Many Canadians may not know that in 2013 the Canada Revenue Agency (CRA) had included a special tax credit called the First-Time Donor’s Super Credit in the budget. In recent reports, the CRA has stated that the take-rate of the credit has been lower than...
Many small business owners are unsure of what they can deduct as a legitimate business expense. It is quite common for someone to start their own business before they have had a chance to consult with a tax accountant, who can provide guidance on what expenses are...
For many years IT Consultants have been incorporating their businesses, and working as independent contractors while supporting their clients. In recent years, the CRA has been looking more closely into corporations that IT consultants own, to determine if the company...
The first and most important thing to note, before getting into some of the items that realtors can deduct for tax purposes, is that you must track, and keep evidence (receipts) for all of your expenses. As we have noted in the benefits of Cloud Accounting, there are...
Earning dividends from your investments can be a great source of cash flow for Canadians. Dividend paying stocks have been performing exceptionally well in the low interest-rate environment that North America has been in since 2008. As diversified investors, it is...
You may be wondering why you are required to make tax instalments, or if you aren’t required to make them, what would trigger the need to? If your net income tax owing when you filed your last income tax return exceeded $3,000, you may need to make monthly or...
