How to catch up on your bookkeeping in Mississauga

Bookkeeping is not something that you can put up for later. Usually, this is how some small business owners think about it. They don’t give bookkeeping the importance and the priority that it deserves. They only think about it at the last minute, when they desperately need their books. Although it doesn’t apply to all…

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Signs You Need to Hire a Bookkeeper in Oakville

As a small business owner or an entrepreneur, you must have thought about doing your own bookkeeping. It ensures that you don’t overshoot your budget and keeps you on top of the finances. But have you ever considered the fact that you actually might be hurting your business? There is a lot of bookkeepers that…

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CERB Repayment Notices by the CRA

Many self-employed Canadians, who received CERB payments from the government in the first 2 quarters of 2020, the CRA notified in the 3rd quarter of 2020 that those who received such payments were ineligible because they had not earned self-employment income of $5,000 in 2019. This is where the question arises and the debate began…

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What a Bookkeeper in Mississauga Can Do for Your Business

Ask any business owner about their needs, and one of them is always going to be a bookkeeper. They need real-time updates about the incoming cash as well as expenses, and they need it fast. Small businesses have limited resources; therefore, they need to utilize them well to come up with the best solutions to…

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New Personal Tax Changes You Need to Know for 2021

It is important for Canadians to start preparing 2020 taxes as tax season in Canada has just kicked off. The deadline to file your tax return and pay your taxes is April 30, 2021. If you collected any benefits of COVID-19 from the government in 2020, it is most likely that you will be in…

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Collection Powers of CRA vs. Bankruptcy

The CRA understands that for many, these are challenging times as people have lost their businesses and jobs due to COVID-19. The Canadian economy is shrinking day-by-day and many economic indicators reveal the country’s alarming situation. However, the Canadian government has launched many emergency programs that have helped businesses and individuals survive during this unprecedented…

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How married couples can maximize their tax returns in Canada

In Canada, marital status has a significant impact on personal tax filing. Married couples can maximize their tax returns by filing their taxes jointly. If you receive tax credits and benefits from the CRA that you are not entitled to, due to incorrect marital status, the CRA may ask you to repay them with penalties…

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The Important Provisions, Restrictions & Exemptions of a PREC

A Personal Real Estate Corporation, or PREC, allows a real estate agent to earn their business income through a corporation. Ontario Real Estate Association has compiled a guide to Personal Real Estate Corporations for Ontario REALTORS to assist their members in understanding the PREC regulations. Following are some of the important provisions, restrictions, and exemptions…

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