Accounting and Financial Resources

As we are near the end of January and tax season around the corner, I would like to remind you about the two tax savings opportunities: TFSA and RRSP.

Since cash is the lifeblood of your business, it makes good sense to review the overall financial health and see where you can make improvements. Here are 9 useful tips that will help you.

As we begin a new year, it’s wise to stay informed about the latest tax rates. Here are the latest combined 2020 corporate tax rates.

Corporate tax instalments are advance payments made to the CRA to cover taxes for the current tax year. The required amount and due date will vary.

There are a number of factors that you should consider to determine the optimal fiscal year-end date for the business.

When a shareholder borrows from the business and does not repay within a year, the loan will be included as income on the shareholder’s personal tax return.

You may have specific questions about the different types of expenses. We will go over a list of FAQ for business expense tax deduction.

Charging and collecting sales tax is part of your duty for doing business here in Canada. Customers pay GST/HST, while businesses are responsible for collecting the tax.

Taking some time to review your financial affairs may yield significant tax savings. Here is a list of common year end personal tax planning tips.

Maximizing business deductions can help you lower the tax bill. Let’s go over a list of common business expenses you can deduct.

To ensure business claims are legitimate, you need to to understand the criteria to deduct business expenses. We will go over the 4 criteria used by the CRA. 

If you are running a business here in Canada and you are registered for the GST/HST, you can claim back the sales tax paid on business purchases.