TaxForce
  • Home
  • Services
  • Meet Team TaxForce
  • BLOGS
  • Get a Second Opinion
  • Careers
  • Phone: 226-776-1219

BLOGS

Personal Tax

TFSAs and RRSPs Made Simple

Mastering TFSAs and RRSPs Before the Deadlines As we welcome the new year, it’s a crucial time for Canadians to focus on their financial well-being, with particular attention to Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs). The Read more…

By Caitlin Lawrence, 1 yearJanuary 16, 2024 ago
Personal Tax

The Gift of Giving: Understanding Charitable Donations of Capital Property

Introduction Charitable giving is not only a noble gesture but can also be a strategic financial move, particularly when it involves the donation of capital property. At The TaxForce, we believe in the power of informed giving. This comprehensive guide Read more…

By Tyler Schaeffer, 1 yearDecember 21, 2023 ago
Personal Tax

Discovering Hidden Gems: Unique Tax Deductions for Ontario Residents

Introduction In Ontario, a myriad of unique tax deductions can significantly impact your financial well-being. Many residents, however, remain unaware of these potential savings. At The TaxForce, we’re committed to shedding light on these opportunities, helping you navigate the complexities Read more…

By Tyler Schaeffer, 1 yearDecember 18, 2023 ago
Uncategorized

Maximizing Benefits: Using Up Medical Expenses Before They Expire

Introduction Medical expenses can weigh heavily on any budget, but many Canadians don’t realize that they can recoup some of these costs through tax credits. At The TaxForce, we understand how crucial it is to make the most of every Read more…

By Tyler Schaeffer, 1 yearDecember 11, 2023 ago
Personal Tax

How to Handle Tax Audits and Reviews in Ontario

How to Handle Tax Audits and Reviews in Ontario Introduction Receiving a notice from the Canada Revenue Agency (CRA) informing you of a tax audit or review can be an unsettling experience. However, it’s essential to remember that tax audits Read more…

By Tyler Schaeffer, 1 yearNovember 30, 2023 ago
Personal Tax

A Guide to Property Taxes in Ontario: What Homeowners Need to Know

A Guide to Property Taxes in Ontario: What Homeowners Need to Know Introduction Congratulations on becoming a homeowner in the beautiful province of Ontario! While the joys of homeownership are abundant, so are the responsibilities, and one of the most crucial Read more…

By Tyler Schaeffer, 1 yearNovember 27, 2023 ago
Uncategorized

How to Maximize Your Tax Refund in Ontario

In the grand symphony of taxation, who doesn’t love the sweet melody of a tax refund? But are you truly harnessing its full potential? With The TaxForce as your conductor, let’s delve into the art of maximizing your tax refund Read more…

By Tyler Schaeffer, 2 yearsNovember 23, 2023 ago
Personal Tax

Mastering Your Savings: A Guide to RRSPs and TFSAs in Ontario

Introduction In the realm of personal finance in Ontario, Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) are pivotal. These instruments are not just savings vehicles; they are strategic tools in wealth building and tax planning. Understanding their Read more…

By Tyler Schaeffer, 2 yearsNovember 20, 2023 ago
Personal Tax

The Pros and Cons of Filing Taxes Early in Ontario

Introduction Tax season is an annual event that brings a mix of anticipation and apprehension for many Canadians. While the tax filing deadline in Ontario typically falls on April 30th, there’s a growing trend among taxpayers to file their taxes Read more…

By Tyler Schaeffer, 2 yearsNovember 16, 2023 ago
Personal Tax

Charitable Donations on Your Ontario Tax Return: A Guide by The TaxForce

Hey there, tax-savvy citizens of Ontario! Are you feeling generous and want to make a difference in your community? Well, not only will your charitable donations help those in need, but they can also benefit you come tax time. In Read more…

