Tax News

Receiving Pension as A Self-Employed Taxpayer

ON November 18, 2019

Many people dream of being self-employed and the freedom it provides. There is a bit of give-and-take however, with that freedom coming at the expense of benefits obtained while working for an employer.  One thing consistent between working for yourself or someone else is that that the Canada Pension Plan (CPP) will require contributions. As […]

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5 Ways to Reduce Your Small Business and Self-Employment Taxes

ON November 5, 2019

Congratulations on starting your own small business or earning self-employment income! You are certainly now discovering how important it is to manage your finances, and that means managing money in and money out. In order to improve your bottom line, you need to reduce your costs, and that is also true of your taxes. With […]

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Advantages and Disadvantages Associated with Operating A Small Business from Home

ON October 19, 2019

Each year, growing numbers of people are working at home. It is becoming so popular that it is estimated that 50% or more of Canadians could be working from home by 2020. Many are aware of the various benefits that come with a work-from-home job, but there are some negative aspects as well, which may […]

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Tax FAQs for Canadian Newlyweds

ON October 10, 2019

Congratulations on your recent—or impending—marriage! Among all the various changes taking place in your life, and learning about building a life together, you will probably find yourself wondering at some point how marriage will change your taxes. In order to help you out (since you probably already have a lot on your plate) allow us […]

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Want to Make the Switch to Filing Online? Here are 5 Reasons Why You Should Consider It

ON September 23, 2019

Have you considered filing your taxes online? If not, this may be the year to start thinking about it. More Canadians than ever before are making the switch, with the number of those choosing to file online increasing by 20% in 2018. If you are not quite sold on the idea, let us present you […]

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Who Can Claim Moving Expenses?

ON September 9, 2019

Some people love to move and see it as a grand adventure, especially a long-distance move. Other people hate it, and any time they are forced to uproot from their home, they swear it is the last time. Either way, moving can be draining—physically, emotionally, and financially. Fortunately for some, there may be a tax […]

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What are the Implications of Being Declared a Personal Services Business?

ON August 22, 2019

Today, more and more single-person businesses are arising, with many of them incorporating for the purpose of liability protection and tax advantages. Unfortunately, some contractors have discovered that the Canadian Revenue Agency (CRA) has declared them to be personal service businesses, resulting in lost tax deductions. Even worse, some may find themselves with a sizable […]

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How to Charge Provincial Sales Taxes on Online Sales

ON August 13, 2019

It doesn’t matter whether you are an individual or a business—you cannot escape taxes. Your business needn’t even be of the brick-and-mortar variety. Online businesses are required to pay taxes just like any other, but they face an added complication since they must charge and remit the taxes of other provinces. This can make things […]

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Why You Should Rethink Your Accounting Strategy

ON July 18, 2019

No matter what kind of business you run, it’s always good to have strategies in place for all your different needs and operations. However, good strategies should always be flexible and open to change. As your business evolves, so do your needs. There is the temptation to say, “if it ain’t broke, don’t fix it,” […]

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What Can Happen If You Submit Your Taxes After the Deadline?

ON July 15, 2019

It’s common to see people rushing at the last moment to get their taxes done and submitted before the deadline. Although there is plenty of time to get them done, many will put off their taxes until the final moments, then panic about potentially submitting late. But what exactly are the consequences of submitting your […]

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