What are the Consequences of Not Filing Taxes in Canada?
What are the Consequences of Not Filing Taxes in Canada? All Canadians whether they are working for someone, self-employed or a corporation have to file their tax returns every year. Filing your taxes late and not filing your taxes at all can have severe consequences. In this article, we will discuss the penalties for not
Read MoreHow to Minimize Your Chances of Being Audited by the CRA?
How to Minimize Your Chances of Being Audited by the CRA? As a small business owner in Canada, being audited by the Canada Revenue Agency (CRA) can be a most daunting experience. You have enough to do managing your business without undergoing a time-sucking and possibly expensive tax audit. The Canada Revenue Agency (CRA) audits
Read MoreAll You Need To Know About Claiming Medical Expenses On Your Personal Income Tax Returns
All You Need To Know About Claiming Medical Expenses On Your Personal Income Tax Returns While Canadians have the privilege of universal healthcare, not all procedures, medications, assessments, and therapies are covered so we’re often left to reach into our own pockets, especially if we don’t have private insurance. But did you know that you can
Read MoreTop 10 Start-up Accounting Checklist for New Business Owners in Canada
Top 10 Start-up Accounting Checklist for New Business Owners in Canada Starting a small business in Canada definitely comes with it’s challenges, thus having a checklist to starting your own small business is very important. Our starting a business checklist includes all the tasks you need to get going. To help, we’ve put together this
Read MoreWhat Are The Tax Efficient Ways to Withdraw Money from Your Business?
What Are The Tax Efficient Ways to Withdraw Money from Your Business? As a business owner, you may have surplus cash accumulating in your corporation. Simply withdrawing cash from your business will likely result in a significant tax bill. So the question then becomes: how do you take money out of your business in a
Read MoreStill Working From Home? – Breaking Down The Implications Of Remote Work On Taxes
During global COVID-19 pandemic, employers have embraced an environment where employees work from home. With the opportunity to work from home, some Canadians are taking the opportunity to work from anywhere. For some that means working from the cottage or working from a foreign location. While this has been a great opportunity for employees and employers alike, there’s just one catch: understanding the impact of working remotely on taxes. In this article, we will explain where Canadian remote workers pay taxes and the unique tax implications of working remotely.
Read MoreAll You Need to Know About Canada’s Electric Car Govt. Rebates, Tax and Tax Write-offs
The federal government has declared that by 2035 100 per cent of passenger cars and trucks sold in Canada must be zero-emission. But we all know that the higher upfront purchase cost of zero-emission vehicles (ZEVs) can make it more difficult to adopt this clean technology. In order for you to make the switch, both Federal and provincial government has announced new incentives to make zero-emission vehicles (“ZEV”) more affordable for Canadians. Here is the breakdown of everything you need to know before purchasing ZEV.
Read MoreWhat Is a Trigger Rate – and How Does It Impact Your Mortgage?
The trigger rate applies to variable-rate mortgage holders that are on a fixed payment schedule. In case of variable rate mortgage (VRM), the trigger rate is the rate at which the regular mortgage payments no longer covers the accrued interest.
Read MoreExtension of Canada Emergency Business Account (CEBA) Repayment
The Canada Emergency Business Account (CEBA) program has provided interest-free, partially forgivable loans to nearly 900,000 small businesses and not-for-profit organizations to help them navigate the challenges of COVID-19 pandemic and remain resilient. The loan was given to cover their non-deferrable expenses such as wages, rent, lease payments, property taxes, utility bills etc.
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