Saving For Your First Home? Learn More About Tax-Free First Home Savings Account (FHSA)
Saving For Your First Home? Learn More About Tax-Free First Home Savings Account (FHSA) In the 2022 budget, the government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This new registered plan would give prospective first-time home buyers the ability to save $40,000 on a tax-free basis. Like a Registered Retirement Savings
Read MoreUnderstanding Shareholder Loan Accounts
Understanding Shareholder Loan Accounts As interest rates continue to climb in 2023, the idea of taking out a loan from your corporation at no or low interest may be increasingly appealing. But before you plan to do that, it is important to understand the tax implications related to that. If you’re considering taking out a
Read MoreThinking About Retiring? Our Advice on Credits & Benefits Available to Canadians
Thinking About Retiring? Our Advice on Credits & Benefits Available to Canadians It is essential for seniors to adopt a plan regarding taxes when planning for retirement. More than 1 in 5 working-age Canadians are between the ages of 55 and 64 – more than at any time in our history. With the impending retirement wave, retirement planning
Read MoreEverything you need to know before closing down a business in BC
Everything you need to know before closing down a business in BC Closing a business is never a pleasant or easy task. It may be for personal reasons, like retirement, or perhaps you no longer feel it’s a sustainable business. It’s vital to follow the right administrative procedures to notify the relevant government agencies that you
Read MoreBoost your small business digital strategy with the Canada Digital Adoption Program (CDAP)
Boost your small business digital strategy with the Canada Digital Adoption Program (CDAP) In March of 2022, the Canada Digital Adoption Program (CDAP) was announced by the federal government. As part of Budget 2021, the $4 billion investment is dedicated to supporting small businesses through access to micro-grants, loans, and a network of professionals ready
Read MoreHow to recession-proof your business finances in 2023?
How to recession-proof your business finances in 2023? Small business owners are struggling to make sense of the current economic state in 2023, with reports on a looming recession floating around. Therefore, it is advisable to be ready to weather the upcoming storm. Just as evolution in animals dictates that only the fittest survive, in
Read MoreHere are answers to five of the top business tax information questions
Question 1: How do I register for My Business Account? You can register for My Business Account using your Canada Revenue Agency (CRA) User ID and password or through a sign-in partner. Haven’t set up your CRA User ID yet? Find out how here: Registration process to access the CRA sign-in services What you’ll need to register: CRA
Read MoreBeware of scammers posing as CRA employees
Over the past few years, scam phone calls from individuals claiming to be from the Canada Revenue Agency (CRA) have increased. As we approach the time of year to file personal tax returns, these calls become more frequent as scammers seek to take advantage of the tax season. How to make sure the caller is
Read MoreAll You Need to Know About Tax Deductions From Commission Income
All You Need to Know About Tax Deductions From Commission Income Employers offer additional incentives to employees to generate high performance levels in form of bonus or commissions on top of their base salary. Commission employees under the paragraph 8(1)(f) of the Income Tax Act, have the option of deducting a broader range of expenditures
Read MoreWhat are the Pros & Cons of Incorporating Your Business in 2023?
What are the Pros & Cons of Incorporating Your Business in 2023? If you are starting up a small business, you might be wondering how you should structure your company? Whether you should incorporate your business or opt for a sole proprietorship in Canada? At some point or another, you may decide to incorporate your
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