Effective financial management is key to a business’s longevity and overall sustainability. A crucial aspect of financial management is budgeting. While many companies recognize the importance of having a budget, a generic or one-size-fits-all approach may not fully meet their needs. Every company is different and surrounded by unique circumstances, which call for a customized…
Taxes can be tricky, no matter where you are in the world. But when it comes to filing for taxes in Canada, taxpayers often make common mistakes without realizing them. That’s why having a team of bookkeeping experts and Canadian tax and accounting services on your side can make all the difference! From missing important deductions to…
Managing taxes, and accounting is an essential part of running a successful business in Ontario. Navigating the intricate tax landscape while maintaining compliance may be time-consuming and exhausting. Therefore, outsourcing these tasks to virtual tax consultants can offer several advantages for businesses. From saving time and money to obtaining specialized knowledge in tax law and accounting procedures, these expert consultants greatly…
Rapid inflation has resulted in a significant increase of 6.3% to personal income tax and benefit amounts for 2023. For example, the income level at which OAS repayments commence is now $86,912 (from $81,761), the capital gains exemption for the sale of certain small businesses is now $971,190 (from $913,630), and the annual TFSA contribution…
According to a report published by the Government of Canada in 2020, the country is home to 1.2 million small businesses. These numbers show that most businesses in Canada are small companies, as Canada only has 22,725 medium-scale businesses and 2,936 large corporations. Additionally, from 2014 to 2018, 97,640 small businesses were launched annually. Small businesses in…
In 2022, 31,231,522 people in Canada filed taxes. Whether you’re a resident or a nonresident of Canada, you will have certain tax liabilities. The good news is, you don’t have to pay tax on everything. That’s a relief, isn’t it? There are two kinds of things that are not taxed: zero-rated and exempt. Zero-rated items are…
Everything we did before on paper is now done online in this digital era. From paying bills to filing taxes, it’s all a click away now. However, the increased use of the internet also comes with its downsides: security risks. Scams, hacking, etc., have become common and put our personal information at risk. Therefore, it’s…
Filing taxes in Canada is crucial, whether you are a business or an individual. All Canadians must file their tax returns each year. For instance, the citizen had to pay the tax returns by April 30th, 2022 for the financial year 2021. There is a set deadline each year to file tax returns, which needs to…
As we close out this year and prepare for the next, it’s important to take a moment to reflect on the past twelve months and see where we stand financially. Making small changes in your financial statements can benefit you and your business in the long run. Here are a few reasons our tax accountants…
Tax season can be a hassle for anybody, but it may be especially taxing for first-time filers. There’s so much to keep track of. What paperwork is needed, where to find it, and how to fill it out. The good news is that we’ve got the answers to all your questions. This beginner’s tax guide…
