When to hire a professional tax preparer

The tax season is fast approaching. Much depends on how you approach this; do you pay taxes yourself or use the services of an expert. In order to grow your business, tax preparers can promise you big returns, some of which will be valid, and others may be not. Read on to find out what…

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when to outsource bookkeeping

Outsourcing your bookkeeping to an accounting firm is an important decision for any business. Below are few of the factors to consider: Filing a tax return based on wrong financial statements may lead to CRA’s penalties. So as a rule of thumb when your business grows, decide for outsourcing of bookkeeping to a professional. Your…

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reasons why you should outsource bookkeeping

It is an important decision to outsource the bookkeeping to an accounting firm especially when you don’t have the in-house accounting expertise for your business who can professionally handle bookkeeping issues for your business. For any organization, it is important to assess as to what extent the bookkeeping services can be outsourced. In order to…

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income tax splitting 2020

The tax on split income is like an escape room where people can’t find easy exit. The federal government has expanded Tax on Split Income (TOSI) rules on January 01, 2019. What is income splitting from the CRA’s point of view? It is defined as; “An income-splitting technique that shifts income received from an incorporated…

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merits of incorporation

Incorporating a business is not a legal obligation in Canada but it can bring legal protection to your business. As, personal taxes are high in Canada, it is recommended to incorporate a business so that you may potentially reduce your tax liability. The primary benefit of becoming a corporation in Canada is the separation of…

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how to incorporate in Canada

This article will give you a brief understanding of the importance of incorporating a business in Canada as well as give you a step-by-step process of how to incorporate. An incorporated business is a legal entity that is separate from its owners and shareholders. Canadian businesses can be incorporated at the federal or at the…

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In this article, we will discuss the pros and cons of becoming a non-resident of Canada as follows: Canada Child Benefit Upon becoming a non-resident of Canada, you will stop receiving the Canada Child Benefit. GST/HST Credits Upon becoming a non-resident, you will stop receiving GST/HST tax credits from the CRA. Repay Home Buyers Plan…

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In this article, we will discuss how to become a non-resident of Canada. In order to become a non-resident of Canada; there is a requirement to end-up all primary ties and most of the secondary ties to Canada. We have further elaborated what includes in Primary ties as follows: What includes in Primary Ties to…

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tax accountant toronto

There are many tax implications of becoming a non-resident of Canada. Canadian income received by a non-resident is subject to Part XIII tax or Part I tax. For Part XIII tax, we have the following income sources in Canada; Dividends Rental and royalty payments Pension payments and CPP/QPP benefits Old age security Retiring allowances RRSP…

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