Traveling expenses can account for a considerable portion of your business expenses. The cost of fuel, vehicle maintenance, depreciation, and more can all take away from your profit margins. But what if we told you that you could deduct these expenses against your income tax? Yes, you read that right. What you consider a …
The Canada Revenue Agency (CRA) treats a real estate mogul and the owner of a single rental property much in the same way. Hence, any property owner within Canada receiving rental income must report their earnings to the CRA. The CRA determines exactly how much tax will be applied to your total rental …
Our Guide To Rental Property Tax Deductions In Canada Read More »
The rental business can be a real ‘grind’, especially, if you are trying to get it all done yourself. It is by no means easy but it can be extremely lucrative with the right financial guidance. This is why we have prepared a guide specifically for Canadian property owners that earn rental income through …
Did you know that in addition to making an income with rental buildings, you could also avail substantial tax deductions? I mean what’s the point of renting out a property only to have to pay the profits earned in taxes? If you are a rental property owner and are seeking to learn more about …
Capital Cost Allowance for Rental Property Demystified Read More »
Canada is amongst just a handful of countries on Earth that has a relatively stable and somewhat stagnant economy that often seems unhindered by global economic and financial crises. This is largely due to the fact that Canada is one of the few places in the world that is not overly populated and can afford …
The traditional and proxy methods are two ways to file an SR&ED claim. The traditional method is the default method to file SR&ED claims for businesses who qualify for the SR&ED program. An organization can choose the proxy method to file a claim, on their T661 form on Line 160, if they do not want …
What is the Difference Between Filing a Claim in the Proxy or Traditional Method? Read More »
The cost of hiring an accounting firm can vary depending on the size of your business and the kind of services you’re looking for. You can choose to hire a firm for simple bookkeeping, which is keeping a record of expenses and profits for compliance purposes, or hire a firm for full-fledged accounting services which …
SR&ED (or SRED) stands for scientific research and experimental development. It is the Canadian federal government’s scientific research and experimental development tax incentive program for businesses. Financial organizations can get research and development tax credit, or SR&ED credits for conducting scientific research and experimental development in the line of their business activity. Every year SR&ED …
As stereotypically shown in movies and tv shows, being an accountant isn’t just crunching numbers or working with basic financial data. The prevalence of the responsibilities of an accountant is second to none when it comes to the management of a business. Many business owners, no matter how small or big, rely on their accountants …
Why should a small business owner consider hiring an online accountant Read More »
The world as we know it has changed drastically in 2020. As the year comes to an end, many businesses have to adapt in many ways in order to survive in these trying times. With COVID-19 still running rampant in many parts of the world, many businesses are faced with an uncertain future. Canada is …
Hiring An Online Accountant? Is It Worth It For Your Business Read More »
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