5 Tips to Deal with CRA Tax Obligations
Corporate Taxes
|When you work somewhere, you don’t have to worry about your tax obligations to the CRA, as your employer will primarily remit all the payroll related tax liabilities to the CRA. All you need to do is to file your personal income tax return every year and fill out all the data of T4 Slips…
Read Article Did You Miss Your Tax Filing Deadline for 2020? Here’s what you should do next!
Corporate Taxes
|Missing out important tax filing deadlines for 2020 will certainly lead you to face some consequences in terms of paying high-interest charges & the CRA penalties. There are certain benefits, rebates, and tax credits that you can claim in your tax filings including child benefits, trillium benefits, workers’ benefits, property & sales tax credits, GST/HST…
Read Article Imperatives of Corporate Tax Planning for Small Businesses in Canada
Corporate Taxes
|‘Corporate Tax Planning’ is an attempt to reduce tax liabilities using different tax reduction strategies. To get the most out of your tax strategies, you need to start the tax planning process well before the end of the fiscal year. Writing-off assets, bonus declaration, and the investment in RRSP account are some of the important…
Read Article All You Need to Know About GST / HST in Canada
Corporate Taxes
|Introduction: The Harmonized Sales Tax is a consumption tax in Canada. It is used in provinces where both the federal goods and services tax and the regional provincial sales tax have been combined into a single value-added sales tax i.e. HST. For Ontario – HST is 13%; if your business collects GST/HST on sales, it…
Read Article Merits & De-Merits of Incorporating a Business in Canada
Business Incorporation, Corporate Taxes
|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…
Read Article How to Incorporate a Business in Canada
Business Incorporation, Corporate Taxes
|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…
Read Article Quick Method of Tax Accounting to calculate GST/HST for IT Consultants
Corporate Taxes, Tax Accountant Mississauga
|The Quick Method: The quick method is a simple way for small businesses to calculate the tax to be remitted to the CRA for GST/HST purposes. With the quick method, you still collect the HST at the 13% on taxable supplies of goods and services but will only remit 8.8% to CRA. The rest of…
Read Article Corporate taxation in Canada
Corporate Tax Return, Corporate Taxes
|Corporate taxation in Canada is on the verge of changing. Business leaders are pushing hard for corporate tax cuts for many reasons as per the Senate’s banking committee, who are urging the Trudeau government to take the necessary big steps on the issue of corporate taxation. The committee is pushing to introduce immediate corporate tax…
Read Article What Business Owners Should Know About New Ontario Labour Laws
All Types of Businesses, Corporate Taxes
|In 2017, we witnessed Ontario pass its largest labor bill in over ten years, known as the Bill 148. Bill 148 significantly amends Ontario’s Labor Relations Act (1995), Occupational Health and Safety Act, and Employment Standards Act (2000). Most of the laws in the bill came into effect January 1st, 2018, while others will be effected at different…
Read Article Being Declared a Personal Services Corporation
Corporate Tax Return, Corporate Taxes
|Has your small corporation been declared a personal services corporation? A personal services corporation, also known as personal services business comes with several limitations. You need to understand what could happen to you if your incorporated business is declared a personal services corporation. Tax issues that could arise if declared a personal services business Your…
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