5 Types of Accounting Solutions you need for Personal Services
Businesses and individuals, both need efficient accounting solutions to manage their finances. Here’s a five types of accounting solutions for you.
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7 Things You Need to Know About Taxes
New to filing taxes? Let us help you out!From calculating your income tax to understanding what falls under the tax benefits umbrella, there’s so much that we don’t know about taxes. To top that off, the government has also revised the benefits and made other changes to the taxation policy to help Canadians get through…
3 Ways to Minimize Taxes Legally
Sinking under heavy taxes? Here are three ways our tax planning services in Canada can help you legally minimize the taxes you pay.
4 Best Bookkeeping Practices for Businesses
Frustrated with managing finances for your business? Level up with these four bookkeeping and accounting practices.
Cloud Accounting: Everything You Need To Know
When everything from shopping to banking is being digitized, it is only natural to assume that accounting will also be done without manual calculators and huge cash registers.
Webinar: Buying & Selling Condo Assignments
How buying pre-construction condos can minimize the tax implications if one decides to sell the property as an assignment before closing.
Join us to learn more and fill out the form to save your spot today!
Covid 19 Benefit Update 072021 – CRB
Changes to CRB amounts and eligibility period limits: apply for a total of 25 periods & Payment amounts will change to $600 ($540 after taxes withheld).
4 Accounting Tips for Your Construction Company
Accounting is one of the most crucial core operations of any business. It’s safe to say that even a minor accounting error can put you out of business.
Accounting for The Small Business Owner
Accounting can assist small business owners with budgeting, bookkeeping, acquiring loans and making important business decisions.
Finding The Right Tax Preparation Service For Your Organization
Read this complete guide to avoid being a victim of fraudulent tax preparation services.
Financial Planning Tips for Small Businesses
If you are a small business struggling with financial planning, this blog has all the solutions.
Why E-Commerce Businesses Require Bookkeeping
Bookkeeping services help take care of merchant fees, they manage inventory across different platforms and deal with the issues with refunds and third-party tools.
Webinar: Real Estate Investing
Learn how to maximize your borrowing power & structure your portfolio in the most tax-effective way when building a large real-estate portfolio.
5 Signs You Need to Hire Professional Accounting Specialist
An accounting specialist can take off bookkeeping stress from your shoulders and simplify tax planning and accounting process for your business.
4 Ways Business Advisors Can Support Your Business
This article enlists the roles of a business advisor, what they do, and how they manage to maintain business finances.
Top 4 KPIs that Can Help Keep Track of Business Performance
Do you feel like your business has gotten too big for you to manage? These simple KPIs will tell you whether it’s going in the right direction.
5 Reasons Construction Business Should Automate Accounting Practices
Find out how you can automate your construction business’s accounting practices with the help of cloud based accounting solutions Canada and business advisory services in Toronto, Canada.
Canada Recovery Benefit (CRB): $500/ week, up to 38 weeks
The government of Canada would provide $400 per week for up to 26 weeks, to workers who are self-employed or are not eligible for EI and who still require income support and who are available and looking for work.
Canada Recovery Sickness Benefit (CRSB): $500/ week, up to 4 weeks
The government of Canada would provide $500 per week for up to two weeks, for workers who are sick or must self-isolate for reasons related to COVID-19.
How to Apply Canada Recovery Benefit (CRB): Extend 12 Weeks
If you are eligible for the Canada Recovery Benefit (CRB), you can receive $1,000 ($900 after taxes withheld) for a 2-week period.
Canada Recovery Caregiving Benefit (CRCB): Extend 12 Weeks
Canada Recovery Caregiving Benefit (CRCB): $500/ week, up to 26 weeks
Webinar: 2020 Personal Tax Changes & COVID-19 Government Benefits
Are you curious about what’s new for 2020 Personal Tax and how COVID-19 Government Benefits affect your personal tax?
Join the webinar with us and fill the form to save your spot today!
3 Signs You Need To Hire A Bookkeeping Service For Your Business
Look out for these warning signs that prove your bookkeeping needs professional intervention.
2020 Tax Season – Letter to Our Clients
Tax season is right around the corner, and it’s that time of the year to file your 2020 Canadian personal income taxes. Accounting Plus Financial Services is ready to help!
Here’s How To Get Your Business Financially Fit During Tax Season
Keep yourself stress-free during tax season by following these steps.
