Running a small business comes with many challenges; we get it, we are small business owners too. This article will explain how hiring an accountant can help you throughout the life cycle of your business. Before starting a business, hire an accountant If you are...
Doing business in Canada can mean dealing with a lot of red tapes. There are many government requirements for corporate accounting to keep up with. A good bookkeeper will be able to help you manage all these requirements so nothing slips through the cracks; however,...
A holding company is a registered company that is primarily used to hold investments. This is different from the operating company. Operating companies are used to run active businesses, such as accounting firms or hardware stores. File your corporate income tax...
If you’ve run a business or know someone who has, chances are you’ve talked about what you can write off as an expense as it also reduces the taxable profit that you’d have as a business owner. It could have gone something like this: According to the CRA,...
It is important for Canadian doctors to have a plan for their fees and general financial health. Having a tax planning financial strategy will help you keep what you have, retain more, and ultimately maximize your claims while remaining compliant with all rules and...
Entrepreneurs work hard to establish their businesses and generate profits. During the first few years of business, entrepreneurs often sacrifice their personal needs to reinvest any profits they may have generated into the business to help it grow. However,...
When you file your tax return, you can claim the tax credits you are entitled to. A tax credit is an amount that can be deducted from the amount of tax owed. Unlike deductions and exemptions, which reduce the amount of taxable income, tax credits have the function of...
The federal government’s TOSI (Tax on Split Income) regulations came into force on 1 January 2019. In this article below, we have outlined how these changes will affect you and the potential steps you can take in light of the revised TOSI government rules. In...
Remember how each individual must file their income tax? Well, the same goes for corporations. What is a T2 form? The T2 form is the taxpayer’s form for all Canadian companies to file income taxes. Businesses must submit T2 forms within six months of the end of...
As with employment income, your small business income is subject to tax. If you are new to the Canadian business environment, you may not be familiar with the tax laws that apply to small businesses and the self-employed. This article will give you an overview of how...