By Tyler Schaeffer, 2 yearsNovember 13, 2023 ago
Personal Tax

Understanding Ontario’s Personal Income Tax Brackets

Introduction Understanding personal income tax is a fundamental aspect of financial literacy, particularly in Ontario, where the tax system’s intricacies can impact everyone from the individual taxpayer to the largest corporations. The TaxForce is committed to providing clear, authoritative guidance Read more…

By Tyler Schaeffer, 2 yearsNovember 9, 2023 ago
Uncategorized

Top Deductions and Credits for Ontario Taxpayers: The TaxForce Insight

Top Deductions and Credits for Ontario Taxpayers: The TaxForce Insight In the grand theatre of taxation, deductions and credits play starring roles, offering Ontario taxpayers a chance to reduce their tax bill and maximize their returns. With The TaxForce as your Read more…

By Tyler Schaeffer, 2 yearsNovember 6, 2023 ago
Personal Tax

Mastering Tax Deadlines and Processes in Ontario: The TaxForce Guide

Venturing into the world of tax filing in Ontario can feel like navigating a labyrinth. But with The TaxForce as your compass, we’ll guide you through every twist and turn, ensuring you meet crucial deadlines and understand the nuances of Read more…

By Tyler Schaeffer, 2 yearsNovember 2, 2023 ago
Small Business Month

The Importance of Budgeting for Small Business Success

In the bustling realm of entrepreneurship, steering a small business towards success is akin to navigating a ship through turbulent waters. Among the countless tools at a business owner’s disposal, budgeting emerges as a compass, offering direction amidst financial uncertainties. Read more…

By Tyler Schaeffer, 2 yearsOctober 30, 2023 ago
Small Business Month

Preparing for Year-End: Essential Accounting Tips for Ontario Businesses

As the year winds down, businesses in Ontario are gearing up for the year-end accounting rush. It’s a crucial time for every enterprise, big or small, as it sets the stage for the next fiscal year. Proper preparation can make Read more…

By Tyler Schaeffer, 2 yearsOctober 26, 2023 ago
Uncategorized

Navigating the Financial Waves: Mastering Accounts Receivable and Boosting Cash Flow

In the business realm, managing finances efficiently is akin to steering a ship through turbulent waters. Among the crucial aspects of this financial voyage is handling Accounts Receivable (AR) adeptly to ensure a steady cash flow. This blog will unfurl Read more…

By Tyler Schaeffer, 2 yearsOctober 23, 2023 ago
Small Business Month

A Comprehensive Guide to Payroll Taxes and Regulations for Ontario Small Businesses

Running a small business in Ontario comes with its fair share of responsibilities. Among the most crucial is understanding and managing payroll taxes. This guide aims to decipher the complexities surrounding payroll taxes and regulations in Ontario, ensuring you stay Read more…

By Tyler Schaeffer, 2 yearsOctober 19, 2023 ago
Small Business Month

Navigating Employee Benefits and Accounting Implications in Ontario: A Comprehensive Guide

In the bustling business environment of Ontario, attracting and retaining a skilled workforce is a cornerstone for organizational success. A pivotal aspect of this is offering a compelling package of employee benefits. Besides being a magnet for talent, these benefits Read more…

By Tyler Schaeffer, 2 yearsOctober 16, 2023 ago
Small Business Month

Master Your Money: Tips for Efficient Expense Tracking and Management

In today’s fast-paced world, managing your finances efficiently is crucial for maintaining a balanced lifestyle. Expense tracking and management are the cornerstones of financial wellness. By keeping a close eye on your spending and ensuring that your outgoings are less Read more…

By Tyler Schaeffer, 2 yearsOctober 12, 2023 ago
Uncategorized

Essential Tax Planning Strategies for Small Businesses in Ontario

Navigating the complex world of taxation can be a daunting task for small business owners in Ontario. However, with a well-thought-out tax planning strategy, it’s possible to minimize tax liability and maximize profits. This blog post aims to shed light Read more…

