Ever since the Honourable Chrystia Freeland tabled the Federal Budget for 2021 (Budget 2021) on April 19, 2021, there has been quite a movement in excise and taxation institutions. There are many glad tidings for the law-abiding citizens and taxpayers of Canada. This is the first budget in more than two years. The Budget 2021…

Running your own contracting business is not easy when you don’t have enough knowledge regarding the taxes. As an owner of a business, you have to be responsible for all your expenses, tax payments, and other legalities. But don’t worry, we will tell you the nitty-gritty details of the HST (harmonized sales tax) and GST…

Self-Assessment refers to the process of calculating and filing your GST/HST returns on your own. Although it may sound much easier than it is, you can always consider taking professional assistance in this regard. There are provincial rules. Then there are different territorial rules that apply when you are a non-registrant or a non-resident. Read…

Accounting is a broad spectrum of financial management services. All of the services that come under accounting vary with each business function. And when we combine these business functions and their financial management, a consolidated business process is created. Usually, a senior or supervisor accountant is a person in any organization responsible for overlooking all…

There are approximately one and a half million small businesses in Canada right now. The reason for such a significant number is the Canadian rules and regulations for small businesses. There are many official and legal ways to expand your small business in Canada. You can lower or reduce your small business income tax as…

Harmonized Sales Tax (HST) is a consumption tax that is paid by the consumer and the business at their point of sale. The vendor is usually the responsible person for collecting HST from their customers and then remit it to the CRA. The rates for HST vary with provinces and territories in Canada. Some of…