One-Week Waiting Period for EI: Temporarily Waive, Jan 31, 2021 to Sep 25, 2021
This funding is intended to provide parents and guardians with essential financial support for children and youth during these unprecedented times.
Parents and guardians will receive a one-time payment of $200 for each child up to grade 12, or $250 for each child or youth up to age 21 with special needs.
Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee: Feb 1, 2021 to Jun 30, 2021
Businesses heavily impacted by COVID-19 can access guaranteed, low-interest loans of $25,000 to $1 million to cover operational cash flow needs.
2021 Tax Rates
Check out our 2021 tax rates, including PERSONAL MARGINAL TAX RATES (Combined Federal & Ontario) AND MORE
Expenditures for Personal Tax Deductions/ Credits
Did you know…
Certain expenditures made by individuals by December 31, 2020 will be eligible for 2020 tax deductions or credits including:
Ontario Small Business Support Grant: Apply Now
Eligible small businesses will receive up to $20,000 through the new Ontario Small Business Support Grant. Applications are now open!
Canada Summer Jobs: Employers Can Apply Now
Not-for-profit employers are eligible to receive funding for up to 100% of the provincial or territorial minimum hourly wage. Public and private sector employers are eligible to receive funding for up to 75% of the provincial or territorial minimum hourly wage.
3 Tips for Finding the Right Tax Accountant for Your Small Business in Canada
Having trouble finding the right tax accountant for your small business in Canada? Here are 3 tips that will help you make the right call.
Ontario Support for Learners funding: Extend to Grade 12
This funding is intended to provide parents and guardians with essential financial support for children and youth during these unprecedented times.
Parents and guardians will receive a one-time payment of $200 for each child up to grade 12, or $250 for each child or youth up to age 21 with special needs.
Started a New Business in Ontario? Check Out These 3 Benefits of Using a Bookkeeping Service
Accounting Plus brings you the latest updates. Check out the advantages of using a bookkeeping service for your new business in Ontario.
First Time Home Buyer vs Marital Status
Did you know…When you’re divorced or separated, if in the four year period,
CERB 2020 Tax Tips
Did you know… There is only one month left for some year-end tax planning.
Cottage Rentals
Did you know…If you rent out your cottage on a partial basis. You might be able to partially deduct certain costs.
EI Update Due to COVID-19
Did you know… If you become eligible for EI benefits on or after September 27, 2020
BC Recovery Benefit: Apply on Dec 18, 2020
The BC Recovery Benefit is a one-time, tax-free payment of up to $1,000 for eligible families and single parents and up to $500 for eligible individuals.
Canada Emergency Business Account (CEBA): Guaranteed 60K loans with $20K forgiveness*: Dec 4, 2020 Update
Canada Emergency Business Account will provide interest-free loans of up to $60,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
Canada’s COVID-19 Economic Response Plan
Dear Clients, We hope that you and your family are safe, healthy and managing as best you can during the current crisis. We understand that it has been an emotional and stressful time for everyone; however, Accounting Plus is here to assist you during these tough times. Please find details of our services regarding…
Ontario Emergency Assistance: Apply Now
Get short term financial support, Max $733/month if you are in a crisis or an emergency situation and don’t have enough money for things like food and housing.
Canada Emergency Rent Subsidy (CERS) – Apply Now
The Canada Emergency Rent Subsidy (CERS) would provide direct and easy-to-access rent and mortgage support directly to qualifying organizations.
Ontario’s Main Street Relief Grant: PPE support
The Government of Ontario is helping small businesses with the unexpected costs of PPE.
Ontario’s Property Tax and Energy Bill Rebates
Businesses that were required to shut down or significantly restrict services due to provincial public health measures (in areas with modified Stage 2 restrictions or categorized as control or lockdown) can apply for rebates, provided in the form of grants, to help with their fixed costs.
Personal Real Estate Corporations (PREC): Intro
Did you know… As of October 1, 2020, Personal Real Estate Corporations (PREC) has been permitted in Ontario.
Individual Ontario real estate agents will now be able to incorporate their business.
Webinar: Personal Real Estate Corporation (PREC): To Know
Are you a real estate agent in Ontario?
Have questions about Personal Real Estate Corporation PREC?
Join the webinar with us and fill the form to save your spot today!
After Incorporation, What’s Next?
After Incorporation, What’s Next? Let’s find out how to do it right!
