The landscape of properly filed taxes is ever-changing, and with new legislation and laws being introduced each year, keeping up with Canada’s various tax rules can seem overwhelming when you try and file on your own. For the 2023 tax filing season, several key changes could significantly impact how much you pay in taxes and
As a business owner, you have the option of taking a salary or dividends from your company. Both have benefits and drawbacks that you should consider before making a decision. Here’s a breakdown of each option to help you decide which is best for you. The Difference Between a Salary and Dividends A salary is
As a small business owner, do you know when your business should start collecting HST? The Canadian Revenue Agency (CRA) states that you have to register for an HST account if: You make taxable sales, leases, or other supplies in Canada And you are not a small supplier This could be confusing, especially
Have you filed your 2020 taxes yet? Or are you one of the many procrastinators that is putting off filing until the last minute? While last year’s tax filing deadline was extended due to the pandemic, this year things are back to normal. This means that you must file your personal income taxes before the
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.
Did you receive the Canada Emergency Response Benefit (CERB) during the beginning of the pandemic? If so, you should soon receive your tax slip from the Canada Revenue Agency (CRA) for CERB and any other recovery benefits you may have received in 2020. One thing some people did not seem to realize t is that
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?
The Canada Emergency Response Benefit (CERB) program officially ended on September 27, 2020 and the government is transitioning back to Employment Insurance (EI) for those still in need. For those that don’t qualify for EI, there are new recovery benefits that have been announced that you may be able to benefit from. These new programs
The Canada Revenue Agency (CRA) has once again made changes to the deadlines for both personal and corporate taxes due to the ongoing pandemic. The CRA is extending the payment due date for 2019 individual tax returns and 2019 or 2020 corporation, or trust returns, as well as installment payments, from September 1, 2020, to
The Canada Emergency Wage Subsidy (CEWS) is a wage subsidy program offered by the Federal government to employers. The main purpose of CEWS is to help employers keep their employees on payroll during the pandemic so they do not have to rely on Employment Insurance. When CEWS originally started back in March, not all businesses