By Tyler Schaeffer, 2 yearsOctober 9, 2023 ago
Small Business Month

Tips for Efficient Bookkeeping for Small Business Owners

Bookkeeping is the backbone of any business, big or small. It’s the process of recording, organizing, and analyzing financial transactions to ensure a business runs smoothly and profitably. For small business owners, efficient bookkeeping is crucial. It not only helps Read more…

By Tyler Schaeffer, 2 yearsOctober 5, 2023 ago
Small Business Month

The Basics of Small Business Accounting in Ontario: A Starter Guide

Starting a small business in Ontario? Congratulations! With the excitement of this new venture also comes the responsibility of managing its financial health. One of the foundational aspects of a successful business is sound accounting practices. Even if you’re not Read more…

By Tyler Schaeffer, 2 yearsOctober 2, 2023 ago
Small Business Month

A Closer Look at Minimum Wage and Overtime Rules in Ontario: A Guide for Small Businesses

Stay in the know: For small business owners in Ontario, staying updated on the minimum wage and overtime rules is crucial for maintaining a compliant and fair workplace. This blog post delves into the specifics of these regulations in Ontario, Read more…

By Tyler Schaeffer, 2 yearsSeptember 27, 2023 ago
Recommendations

Tax Planning Strategies for High-Income Earners in Ontario

Hey there, Ontario friends!  If you’re making a good amount of money (go you!), you might be wondering how to keep more of it in your pocket and give less to taxes. Don’t worry; we’ve got some simple tips for Read more…

By Tyler Schaeffer, 2 yearsSeptember 25, 2023 ago
Small Business Month

HST in Ontario: What You Need to Know

Hey there, Ontario business owners! 🌟 Have you ever scratched your head about HST? Maybe you’ve heard the term in passing but aren’t quite sure what it means for your business. Fear not; we’re here to break it down for you. Read more…

By Tyler Schaeffer, 2 yearsSeptember 21, 2023 ago
Recommendations

Analyzing the CEBA Extension: A Lifeline or a Mirage for Small Businesses?

Analyzing the CEBA Extension: A Lifeline or a Mirage for Small Businesses? The federal government’s recent decision to extend the repayment period for the Canada Emergency Business Account (CEBA) loans has garnered a spectrum of responses from the business sector. Read more…

By Tyler Schaeffer, 2 yearsSeptember 18, 2023 ago
Not Your Typical Accountant Uncategorized

Ontario’s Stance on Short-Term Rentals: 

The rise of platforms like Airbnb has revolutionized the way people travel and stay in different cities. Ontario, like many other provinces, has seen a surge in short-term rentals. But with this surge comes the need for regulation, especially in Read more…

By Tyler Schaeffer, 2 yearsSeptember 14, 2023 ago
Not Your Typical Accountant

Tax Considerations for Ontario-based E-commerce Businesses

In the digital age, e-commerce has revolutionized the way we shop. From the convenience of our homes, we can order anything from groceries to gadgets. If you’re an Ontario-based e-commerce business owner, it’s essential to understand the tax implications of Read more…

By Tyler Schaeffer, 2 yearsSeptember 11, 2023 ago
Not Your Typical Accountant Uncategorized

Ontario’s Climate Action Incentive: A Simple Guide for Taxpayers.

Hey there, dear readers! Today, we’re diving into a topic that affects many of us in Ontario: The Climate Action Incentive. Don’t worry, I’ll break it down in a way that’s easy to understand. So, grab a cup of tea Read more…

By Tyler Schaeffer, 2 yearsSeptember 7, 2023 ago
Uncategorized

Understanding Taxes In Ontario: A Simple Guide

Your Simple Guide to Tax Buckets (Brackets) in Ontario: Hey there! If you live in Ontario, you’ve probably heard about taxes. We all pay them but understanding them can be a bit tricky. Don’t worry! We’re here to break it Read more…

By Tyler Schaeffer, 2 yearsSeptember 5, 2023 ago
Small Business Month

October is Small Business Month!