Canada Recovery Caregiver Benefit (CRCB)
The government of Canada will introduce the Canada Recovery Caregiver Benefit (CRCB) effective from September 27, 2020 for one year.
Changes to the Canada Student Loans Program
The Gov of CA changes to the Canada Student Loans Program (CSLP) to allow more students to qualify for support and be eligible for greater amounts.
CANADA UNITED SMALL BUSINESS RELIEF FUND: $5,000 for PPE
Successful applicants will receive a relief grant of up to $5,000. We intend to support local businesses of all kinds from across the country (from retailers to barbershops to farmers).
Canada Recovery Sickness Benefit
The government of Canada will introduce the Canada Recovery Sickness Benefit (CRSB) effective from September 27, 2020 for one year.
Ontario Personal Real Estate Corporations (PREC): To Know
As of October 1, 2020, Personal Real Estate Corporations (PREC) has been permitted in Ontario. Accounting Plus can help!
Sign Up for CRA Direct Deposit
You can now sign up for CRA direct deposit through many Canadian financial institutions’ websites. Register to get your payments faster and directly into your account. How to sign up 1. Online You can sign up yourself if you are registered for My Account. If you are not yet registered, why wait? My Account can help…
Send Service Call Back Request to Service Canada
If you have questions about EI or don’t know how to apply. You can fill the web form below and ask for a call back from Service Canada Web Form>>
Special one-time tax-free payment for certified holders of the Disability Tax Credit
Special one-time tax-free payment for certified holders of the Disability Tax Credit, up to $600.
How to Apply Canada Recovery Caregiving Benefit (CRCB)
Canada Recovery Caregiving Benefit (CRCB): $500/ week, up to 26 weeks
How to Apply Canada Recovery Sickness Benefit (CRSB)
The government of Canada would provide $500 per week for up to two weeks, for workers who are sick or must self-isolate for reasons related to COVID-19.
Minimum wage rates in Ontario will increase to $14.25 on October 1, 2020
New: Minimum wage rates in Ontario will increase on October 1, 2020. Under the Making Ontario Open for Business Act this increase is tied to the Ontario Consumer Price Index for 2020. The increase to the general minimum wage will be 25 cents, which will bring the new rate to $14.25 an hour. The general and specialized minimum wage…
Buying a Business
There are a few ways accountants can help when you’re purchasing a business.
Claim Your Moving Expense!
If you moved at least 40km closer to your educational institution or work
Employment Insurance (EI): Temporary Changes
Employment Insurance (EI): Temporary Changes – Eligibility changes as of September 27, 2020
Income Tax Payment Deadline: Sep 30, 2020
Canada Recovery Caregiving Benefit (CRCB): $500/ week, up to 26 weeks
Canada Emergency Commercial Rent Assistance (CECRA): Extend to Sep 2020
Canada Emergency Commercial Rent Assistance (CECRA): opens at 8:00 a.m. EST on May 25, 2020. Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19.
Expecting a baby? What kind of benefits you can get?
Expecting a baby? See if you’re eligible for some benefits
Severance Pay
You can avoid the withholding tax by choosing to transfer the severance allowance directly into your RRSP or RPP account.
Canada Emergency Student Benefit (CESB): Apply before Sep 30, 2020
Canada Emergency Student Benefit (CESB): eligible postsecondary students receive $1,250 a month from May to August, and if you are taking care of someone else or have a disability, that amount increases to $2,000 monthly.
Record of Employment
A record of employment must be issued within five calendar days of the first day of the interruption in earnings
Canada Emergency Response Benefit: until Sep 26, 2020
Wondering what COVID19 support is available to you? Check our website for details
Can I Still Apply for Canada Emergency Student Benefit (CESB)?
I forgot to apply for a previous period of CESB. Am I too late?
Canada Emergency Wage Subsidy (CEWS): What the changes are
Applications for claim period 5 (July 5 to August 1) will open August 17, 2020.
Canada Emergency Wage Subsidy: Gov pay 75% of salary: Extended to Dec 19, 2020
Canada Emergency Wage Subsidy that would cover 75 per cent of salaries for qualifying businesses, for up to 3 months, retroactive to March 15, 2020.
Canada Emergency Business Account (CEBA): Guaranteed 40,000 loans: Eligible Non-Deferrable Expenses
Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
When Closing Your Business
In order to cancel your business registration or dissolve your corporation, you must:
CPP & EI for Business Owners
As a business owner, you cannot reduce your remittance of CPP contributions or EI premiums.
