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21 Tax Write-Offs for Small Businesses in Canada

Did you know that the average Canadian-including small business owners in Canada- pay 42.5% of their income in taxes? That's a lot of money. There are many expenses which small businesses can write-off in order to cut down on their taxes. If you run a business in...

How do I Make a CRA Payment?

Everyone in Canada needs to pay their taxes. How you make your CRA payment can differ significantly depending on whether you are applying for individual taxes or corporate taxes. When it comes to paying taxes you have a couple of options. You can either pay them...

Corporate Tax Avoidance: How It Happened And what To Do About It

Whether we like it or not, we are all affected by the tax system, and corporate taxes, in particular, have been a frequent topic in the popular press and policy circles as of late. As I'm sure you've noticed, there have been many articles in major newspapers and other...

Should I Pay Myself Salary or Dividends from my Business?

When you run a corporation you gain a tremendous amount of benefits. You can save on your taxes in various ways when you run a corporation or even a small business. One particular way you can save money through your corporation is by deciding whether it's best to pay...

HST Quick Method vs HST Regular Method

  HST or Harmonized sales tax is one of the many factors which makes Canada unique to other countries. The amount of HST you pay for your business or the amount of HST you charge to your clients varies significantly depending on which province you live in. If you are...

How to Start Small Business Bookkeeping

  How do I do bookkeeping for my small businesses? Good bookkeeping is absolutely essential for you, no matter how big or small your business is. Bookkeeping involves recording your businesses sales, purchases, expenses, assets and liabilities and then compiling these...

How Much GST/HST do I Pay and Charge Per Province?

The answer to 'how much GST/HST do I pay?' depends on which province you live in. Goods and services taxes (GST), Harmonized sales taxes (HST), Provincial sales tax (PST), and Quebec sales tax (QST) are all forms of taxes which are charged by the government. Every...

Should I Incorporate my Business?

The question of whether or not to incorporate your business is something that has probably popped up in your mind multiple times if you run a business. Just like any other procedure related to finances and tax, the answer to 'should I incorporate my business' really...

How To Find the Best Bookkeeping Service in Canada

What is Bookkeeping? Bookkeeping builds the basic foundation of any financial statement for a business. Without proper bookkeeping, your financial statement can easily be created wrong and in turn, you could be losing out on a lot of money at the end of every year....

What is Tax Planning and Why Should I Consider it?

Tax planning is one of the absolute best ways you can ensure you pay minimal taxes at the end of the year. Everyone can benefit from tax planning, but those individuals who hold many assets or who run a business can benefit the most. The difference between individuals...

How do I Correct a Mistake on my Tax Return?

There have been many cases when individuals file their tax return and after filing it they realize they made one or more errors regarding the numbers they submitted. If you have made a mistake you do not have to panic or worry. The CRA is very open to accepting...

What Happens if I Report Wrong Information on my Tax Return?

Tax evasion and tax cheating are considered serious crimes in Canada. If you get caught with false information on your tax return which has been clearly fabricated intentionally then you will be forced to pay hefty fines and depending on how severe the fabrication was...

7 Tax Saving Tips for Canadian Businesses

If you own a business there are many tax deductions you are eligible for. Most business owners are aware that they can claim a few tax deductions, but the majority of them are not familiar with the different deductions which are available for them. There are many...

I’m Late With my Taxes! Now What?

Life can be very hectic and between work and the family, it really can become very difficult to find some spare time to take care of even the most important things; such as your taxes. However, it is absolutely essential that you file your taxes on or before April...

Who Should I Trust to Get my Taxes Done?

Your personal tax information needs to be guarded for obvious reasons. The last thing you would ever want is for your financial information to get into the hands of the wrong person. For this reason, it is absolutely essential that you only indulge in financial...

What is a Personal Service Business?

When it comes to deciding what category your company stands in, the last thing you would want (for the sake of tax deductions and benefits) is to be placed under the category of a 'personal services corporation'. First of All, What is a Personal Services Business? A...

5 Amazing Ways that Online Accounting is Better than Going Office

Getting your accounting needs and tax necessities taken care of over the phone or through an online appointment is a dream come true for those individuals who opt to go for this route. Of course, it is always nice to meet your chartered accountant in person and have a...

Should I File my Taxes Myself?

Personal finance experts all agree that taxes are incredibly complicated and if you want to take the maximum amount of benefit that you possibly can with regards to deductions and benefits then you really need to consult an expert when filing your taxes. There...

What Happens if I Don’t Get my Taxes Done?

April 30th is the deadline for the vast majority of Canadians to file their tax returns and pay any taxes which they owe from the previous year through their tax accountant in Toronto. If you are self-employed you can extend this deadline until June 15th, but you...

How to Save Money on Taxes

The year already has enough financial restrictions on it, the last thing anyone needs is to be bombarded with taxes as the year comes to a close. It can be very difficult to try and balance your daily finances and budget in annual taxes as well. To make matters even...