Tax News

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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What to Watch Out for When Filling Out Your Return

ON April 12, 2019

Taxes are serious business, but small business owners and those who are self-employed often have their hands full with day-to day tasks, so end up starting to fill out their tax forms just before they are due. This is never a good idea for individuals, and even less so for businesses. In order to maximize […]

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How to Claim Your Vehicle Capital Car Allowance Costs

ON March 28, 2019

If you have purchased a new vehicle, or are thinking about buying one, and you are unsure how to claim the CCA costs on your Canadian Income Tax, then keep reading because there are some things that you need to know. First off, the new (or used) vehicle cannot be written off directly as a […]

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How Long Does It Take to Get Your Tax Refund in Canada?

ON March 26, 2019

It seems like it was tax time just a few months ago, yet here we are again. It’s the time of year when so many people wait as long as possible to submit their taxes, but once they have done so, they can hardly wait to receive their refund.   So just how long does […]

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Everything You Need to Know About Input Tax Credits

ON February 22, 2019

Have questions about Input Tax Credits (ITCs)? If you are not sure what they are, or what qualifies and what doesn’t, keep reading. Input Tax Credits are the total of all GST/ HST that you paid on legitimate tax expenses, or the allowable portion of the amount paid. Canada Revenue Agency documents often refer to […]

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Here’s a Handy Checklist to Help You Do Your Taxes

ON February 13, 2019

Getting prepared to do your taxes may be stressful for some, as they run through the list of everything they need for the third or fourth time, checking that they haven’t accidentally misplaced documents or simply forgotten to include something. After all, no one wants to miss out on any potential refund that they could […]

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