Senior: Covid-19 Support – Issue on the week of July 6
One-time tax-free payments for seniors eligible for Old Age Security, the Guaranteed Income Supplement and the Allowances will be issued automatically the week of July 6.
Cloud Storage For Business Management
It is hard to establish a completely paperless office. But scanning your documents and receipts into a cloud storage system will protect your important records from degradation.
COVID-19 Support Finder for your business.
Support for your business.
Find COVID-19 support and other programs and services.
CERB & EI Advice
If you applied to both Employment Insurance (EI) and CERB, it’s important that you keep track
What if you have tax owning?
If you owe money to the CRA, ensure you file your taxes and pay your owing on time
Tax Tips for Working From Home
Employees can deduct expenses for the employment use of a work-space at home
CERB Has Been Extended
You will be able to apply to receive up to 24 weeks if you’re still unemployed and cannot find employment as a result of COVID-19.
Special one-time tax-free payment for Old Age Security and Guaranteed Income Supplement
The Government of Canada is providing a one-time tax-free payment of $300 for seniors eligible for the Old Age Security (OAS) pension, with an additional $200 for seniors eligible for the Guaranteed Income Supplement (GIS).
Return or Repay a Payment: CERB
If you need to repay a Canada Emergency Response Benefit (CERB) payment, you can do it with a few simple clicks using My Account. You can also mail a cheque or money order to the CRA.
Benefits payments for eligible Canadians to continue until Fall 2020
Benefits payments for eligible Canadians to continue until Fall 2020
Extended Canadian Personal Income Tax Return Filing Due Date: June 1, 2020
The deadline to file your Canadian personal income tax return has been extended from April 30, 2020 to June 1, 2020.
The deadline to pay all outstanding balances for tax year 2019 has been extended to August 31, 2020.
Canada Emergency Student Benefit: Never Filed a Tax Return?
Are you a Canadian student or recent graduate applying for the Canada Emergency Student Benefit (CESB) but have never filed a tax return?
Find The Support You Need for Your Business
Find the support you need for your business by answering a few questions to get a personalized list of support.
Travel Expense for Medical Reasons
Did you know…
You can claim travel expenses for medical reasons (at least 40 km one way)
Sign Up for Direct Deposit: So Get Your Money Quicker
Sign Up for Direct Deposit: So Get Your Money Quicker
Service Update about COVID-19
Accounting Plus will not be offering any in-person appointments, nor will be able to process physical documents in a timely fashion, until April 5, 2020.
Did you receive two separate payments of $2000 (CERB)?
You may have mistakenly applied for the CERB twice. Don’t worry, CRA will contact you shortly. Any other combination of payments means you were paid accurately.
Accounting Plus Personal Tax Service
We are specialists in Canadian taxation, and advise individuals on their tax affairs.
With Accounting Plus, you have accountants who are working hard to ensure you pay the lowest tax legally possible.
Ontario: Child Support: $200 per child
Ontario: Child Support: $200 per child. Check our website for details
COVID-19 Support
Wondering what COVID19 support is available to you? Check our website for details
How to Sign on PDF form Electronically
Until August 31st, 2020, we will recognize a Form T183 or T183CORP that has an electronic signature as meeting the signature requirements of the Income Tax Act.
The Fastest Way to Get Your Tax Refund
File your tax returns as soon as possible; you’ll get your money sooner
How To Register CRA MyAccount?
Want to apply Canada Emergency Response Benefit (CERB) but do not know how to register CRA MyAccount? Here is the instruction
Digital News Subscription Tax Credit
The 2019 federal budget introduced a non-refundable tax credit equal to 15 percent of your subscription costs, for all subscriptions purchased from 2020 through 2024.
COVID-19 Scam Alert!
If you get a text message saying you received a deposit for the Canada Emergency Response Benefit. Beware it is a scam!
Financial Support to Those Affected by COVID-19
Canada is providing financial support to those affected by COVID-19.
Personal Tax Deadline Extend: June 1, 2020
The deadline to file your income tax and benefit return was extended from April 30th to June 1st, 2020!
Financial Measures From Government of Canada in response to COVID-19
Financial Measures From the Government of Canada in response to COVID-19
Unclaimed Cheques from the CRA
CRA has created an online verification tool that every taxpayer can access through CRA’s website.
