You’ve done it. After years of hard work, saving and making smart investments, you can finally afford to purchase your first home. Now what? For many, the home buying process can be very overwhelming. From dealing with bankers, real estate agents, and lawyers, seeking out the necessary accounting advice is not usually top of
Did you know that you can use your financial institution’s online banking portal to pay your individual taxes to the Canada Revenue Agency (CRA) and you can also pay your business taxes online from a business bank account? It’s as easy as paying any of your other bills. Paying individual taxes online: Sign in to
If you use your vehicle for earning business income and have eligible travel expenses, you are probably already aware that you can deduct some of your vehicle costs. What you may not know, though, is the difference between leasing and financing a vehicle for tax purposes. If you’re considering adding a new vehicle to your
Do your employees use their personal vehicles for business purposes? The tax deduction limits and expense benefit rates have changed for 2019. Make sure you understand as an employer your responsibilities around allowances to cover expenses. Most of the limits and rates that applied in 2018 will continue to apply in 2019. However, the
The deadline to give employees their T4 slips is Thursday, February 28, 2019! The failure to distribute T4 slips on time is $25 per day for each failure with a minimum penalty of $100 and a maximum of $2500. How to distribute T4 slips: Secured Portal: You may distribute T4s electronically by making them accessible
Tax season is here again and deadlines are quickly approaching. The following table outlines all deadlines for both Canadian and U.S. Personal Income Tax Returns. Make sure you mark these dates in your calendar to avoid any late penalties. For more information regarding Canadian deadlines, visit the Canadian Revenue Agency’s website. For more information regarding U.S. tax deadlines,
Recently the Canada Revenue Agency (CRA) announced the prescribed annual interest rates that will be effective from January 1, 2019 to March 31, 2019. These interest rates will apply to any amounts owed to the CRA and to any amounts owed by the agency to individuals and corporations. The prescribed annual interest rates for
Tax season is fast approaching. Start preparing to file your tax returns TODAY! What documents do I need to keep to file my tax return? You can start compiling the following documents: Final pay stub with your cumulative total income Investment slips New TFSA contribution limit RRSP contribution limit Business receipts Rend and/or property
Often the term “registered charity” is used interchangeably with “not-for-profit organizations” (NPOs). Both terms fall under the larger description of the voluntary, not-for-profit, or community benefit sector. However, while both organizations operate on a not-for-profit basis, they are defined differently under the Income Tax Act (ITA). If an organization meets the definition of a “charity”, it
Trying to earn a little extra on the side is pretty common these days – everyone could use a little extra spending money. But just because it isn’t your full time job doesn’t mean you don’t have to consider the tax implications. Today we’ll cover an increasingly popular method of earning additional money: Airbnb Renting