Running a business in Canada and knowing about your taxes are the two things that go hand in hand. It’s all fun and games until the HST (Harmonized Sales Tax) jumps in. Since there are different provincial and federal tax rates in Canada, it isn’t easy to keep up with all the rates. Fortunately, some…

During the current pandemic, many people have realized the importance of owning a small business alongside their jobs. Some people had made more money than they made before the CoronaVirus happened. On the other hand, many companies went out of business. One way or the other, people are now concerned about having multiple sources of…

If you are looking for high capital appreciation, a high-income stream, and the best tax advantages, there is nothing better than a real estate investment. It can be “The moment” of your life that can bring financial security – for a long time. Not only will you be able to enjoy your financial liberation, but…

You can apply for the ‘Employment Insurance’ when you are laid-off provided you are eligible for it. You can claim EI benefits from 14 to 50 weeks. EI payments are taxable income, meaning federal and provincial or territorial taxes, where applicable, are deducted when you receive them. The amount of EI benefits and the withholding…

Have you been spending a lot of time on your books? How much time do you schedule for bookkeeping, and how much time do you actually spend? Are you tired and overwhelmed? Maybe there are other things that you could have been doing instead of sitting in that chair for hours, trying to make sense…

Canadians who earn rental income by renting out their property are required by the CRA to declare their rental income on their tax return. The CRA establishes the difference between ‘Rental Income’ and the ‘Business Income’ based on the number of services provided to tenants. When you provide space and basic services such as heating,…