How to Maximize Tax Return 2022 in Canada
How to Maximize Tax Return 2022 in Canada With rising interest rates every Canadians are experiencing strains caused by the increased cost of living and inflation. Claiming tax deductions & credits can help offset the financial burden by putting extra money back in your pocket. In order to maximize your tax return, you need to calculate yourRead More
Understanding 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 aRead More
Thinking 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 planningRead More
All You Need to Know About TFSA Rules For Trading Stocks in Canada 2023
All You Need to Know About TFSA Rules For Trading Stocks in Canada 2023 TFSAs (tax-free savings accounts) and RRSPs (registered retirement savings plans) are two of the most popular registered accounts held by Canadians. A TFSA helps you save for any goal – from next summer’s vacation abroad to supplementing your retirement later on — with tax-free growth.Read More
Investing in RRSPs or TFSAs: What’s right for you?
Investing in RRSPs or TFSAs: What’s right for you? If you’re self-employed or a small business owner, saving for retirement comes with its own set of challenges. Can you save for the retirement and get a tax break? An RRSP and a TFSA are both investment accounts, registered with the Canada Revenue Agency (CRA), thatRead More
How 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, inRead More
Government Announces the 2023 Automobile Deduction Limits and Expense Benefit Rates for Businesses
Government Announces the 2023 Automobile Deduction Limits and Expense Benefit Rates for Businesses Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2023. The following changes to limits and rates will take effect as of January 1, 2023: The ceiling for capital cost allowances (CCA)Read More
All 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 expendituresRead More
How 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) auditsRead More
What Financial Statements Does A Small Business Need in Canada?
What Financial Statements Does A Small Business Need in Canada? Financial statements are a key tool for running your business. A financial statement is a formal set of record of a company’s financial status at a specific point in time. These plans give a current landscape of your small business and forecast the future visionRead More