October is small business month, and that means it’s time to celebrate the hardworking small businesses that make our communities so vibrant. From the corner bakery to the family-owned hardware store, small businesses play a vital role in our economy. Read more…

By Tyler Schaeffer, 3 yearsSeptember 29, 2022 ago
Not Your Typical Accountant Uncategorized

Doctors can now prescribe a Parks Canada Discovery pass!

Mental and physical health are important to leading a rich and happy life. Doctors say getting regular exercise can combat health conditions and diseases, improve moods and energy levels all while helping you get a better sleep. Doctors are trying Read more…

By Tyler Schaeffer, 3 yearsFebruary 17, 2022 ago
Bookkeeping Small Business Uncategorized

Benefits of Outsourcing Bookkeeping

Managing your business’s finances can be a time-consuming and complex task. Outsourcing your bookkeeping can provide numerous benefits that help streamline your operations and drive growth. Here are the top benefits of outsourcing bookkeeping: Save Time and Focus on Core Read more…

By Caitlin Lawrence, 2 weeksMay 8, 2025 ago
Small Business Uncategorized

Choosing an Accountant You Can Trust

Finding a trustworthy accountant is vital for the financial health and success of your business. A reliable accountant can help you navigate complex financial landscapes, ensure compliance with regulations, and provide valuable financial advice. Here are the top five tips Read more…

By Caitlin Lawrence, 2 monthsMarch 29, 2025 ago
Uncategorized

The Key Components of a Financial Plan

Caitlin Lawrence is here in this week’s video explaining Key Components of a Financial Plan A solid financial plan helps you take control of your money and build long-term security. Without a clear plan, it’s easy to overspend, accumulate debt, Read more…

By Caitlin Lawrence, 4 monthsJanuary 31, 2025 ago
Accounting

Interviewing Accountants? Ask These Questions.

Selecting the right accountant is crucial for your business’s financial health. Asking the right questions can help you determine if a potential accountant is the best fit for your needs. Here are the top questions to ask: What Are Your Read more…

By Caitlin Lawrence, 5 monthsJanuary 2, 2025 ago
Uncategorized

How to Set Up Payroll in Ontario

For new business owners in Ontario, setting up payroll can feel like a daunting task. Missing even a single step can lead to compliance issues, penalties, or unhappy employees. This guide breaks down the essential steps for setting up payroll Read more…

By Caitlin Lawrence, 6 monthsNovember 19, 2024 ago
Uncategorized

Bookkeeper vs Accountant: What is the Difference?

Understanding the Differences Between a Bookkeeper and an Accountant In the world of finance, bookkeepers and accountants play vital roles in managing an organization’s financial health. While their functions may overlap, they have distinct responsibilities and require different levels of Read more…

By Caitlin Lawrence, 7 monthsNovember 5, 2024 ago
Personal Tax Small Business

Consequences of Tax Errors in Canada

1. Reassessment by the CRA When the CRA identifies discrepancies in your tax return, they may initiate a reassessment. This process involves a thorough review of your tax filings and can lead to: 2. Penalties The CRA imposes various penalties Read more…

By Caitlin Lawrence, 7 monthsOctober 23, 2024 ago
Uncategorized

Cash Flow 101

When it comes to financial health, cash flow is key. You might have a profitable business or a steady income, but if you’re struggling to cover your bills, the problem could lie in your cash flow management. Let’s explore what Read more…

By Caitlin Lawrence, 7 monthsOctober 16, 2024 ago
Business Tax Personal Tax Small Business Small Business Month

Ontario’s Minimum Wage Increase

As of October 1, 2024, Ontario has implemented a significant increase in the minimum wage, impacting workers and businesses across the province. Understanding these changes is crucial for employees anticipating a boost in their paychecks and for employers adjusting to Read more…

By Caitlin Lawrence, 8 monthsOctober 4, 2024 ago
Uncategorized

Ontario’s Minimum Wage Increase at a Glance

What Has Changed? As of October 1, 2024, Ontario has implemented a significant increase in the minimum wage, impacting workers and businesses across the province. Understanding these changes is crucial for employees anticipating a boost in their paychecks and for Read more…

By Caitlin Lawrence, 8 monthsOctober 4, 2024 ago
Personal Tax

What Are the Different Tax Brackets in Canada?

