Check out the latest articles from our CPA team, focusing on providing the most relevant accounting and tax advice for individuals, families, and businesses.
Note - The post below is NOT sponsored by TransferWise and this is not a formal recommendation to use TransferWise. At Think Accounting, we work with several e-commerce business owners. In addition, several prospective e-commerce business...
Gone are the days when you would take a shoebox of statements and receipts to your accountant once a year. A few months later, your accountant would produce your financial reports and tax return based on the data provided. Perhaps you...
First - Explore the Feelings That Your Work Creates Whether you are Creative Agency owner, an IT consultant, a Lawyer, a Landscaper or some form of a professional who charges for their services based on a service instead of a product,...
As of October 1, 2020, Personal Real Estate Corporations (PREC) have been permitted in Ontario. This is fantastic news for Ontario Realtors and will allow those in higher tax bracket to defer (and potentially save) on taxes.
You've Started A New E-Commerce Business in Canada And you've started selling into the USA - on www.amazon.com or drop-shipping your Shopify store orders. As if Canadian sales and income tax rules weren't complex enough for you, you now...
Just like half of the capital gain is tax free for an individual, a capital dividend account is a mechanism by which the shareholders of a corporation are able to withdraw that half of the capital gain that is not taxed.
It’s pretty simple if you think about it.
So, you’ve started an e-commerce business or have an existing one but your accountant is still a traditional one.
Check out this post for why you should hire a specialized e-commerce accountant for your business!
When you use the GST/HST quick method for your business, you still charge the applicable GST and HST on your supplies of taxable goods and services. However, to calculate the amount of GST/HST payable, multiply the revenue from your supplies (including the GST/HST) for the reporting period by the quick method remittance rate, or rates, that apply to your situation.
Did you incur any medical expenses in 2019? Perhaps you are getting ready to put everything together for your 2019 personal tax return, and are preparing a list of medical expenses eligible for deduction. Will these medical expenses even...
T4 vs T4A - What's the Confusion? There is a common confusion each year among business owners understanding when to issue a T4 vs T4A. Business owners who employ several individuals may have staff working full-time, part-time,...
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...
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...
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...
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...
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...
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...
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...
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...
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 with Receipt Bank – Automate your bookkeeping, save taxes and go paperless!
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...
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...
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...
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...
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...