Tax Deadline Home As tax season fast approaches, it is important to keep in mind how much time we have so hopefully we’re not scrambling for that list of prescription medicine expenses or those donation receipts. Here are some of the most common tax deadlines: Individuals: Tax return (T1) filing deadline is April 30 If …
Is the reality of tax season just hitting you? Are you an accountant, anxious about the busy weeks ahead? An average person who just realized they don’t have a clue what they need? Here is the guide you’ve been waiting for. Take a deep breath, relax and enjoy the sweet, lyrical poetry of the Canadian T1 return.
What You Need To Know About GST Home The Goods and Services Tax (GST) is a tax which is paid every time we buy a product or service. Another name for GST is sales tax or value added tax. This means that every time value is added to any product or service, a tax is …
Employees vs Subcontractors Home The main difference between an employee and a contractor is one gets paid a salary, while the other gets paid business income. But if the difference was just in the name, we could call it a day right here and now. The reason this question arises, is because it is often …
Pros and Cons of Incorporating Home Many people start their own businesses and there comes a point when they wonder if they should incorporate or not.Here are a number of pros and cons to incorporating: Pros of Incorporating A corporation has limited liability. If it owes money, creditors cannot touch your money. They can only …
Taxes of Rental Properties Home Residential vs Commercial First thing to know is that residential properties are not charged GST, so somebody who buys a residential property does not have to register for a GST number. Commercial properties however are charged GST and so owners would have to collect GST and keep track of the …
Canadian Residency: Tax Implications Home To start with, the Canada Revenue Agency (CRA) has a very strict definition of what it means to be a Canadian taxpayer or not. Basically, a Canadian resident has to pay Canadian taxes on income made both in Canada and worldwide. People who are not residents of Canada, have to …
Receipts for Tax Season Home There are many expenses which could be claimed to reduce taxes owed, however if you don’t keep your receipts the expenses may be disallowed if you are audited. So check out this checklist for receipts to keep. Your accountant will thank you at tax time. Donations When you give a …
Registered Canadian Investment Vehicles Home Investing is a crucial way to create wealth out of money that you do not need at the moment. As a wise man once said, you don’t get rich by working, you get rich by making your money work for you. This proves even more true in retirement, when most …
The Principle Residence Exemption Home If you buy or inherit a house, you own the house. Now, houses are many things. They are a roof over your head, a place to relax with family and friends, but they are also an investment. Although some people may not look at home ownership that way, unless you’re …