Check out the latest articles from our CPA team, focusing on providing the most relevant accounting and tax advice for individuals, families, and businesses.
Introduction Are you thinking about buying an electric vehicle in Canada? Good news! The government offers incentives to make it more affordable. This post will explain the main programs available: the iZEV Rebate Program and the Enhanced...
Introduction In the world of e-commerce, knowing how your business is doing is key to success. With so many numbers to look at, it can be hard to know which e-commerce metrics really matter. Focusing on the right e-commerce metrics can...
As a non-resident business operating in Canada, understanding the Goods and Services Tax/Harmonized Sales Tax (GST/HST) registration process and associated security deposit requirements is crucial. Below we discuss an overview of the...
Many Canadian homeowners consider renting out their basements to generate extra income, but concerns often arise about how this might affect your Principal Residence Exemption (PRE) when it comes time to sell. What is Principal Residence...
As a Canadian business owner, you've likely heard in the Salary vs Dividends debate that paying yourself dividends instead of a salary can lead to significant tax savings. However, the reality is far more nuanced. While dividends can...
For Canadian small business owners, particularly those operating a Canadian-Controlled Private Corporation (CCPC) that qualifies for the Small Business Deduction, deciding between compensating themselves through dividends vs salary is a...
Requirement for charging MB PST (officially referred to by Manitoba as Retail Sales Tax (RST)) can apply to businesses, whether they are based in MB or not. Here's a concise guide with the basics. Should your business be registered for...
Requirement for charging BC PST can apply to businesses, whether they are based in BC or not. Here's a concise guide with the basics. Charging BC PST For Businesses Located in BC You are required to register, collect and remit BC PST if...
Understanding GST/HST rates in Canada can be tricky, but it's crucial for business operations. Here's a concise guide with the basics. GST/HST Rates on Products and Services The GST/HST rate you charge depends on the "place of supply"...
Facing a vehicle expense audit by the Canada Revenue Agency (CRA) can feel daunting. But with the right preparation, you can navigate this process smoothly. If you've received a letter from CRA concerning a review of your corporation's...
In 2023, Canada introduced sweeping changes to the trust reporting requirements, significantly impacting how bare trusts file their T3 returns for the tax year ending after December 30, 2023. This guide aims to demystify these changes,...
Business Meal Under the Canadian Income Tax Act and CRA's interpretations, a business meal is considered deductible if it meets the following criteria: Purpose: The meal is purchased for a clear business reason, such as meeting with...
What Are Climate Action Incentive Payments (CAIP) aka Canada Carbon Rebate (CCR)? Climate Action Incentive Payments (CAIP), now known as the Canada Carbon Rebate (CCR) are Canada's approach to motivate citizens towards a greener...
Navigating the world of trusts in Canada can be complex, but understanding their basics, types, and benefits is crucial for effective financial and estate planning. This guide demystifies trusts, focusing on key aspects and common...
Introduction to Holding Company In the realm of financial strategy and business structuring, the holding company strategy in Canada stands as a beacon of opportunity, particularly in the arena of tax planning. With the right approach, a...
Introduction: Hi there! today we're discussing how to improve cash flow in your business with some simple levers. We understand that for businesses, particularly small businesses, startups, and e-commerce ventures, maintaining a healthy...
Introduction Starting January 1, 2024, the Canada Pension Plan (CPP) will undergo substantial changes. These modifications are part of an ongoing enhancement initiative that began in 2019. The key aspect of these CPP payments 2024 changes...
Introduction In this blog post, we will detail the important tax changes in Canada for 2024 that you need to know. Last year was difficult with ongoing inflation and rising interest rates, but for the new year, we have good news for...
Introduction To the CRA Taxpayer Relief Process Navigating the realm of CRA penalties and interest is a common hurdle for many Canadian entrepreneurs. Each year, over 30,000 small businesses face penalties due to late filing....
In yesterday's announcement, the Canadian government introduced extended deadlines and added flexibilities for the Canada Emergency Business Account (CEBA) loan repayments. The CEBA Loan Extension is a move aimed at providing relief to...
Tax Implications of a Share Sale An asset vs share sale is a complex tax scenario to address. Let's start with a share sale first. A share sale is essentially a purchase of the entire business. The buyer acquires the shares of the company...
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Introduction to eCommerce Accounting Practices in Canada Imagine this: It’s a crisp fall day in Toronto, and you, an ambitious entrepreneur, have just launched your first eCommerce store. Maple leaves are falling, and so are the barriers...
Learn what contribution margin is and why it is crucial for your business’s profitability. Discover how contribution margin helps you analyze costs, set prices, and make informed decisions. Enhance your understanding of contribution margin’s significance in maximizing profits.
A new underused housing tax (UHT) went into effect in Canada on January 1, 2022. The tax affects property owners with vacant or underused housing and requires them to file an annual UHT return with the Canada Revenue Agency (CRA). In the...
What are Shareholder Loans? Shareholder loans are funds that a shareholder of a corporation lends to the corporation or borrows from the corporation. For the purposes of this articles, we will focus on the part of money being borrowed by...
In recent years, the idea of a "staycation" – taking a vacation close to home – has become increasingly popular. With the COVID-19 pandemic and the resulting travel restrictions and safety concerns, staycations have become even more...
What is Profit First Profit First is a financial management method that was developed by entrepreneur and author Mike Michalowicz. The Profit First method is based on the idea that business owners should prioritize profitability over...
Foreign tax credits in Canada are a way for Canadian taxpayers to reduce the amount of tax they owe on foreign income. To claim foreign tax credits, taxpayers must complete and file Form T2209: Federal Foreign Tax Credits and provide supporting documentation. Only taxes similar to Canadian taxes are eligible for foreign tax credits, and the amount of foreign tax credits that a taxpayer can claim is limited to the amount of Canadian tax payable on the foreign income.
Meet Bob. Bob is a divorced 64-year-old man living in Caledon, Ontario. Bob has five kids who are all over the age of 18. Two of those children are married and he is a recent and proud grandfather to a new little baby girl. Bob retired six months ago and is enjoying spending more time up at the cottage in the Muskokas, as well as taking a little day trips to historic sites around Ontario. He’s a huge history buff! Bob had a Will drafted with his ex-wife over 30 years ago now.
Backgrounder: CEWS Extension - Speech from the Throne: Commitment to extend the Canada Emergency Wage Subsidy (CEWS) The government’s Speech from the Throne confirmed its intention to extend the CEWS until June 2021;On October 14, 2020,...
