day Fund for Your Small Business
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 […]
What Tax Credits Can I Claim in Canada?
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 […]
What are the Advantages of RDSPs (Registered Disability Savings Plans)?
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 […]