Understanding the different tax brackets in Canada is essential for effective financial planning and tax management. Canada’s tax system is progressive, meaning that higher income is taxed at higher rates. Here’s a breakdown of the federal and provincial tax brackets Read more…

By Caitlin Lawrence, 8 monthsSeptember 20, 2024 ago
Uncategorized

Why Is Regular Financial Reporting Essential?

Regular financial reporting is a cornerstone of successful business management. It provides crucial insights that help businesses make informed decisions, maintain financial stability, and plan for future growth. Here’s why regular financial reporting is essential: Informed Decision-Making Financial reports provide Read more…

By Caitlin Lawrence, 9 monthsSeptember 4, 2024 ago
Small Business

How Can Accountants Help with Business Expansion?

Expanding your business is an exciting and ambitious endeavor that can open doors to new opportunities, markets, and revenue streams. However, it also presents a host of challenges that require careful planning and expert guidance. One of the most crucial Read more…

By Caitlin Lawrence, 9 monthsAugust 21, 2024 ago
Small Business

How Bookkeeping Benefits Businesses

Bookkeeping is often seen as a mundane task, but it is a cornerstone of business success. Accurate and consistent bookkeeping provides a solid foundation for making informed financial decisions, ensuring compliance with laws, and fostering business growth. Here’s why bookkeeping Read more…

By Caitlin Lawrence, 10 monthsAugust 9, 2024 ago
Small Business

What Do Accountants Do for Small Businesses?

Accountants are invaluable assets for small businesses, offering a wide range of services that go beyond just balancing books. Here’s a detailed look at the essential roles they play: Keeping Your Books in Order Accurate financial records are crucial for Read more…

By Caitlin Lawrence, 10 monthsAugust 6, 2024 ago
Uncategorized

Sole Proprietorship vs. Incorporation

Choosing Between Sole Proprietorship and Incorporation in Canada Starting and managing a business in Canada involves making crucial decisions, one of the most significant being whether to operate as a sole proprietor or to incorporate. Each structure has its distinct Read more…

By Caitlin Lawrence, 11 monthsJuly 5, 2024 ago
Uncategorized

Lifetime Capital Gains Exemption

The Lifetime Capital Gains Exemption (LCGE) is a powerful tool for Canadian taxpayers looking to shelter a portion of their capital gains from taxation. In 2024, the exemption limit is set at $971,190 for qualified small business corporation shares and Read more…

By Caitlin Lawrence, 11 monthsJune 27, 2024 ago
Uncategorized

Capital Gains Inclusion Rate Hike

The coming changes The federal government’s recent announcement about the capital gains inclusion rate hike has left many Canadians scrambling to understand the implications. Effective June 25, 2024, the inclusion rate for capital gains will increase from 50% to two-thirds. Read more…

By Caitlin Lawrence, 11 monthsJune 18, 2024 ago
Business Tax Personal Tax

2024 Canada Federal Budget Update

The 2024 Canada Federal Budget brings several significant tax changes that will impact both businesses and individuals. Understanding these changes can help you make informed financial decisions for the year ahead. Changes in Corporate Tax Rates The federal government has Read more…

By Caitlin Lawrence, 12 monthsJune 12, 2024 ago
Business Tax Capital Gains Personal Tax

The Capital Gains Inclusion Rate Hike

The federal government’s recent announcement about the capital gains inclusion rate hike has left many Canadians scrambling to understand the implications. Effective June 25, 2024, the inclusion rate for capital gains will increase from 50% to two-thirds. Here’s a detailed Read more…

By Caitlin Lawrence, 12 monthsJune 11, 2024 ago

Posts pagination

1 2 … 7 Next
  • Facebook
  • Instagram
  • Email
  • Phone :(226) 776 1219
Hestia | Developed by ThemeIsle