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), that
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 MoreGovernment 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 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 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 MoreWhat 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 vision
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 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.
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