Nov, 15 2024
How Outsourcing Accounting Services Supports Financial Independence in Canada
As businesses in Canada expand globally, competition is growing, raising concerns about financial stability & maintaining accurate records. This has led many businesses to outsource accounting & bookkeeping services to experienced professionals with the skills to handle records efficiently.
Feb, 01 2024
Benefits to Register a Business in Canada - Tax Benefit
We often hear expressions like ‘Welcome Canada Tax Benefit’, “Welcome to Canada” cash benefit and so on. Is it true? Really, is there any Cash Benefit distributed by the CRA or any other Canadian Government agency on coming to Canada? If you are looking for answers to these questions, then you are at the right place.
Jul, 26 2024
Workspace in the Home Expenses in Your T1 - Income Tax Return
If your contract of employment requires to use your home space for your employment purposes, then you may be eligible to claim certain home expenses which are directly related to your work. You can claim such home office expenses as a deduction from Payroll income to the extent the same is not reimbursed by your employer.
Jul, 24 2024
Expenses which can be claimed from Employment Income from your personal Tax Return
This article is of a general nature only and is not exhaustive of all possible legal rights or remedies. In addition, laws may change over time and should be interpreted only in the context of particular circumstances such that these materials are not intended to be relied upon or taken as legal advice or opinion.
Mar, 29 2024
Moving Expenses Deduction – An extensive guide
Moving Expenses is one of such expenditure which helps the taxpayers to reduce their ‘Total Income’ in their T1 Income Tax Return, that leads to lowering their ultimate income tax payment. However, to be eligible for the deduction of this expenditure it is very important that the taxpayer must comply the following conditions.
Feb, 28 2024
Understanding T4A Slips Your Easy Handbook
T4 is the statement of remuneration payment made by an employer to employee during the calendar year. Whereas T4A covers lot of other payments made a payer to a payee. T4A slips are issued by Payers of certain payments. The list of payments covered under T4A is very broad. Examples of few are as follows.
Feb, 17 2024
Understanding The T1 Tax Return in Canada
T1 Form popularly known as Income Tax and Benefit Return for filing an Income Tax Return for the individuals who are resident of Canada. T1 is the primary Income Tax Return document which is used for filing personal income tax with the Canada Revenue Agency (CRA) in Canada.
Feb, 16 2024
Steps To Incorporate a Business In Canada
A corporation (also frequently termed as ‘Company’) is the most common business structure due to its advantages over the other business structure. Besides advantages of Corporation, the formation of a Corporation is also very smooth and friendly in Canada.
Feb, 13 2024
Income Tax Rates For The Year 2024 And 2023 - Federal And Ontario Income Tax
Canadian Income Tax rates for 2024 for Individuals residing in Ontario at the end of the year. For the sake of convenience and understanding, herein below are the income tax rates for the residents of ‘Ontario’ province for the Tax year 2024.
Feb, 12 2024
Instalments Payment Of Income Tax Under Income Tax Act
Installment payments of taxes during the current tax year are a kind of advance payment of taxes on the income which a corporation earns during the relevant current tax year.