You may have heard of the idea of having a holding company while considering several structuring options for your venture. Therefore, the business owner needs to understand the Holding company and its benefits to your experience. A holding company offers some...
Are you self-employed and living in Canada? Here are Six top tax-saving strategies for self-employed, recommended by Toronto accounting firms. Many self-employed and business owners prefer to hire professionals for their tax-related queries; they have thorough...
Real estate taxes are pretty much the same as property taxes – one can be treated as the sub-head of the other for the sake of understanding. The key difference between real estate taxes and property taxes is that real estate taxes only apply to the land of houses;...
Bookkeeping services may not be given their due importance; however, if you are a small business owner, you would understand that there are quite a lot of transactions that are performed in a small business and thus, require the business to employ professional...
We all can agree to one thing: all physicians have very big expenses looming on their heads, i.e., the income tax, eating up at least 35% of their incomes. Struggling between earning a decent livelihood, attracting enough customers, and being able to save...
So, you own a small business, and we’re here to help you with some strategies to assist in your year-end tax planning. The two major challenges that you are going to face are tax and succession planning (Succession refers to nominating the next of kin for the...
Many businesses owns in Canada prefer to incorporate their business instead of operating as a sole proprietor because of the many tax benefits attached with business incorporations, the four most significant tax benefits of business incorporations are the following:...
Are you a shareholder of a corporation? You need to remember that even though corporate funds are not personal funds and if you treat your business like it’s a personal bank you may get yourself into trouble with the taxation department. According to the Income Tax...
What is an Audit? What is an audit? An audit is an official investigation to check the organization’s accounts to see if any fraud or illegal activity has taken place, and all things are going well in the company. An audit is a factor of bookkeeping and...
Bookkeeping Bookkeeping is considered an integral portion of accounting which involves recording a company’s financial transactions on a regular basis. Companies require bookkeeping information to stay aware of their day-to-day transactions and to record financial...
