We have often talked about how important it is for you to keep your business organized, and how this is beneficial when you are working with your accountant. This is also applicable to online businesses which are commonly called E-business. The organization for this type of virtual business is twofold. Not only do you have…
Nobody really likes to have to deal with the CRA outside of submitting their taxes once a year, then reviewing their assessment and hoping that all is in order until the next tax year rolls around. In some cases though, it is not that simple. It is not unusual for tax payers do not agree with their…
When you own personal items you consider them as your personal property and don’t even think there could be any tax implications regarding them if you were to sell or dispose of them. This is one area of tax that a lot of people get confused about. In many cases the property may be cars…
You finished your taxes for the year, got them in on time, received your assessment and figure that’s the end of this for another year. Some people, don’t even bother to read their assessment, which could end up getting them into tax problems. Even if you sent in any tax that you determined that…
Owing money to the tax department is not a pleasant situation to be in, however there are many that do find themselves in this predicament. There can be a number of reasons as to why this has happened but one thing is for sure and that is the CRA will do whatever is necessary…
Gosh, it’s the warm weather and time of year to think about entertaining and vacations, not taxes! Not many of us are happy at tax time when we see how much money we have had to contribute or may still owe. However, at least when the filing is over and done for the…
We are all tempted on occasion to accept a deal where we don’t have to pay any taxes. Most often we run into situations where we need things done around the home, and the budget is pretty tight. Then someone offers to do the repair or renovation on a cash basis and this seems to…
We all like to complain about taxes for several reasons. The biggest one is because we believe we are being taxed to death, and the other is that it is a nuisance when we have to take time out to do our tax returns even though its only once a year. While there…
Sometimes we look at the small things that we can take advantage of with our taxes as being insignificant and don’t really bother with them. Taking a look at whatever small tax breaks you can get is a good habit to form because they can end up accumulating to a point where they really do…
For some of us we have even got last year’s taxes done and over with and yet we have to start thinking about the current year. By the time the deadline reaches for the previous year, we are already finishing off the first quarter of the current year. It is often a common…