Disability Tax Credit & Buying a Home
Did you know…The relationship between disability tax credit (DTC) & Home Buyer’s Plan (HBP)?
2020 Tax Season
The 2020 tax season will kick off on February 24, 2020
The deadline to file personal taxes for most Canadians is April 30, 2020
Tax tip – Parents of Young Adults
If you have a child who is 18 or over, it Is beneficial to file their tax return.
Express Notice Of Assessment
Do you know……you don’t have to wait for Notice of Assessment or reassessment if you file tax with Accounting Plus Financial Services!
Happy Tax Season!
Starting today, you can file your taxes online. Don’t forget to file by April 30th to get your credits and benefits!
Tax Tip – Interest on Borrowed Money
Interest on money borrowed to make your RRSP contribution is not deductible for tax purposes.
Tax Tip – Childcare
You can claim the following childcare expenses incurred in the tax year: Caregivers, daycare centres and more.
2020 Tax Season Special
We’d like to say “thanks for being such a great client”
by offering a 2020 Tax Season Special this year
Prepare your personal tax returns with us from March 1, 2020 to March 31, 2020. And get 10% off!
Book an appointment now
Tax Tip – RDSP vs. RESP
RDSPs are very similar to RESPs. Just like RESP – contributions are not tax-deductible, investment income accumulates on a tax-deferred basis.
Tax Tip – RRSP Transfer
You may transfer RRSP fund from one RRSP to another without getting taxes.
Business Income: RRSP vs Incorporation
Did you know… RRSP gives you tax deferral which is great but once you make a contribution to your RRSP, you no longer have the money available to reinvest to your business.
TFSA – Re-contribution
Did you know… you can re-contribute amounts withdrawn from your TFSA without affecting your contribution room.
T4 Filing – Employer Needs to Know
Did you know… As an employer, you are required to give your employees or recipients their T4 slips and file their information returns with the CRA on or before the last day of February.
Non Resident Calculator Resource
Did you know CRA has a non resident calculator resource on their site? This might give you an estimate amount of what you need to report.
Tax Tip – Interest On The Money You Borrow
Tax Tip – Interest on the money you borrow in many cases is not deductible.
Tax Tip – Child Support
If you are negotiating a separation agreement, you should ensure that you are setting apart the child support component from the alimony.
Tax Tip – TFSA
You are allowed to have more than one TFSA however it is your responsibility to ensure you are not over-contributing.
Tax Tip – Spousal RRSP
If you are thinking of contributing to a spousal RRSP, there is definitely an advantage.
Tax Tip – New Training Credit
Starting Jan. 1, 2020, eligible workers aged 25 to 65 will accumulate a credit balance of $250 a year, up to a $5,000 maximum lifetime limit.
Reasons To File a Tax Return Even If You Had No Income
Why it’s wise to file taxes even if you don’t have income.
Tax Tip – Marital Status
Tax Tip – Marital Status. There are few ways to let the CRA know if your marital status has changed.
Tax Tip – Travel for Medical Reasons
You can claim expenses for travel for medical reasons (at least 40km one way) if the following conditions are met.
Personal Income Tax: TFSA
Did you know, similar to RRSP, TFSA cannot be held jointly with your spouse. It has to be held on individual basis.
Business Income vs. Family Business
If a family member has provided services for your business in 2019 ask us for advice on paying your family members.
Investment At A Loss?
If you hope to sell an investment at a loss in this year to offset the loss against capital gains, the settlement date – not the trade date – is what matters.
Now is the Time to Record Your Vehicle’s Odometer Reading!
Now is the Time to Record Your Vehicle’s Odometer Reading!
Child Care Expense – After-school programs
Did you know…After-school programs might can qualify as an eligible childcare expense?
Income from Canadian Sources
Did you know a non-resident of Canada is subject to Canadian income tax? Learn more…
Year End Tax Tip
Certain expenses made by December 31, 2019 will be eligible for 2019 tax deductions or credits.
Year End Tax Tip
If you own a business or rental property, consider paying a reasonable salary to family members for services rendered.
Year End Tax Tip
A senior whose 2019 net income exceeds $77,580 will lose all, or part, of their Old Age Security pension.
Year End Tax Tip
A Registered Disability Savings Plan (RDSP) may be established for a person who is under the age of 60 and eligible for the Disability Tax Credit.
