Welcome to the start of our Summer Tax Planning Series! This June, we’re focusing on how individuals and small businesses in Central Ontario can maximize their tax deductions. Understanding what deductions are available and how to properly claim them can significantly reduce your tax liability and boost your financial health. Explore Common Deductions: Many taxpayers
The holidays are just around the corner, and as a business owner, you’re likely preparing for festivities and well-deserved time off. However, before you dive into the holiday spirit, it’s crucial to ensure that your business finances are in order. A stress-free holiday season starts with a well-organized end-of-year bookkeeping checklist. Compile Your
When the pandemic hit, the Canada Revenue Agency (CRA) adopted measures to help Canadians cope with the global crisis. To do this, they extended both the deadlines for filing taxes and to make any payments that were owed. The CRA also did not charge penalties or interest on tax returns filed by September 1, 2020.
Since the beginning of the pandemic, many workforces have shifted from working in an office setting to having employees creating an office at home. This has forced many employees to purchase new furniture and office supplies to continue their job. The question is, can you write off these new expenses on your next tax return?
As a small business owner, chances are you’ve already considered whether or not to incorporate your growing business. With a great number of advantages to doing so, this may seem the smartest decision for your business. As with anything, there could be some disadvantages, too. So how do you know if it’s time to incorporate
Summer Activities That Can Be Used as Business Expenses As business owners and entrepreneurs we are all familiar with the common expenses that can be written off, but have you taken the time to consider that some of your summer activities could also be used? As always, any “entertainment” expenses must follow