Newsletter

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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What Are the Tax Deductions for the Self-Employed?

ON June 20, 2019

If you are self-employed, whether full-time or earning additional income on the side, you are allowed to deduct a number of business expenses, as detailed by the Income Tax Act (ITA). These deductions serve to offset your net income and thus reduce the amount of taxes owing. The items allowable for deductions are limited. It […]

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When Are Your Business Taxes Are Due?

ON June 7, 2019

When thinking about tax time, most people think instantly about April, but if you are running a business, you have different deadlines for filing, depending on how exactly you set your business up, and possibly the fiscal year as well. So, when exactly are your Canadian business taxes due? Partnerships and Sole Proprietorships For those […]

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What You Need to Know About Paying Taxes by Installments

ON May 18, 2019

No one really enjoys paying income tax. It becomes even less agreeable when it turns out to be a large amount to be paid, especially if you do not have the funds available, or would be left in a difficult position financially upon payment. When making large purchases, consumers often seek to make payments in […]

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How to Charge Provincial Sales Tax on Online Sales

ON May 9, 2019

If you are doing business online and are unsure of how to handle sales tax for customers in other provinces, you had best continue reading.  Uncertainty is common enough, but it is important to clear up the confusion to avoid any potential issues, especially since there are different rules for the different provinces. About the […]

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Everything You Need to Know About the Tax-Free Savings Account

ON April 18, 2019

When you are looking for a way to save a few bucks, you may come across the option of a Tax-Free Savings Account (TFSA), but not really know what it is or how it works. Though the name does essentially give it away, you may wish to know a little bit more, and we will […]

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