BLOG

Soon it will be time to file your business income tax return. Whether you are self-employed or have a corporation, it is important to get organized in advance by either preparing it yourself or having an income tax specialist prepare it for you. If you are a business, you must file an annual business income tax return. The type you file depends upon the structure of your business. Those who are self-employed sole proprietorship or partnership business owners must report their

A CRA review is not a tax audit. The biggest difference between a tax review and a tax audit is that a tax review may be completed in a matter of weeks, but an audit can take months or even years to complete. A tax review is simply a routine check to ensure that the information that you have provided on your income tax return is correct. CRA can contact you for additional information with a letter or a telephone call. We want to assure you that individuals are less likely to

The new Canadian federal budget was tabled on April 19, 2021 by finance minister Chrystia Freeland. The federal deficit is estimated to be $354.2 billion for fiscal year 2020-21 and next year’s deficit is expected to be $154.7 billion. By the end of 2021-22 fiscal year, the federal debt is expected to be over $1.2 trillion. The budget introduced a $30 billion national childcare plan over 5 years, to reduce kindergarten prices by 50% in 2022, with a target of $10 per day by 20

With the onset of the COVID-19 crisis in 2020, numerous employers allowed their employees to work from home. It is for this reason that Canada Revenue Agency (CRA) introduced a new temporary flat rate method to simplify the process for claiming a deduction for home office expenses for the 2020 tax year. This is a personal income tax deduction to be calculated on form T777S (Statement of Employment Expenses for Working at Home due to COVID-19), which then needs to be attached

You have probably heard of Blockchain. It is the computer technology that is used for cryptocurrency trading, but this is only one of it’s many uses. In fact, they have partnered with Hyperledger, and several other high profile industry leaders (IBM, Intel, and SAP Ariba) to develop a way that Blockchain can be used by both business, industry and by the non-profit sectors. Using Blockchain technology and its partners, the result is: increased security, improved transparency,

While doing their income tax, individuals and businesses often forget to claim deductions that could really benefit them and that might significantly assist in reducing the amount of income tax that they ultimately pay. If you are filing your personal income tax or your business income tax, you will need documentation to support the statements that you make in relation to your income tax submission. If you are or are responsible for any of the following, you will need to incl

A proposed Digital Services Tax (DST) could raise up to $1.2 billion over five years in Canada, which the Federal government wants to introduce in July 2021. In its fiscal update on November 30, 2020, Ottawa said it will require multinational companies to collect GST or HST on digital products and services. Once implemented, the cost of digital services sold by foreign companies like Netflix, Amazon Prime (streaming video), HBO (streaming video), Hulu (streaming video), Spot

Business ethics refers to the moral principles (trustworthiness, respect, fairness, and caring) that guide the day-to-day operations of a company, which should be important to every business. They are constantly changing and evolving world-wide due to changing laws and society’s concerns. Some ethical requirements have been written into law over time by governments as minimum standards, such as employer-employee relations including minimum wage and discrimination, insider tr