Tax News

What Are the Different Types of Corporations in Canada?

ON March 16, 2020

If you are a Canadian starting your own business, you have several choices to make, not the least of which is what type of business structure you plan to follow. If you choose to create a corporation, you will have several types to choose from. There are several reasons to choose a corporation, such as […]

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Allowable Business Expenses for Canadian Businesses

ON February 20, 2020

Wondering what is accepted by the CRA as a legitimate business expense for your small Canadian business? Being able to deduct business expenses is a great way to help your small business, especially when getting started. The CRA allows for several items to be claimed as deductions on your Canadian income tax. What follows is […]

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How to Prepare for RRSP Season

ON February 9, 2020

It’s that time again! RRSP season can sneak up on you quickly and take you unaware. Are you ready for RRSP season? You might be thinking of this as the time to scrape together every last cent and make your contribution, but what else do you know about RRSPs? Here are a few points to […]

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Everything You Need to Know About New Business Start-Up Costs in Canada

ON January 15, 2020

Launching your own business can be a thrilling experience. It can also be a time that is frantic, nerve-wracking, and potentially expensive. It is that cost that often holds people back, but it does not have to. Why? The Canada Revenue Agency (CRA) offers several tax incentives designed to help Canadians with the cost of […]

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Everything You Need to Know About a CRA My Account

ON January 8, 2020

Are you wondering if you have a CRA My Account? Are you unsure even of the benefits that one offers? Perhaps you registered for one some time ago and forgot about it? Let’s take a look. First off, what is a CRA MY Account, and what can it offer you? Do not confuse a CRA […]

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End of Year Tax Tips for 2019

ON December 22, 2019

With the end of the year nearly upon us, it is a good idea to start planning for tax time. By preparing now, you will not only save yourself time and effort later, you can also get the maximum possible refund. But you will need to act before December 31st. Here are some tax tips […]

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Your Essential Tax List

ON December 10, 2019

Don’t be like so many others when tax time comes around: disorganized, panicked, and scrambling to find everything you need. Do yourself a favour and prepare in advance, making use of a checklist. Even if you don’t have much to keep track of, there are basic items common to everyone that need to be included […]

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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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