What is WSIB? Workers Safety & Insurance Board (WSIB) also referred to as Workers Compensation Board in the past is an organization managed by the Government of Ontario. The purpose of WSIB is to provide benefits as payments and...
THINK Insights
Check out the latest articles from our CPA team, focusing on providing the most relevant accounting and tax advice for individuals, families, and businesses.
Residency of a Corporation for Canadian Tax Purposes
Residency of a Corporation is a very important topic to understand as a business owner. This includes knowing what it means to be a corporation resident in Canada v/s in a foreign jurisdiction. There is a big difference in taxation and...
Top 5 Benefits of Staying Compliant with CRA
What does it mean to be compliant with CRA? The thought of being compliant with CRA may cause some initial anxiety among business owners, especially if you are behind on your taxes. This is understandable because business owners are busy...
The Ultimate Guide To RRSPs For 2019/2020 Tax Season
It’s almost the end of 2019 and perhaps somewhere in the back of your mind, you’ve started thinking about your RRSP strategy for 2020 to maximize your tax refund when you file your 2019 personal tax return. In this blog post, we'll go...
What Are Notice to Reader (NTR) Financial Statements and Why We Need Them
NTR Financial Statements or Notice to Reader Financial Statements may ring a bell if you’re a business owner who’s ever applied for a bank loan, but to others, or to new business owners, the term “NTR” or “Notice to Reader” may sound...
Non-Resident Rental Income Tax In Canada
UPDATE FOR 2022/2023 TAX YEAR Please read our blog post on the newly announced Underused Housing Tax (UHT) Return for non-residents, and certain Canadians, who own Canadian residential real estate. As a non-resident owing Canadian...
Government Grants For Small Businesses
Has the thought of hiring interns crossed your mind? Each year you hope to accomplish many projects, but your employees are already swamped with loads of work. Cash flow is always tight and your start-up or growing organization needs all...
GST/HST Audit – What To Expect, Audit Triggers & How To Handle It
Received a GST/HST Audit Letter – Fear not! If you are the owner of a small business corporation and you just received a CRA GST/HST audit letter, do not panic. In one of our earlier posts, we talked in general about navigating a CRA...
CRA’s Tax Filing And Payment Deadlines For 2019
Studies and surveys have indicated that every year a large number of Canadians either end up missing their tax filing deadlines imposed by CRA, or meet them at the eleventh hour. Besides the stress, missing tax filing or payment deadlines...
Fintech in Accounting: Bookkeeping Automation With Receipt Bank
Fintech in accounting with Receipt Bank – Automate your bookkeeping, save taxes and go paperless!
Automate Your Payroll: A Comparison of 5 Best Cloud Payroll Applications
Businesses are always looking for more efficient ways to pay their employees. In the past, this payroll administration has been a very time consuming and cumbersome process. Enter cloud payroll...
Donation Tax Credit – Donating Personally v/s Under the Corporation
When you donate, you think about giving, not receiving. However, there’s definitely a favourable tax consequence to donating – that is, you get a donation tax credit and it lowers your tax bill from the Canada Revenue Agency (CRA). A...
How To Navigate A CRA Audit?
The words “CRA Audit” carries a negative connotation for most. Perhaps, you get cold feet when you receive a letter from the Canada Revenue Agency (“CRA”). A letter from CRA could merely be an information request letter. However, this...
Think Accounting’s Oakville Expansion
8/2/2018 10:00 Mississauga, Ontario, August 2, 2018 – Think Accounting and Consulting Professional Corporation (“Think Accounting” or the “Firm”) is pleased to announce that it has completed the acquisition of an established accounting...
Why Financial Due Diligence Is Critical To A Business Acquisition
There’s an underlying fantasy in almost everyone to, one day, own their own business … be their own boss! Some will go the start-up route and build their dream from scratch, while others will acquire an existing business. There are many...