When working as a contractor, you have to pay all the taxes and be up to date with the bookkeeping; otherwise, you could face penalties and interests. Not a lot of people have time for that. They have their work cut out for them, and if they spend time anywhere else, they might lose their…

Most business owners wonder if outsourcing bookkeeping would help their business to increase profits. Little do they know that NOT having a bookkeeper to manage your company’s financial data could be disastrous for the growth of the business.   When you have a startup, you won’t have difficulty managing the bookkeeping by yourself if you…

You are all excited to start a business and enter the world of entrepreneurship. You feel elated as well as anxious. You need to be good at so many things to grow your business—for example, marketing, management, accounting, etc. You can easily manage your startup and do well in marketing, but you are unsure about…

You can keep track of your business financials if you have knowledge of accounting. What if you don’t have this knowledge or don’t have time to manage it for your business? You have to estimate the cost and revenues you earn every month. For example, if your retail business is cell phone repair, you will have to…

If you’ve completed the setup procedure of your own business or it is still ongoing, then you might be wondering about the taxes. Whether you’d have to register for the GST and HST at the moment or not? Well, that’s something that every businessman who has just started the business has to understand. They need…

Investing in real estate is one of the most beneficial investments you can make. Many countries, or should we say almost all the countries except a few, charge their citizens an amount called “property tax.” However, there are always ways through which you can either reduce these taxes or completely evade them (legally). Real estate…

The GST/HST for Digital Products and Services would impact the non-resident vendors who sell Digital products and services to the consumers in Canada. The online platform operators would now be required to register, collect and remit the GST/HST tax. This tax has come into the highlight as the sales of the E-commerce industry have skyrocketed.…

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…