When it comes to operating a small business in Toronto you have to be constantly thinking of how you can save on your tax obligations. While there are a lot of business tax incentives in place for small business it is not enough, and you have to learn to be legally creative with your tax…
If you are not quite sure what category your business fits into then you want to take a close look at what the CRA considers as a Personal Services Business or (PSB). As an incorporated business this is really important to you that you are not classified as this, because it would mean that you…
There are certainly a lot of new expenses that have to be faced when starting out as a married couple. You most likely still have some bills left over from the wedding and used a good amount of your savings for your honeymoon. Now you have to think about your tax obligations as a…
If you are self employed or have a small business then you need to have financial statements completed that are properly done and accurate. Your tax accountant needs these in order to prepare your tax returns for you properly. If you use a qualified bookkeeper then you should not have to worry about the accuracy…
Chances are you are like the many other Canadian tax payers who want to be sure that you are going to be financially comfortable for your retirement years. It is not enough anymore to just rely on your Canada Pension Plan, or Old Age Security pension to make your later years in life comfortable.…
As adults that have gone back to school either full or part time we often don’t think of ourselves as students when it comes to our taxes and, therefore can miss out on some important Canada tax credits that are applicable to students. You may consider that while there seems to be several small tax credits…
Most people realize that paying taxes although unpleasant is really a necessity, if they want to enjoy the public benefits that the money from tax collection is supposed to bring. Your tax dollars are distributed through two levels of government which both contribute to many resources that we use on a daily basis. However, this…
When tax season rolls around many people start to pay more attention as to what potential tax credits could be available to them. They usually rely on their knowledge of the more common ones that have been around for awhile, and often don’t realize that there may be new ones or old ones that…
There are a lot of good reasons for getting your taxes done as early as possible instead of waiting for the deadline. Many times your Toronto accountant can be instrumental in giving you some good tax tips based on your last year’s tax situation. It could be that this year would be a good year…
It is not uncommon for small businesses to share their frustrations with their accountant concerning the growth of their business. Very often an experienced accountant can offer a lot of good tax planning advice to help companies move in the right direction. For example, these financial experts can often discern when it would be more…
