In Canada, every individual, business, and company must pay taxes to the Canadian Revenue Agency (CRA) on time. CRA has created an online payment platform, My Payment, which allows individuals to pay their taxes automatically. Visit any Canadian financial institution or use My Payment Service to pay your taxes. Some of the taxes you can…

Paying business income taxes to the Canadian Revenue Agency (CRA) has been simplified by the emergence of e-services. The agency accepts online payments of taxes on their platform, My Pavement Service, which is accessible anywhere round the clock. Businesses in the country can make a business income tax payment to the CRA by simply visiting…

In Canada, all online businesses are taxed just as brick-and-mortar businesses are. Over the past several years, internet sales have grown significantly as most businesses run online stores and can deliver their products right to their customers’ doorsteps. While some retailers sell their products, both in-store and online, others operate solely online. Regardless of the…

Now that the baby boomers are nearing retirement age, some may wish to transfer their business to a family member within Canada, and here are some tips on how it is done. First, mistakes in this procedure could happen, the biggest one is selling their business to the desired family member with a specific dollar…

As a small business in Canada, there are a large number of tax deductions that can be aimed at your small business spending, helping you minimize your tax burden and maximizer your business income. Take advantage of tax deductions: Tax deductions help you reduce your tax bill, and to take advantage of them fully, you…

Tax audits are about the last thing you happening to you, it is a frightening experience and it can also be very costly. CRA auditors will seek your books, records, receipts, and bank account statement. Questionnaires could be asked to be filled out, and any declared information that is wrong regardless if it was due…