The CRA has begun sending out T4As to Canadians who received COVID-19 income benefits in 2020. This includes CERB, CESB, CRB, CRCB, and CRSB. These slips will reflect all income received from the government due to the pandemic. Letters on Read more
Online financial calculators are a great tool when doing financial planning. We wanted to share this website because it provides access to so many different calculators in one place. Furthermore, we love that it has calculators created specifically for Canadian Read more
As mentioned in our last post regarding incorporating, a main reason to incorporate is that the corporate tax rate is lower than the personal tax rate. We talked about how this is especially useful when taking on large debt. In Read more
The main reason many business owners decide to incorporate, is because the corporate tax rate is less than the personal tax rate. Paying less tax allows owners to put more money back into their business.One situation in which this can Read more
So many people have been working from home this year. For that reason, the CRA has implemented a flat rate work from home tax deduction. This is a simplified process for writing off home office expenses. Anyone who worked from Read more
The Canada Pension Plan is obviously important to take into consideration when planning for retirement. However, as a business owner, it is even more important because, depending on how you pay yourself from your business, you may or may not Read more
In a year with more people working from home than ever, many might be questioning if or how they can deduct home office expenses. Yes, if you’ve been working predominantly from home, you can deduct some home office expenses against Read more
When reading through the information that the Canadian government has released regarding the CEBA loan, we noticed how the language is aimed primarily at product-based businesses. We, however, do think that there are some service-based businesses that may be eligible Read more
The Canadian government announces a while back that they would be implementing a $20,000 extension to the CEBA loan. It took a while before the extension actually came to be, but applications are officially open. The original CEBA loan was Read more
Many business owners may have forgotten about the 10% Wage Subsidy (TWS) Program. The Canadian government announced the program in March, near the beginning of the COVID-19 pandemic. Soon afterward, they announced CEWS (Canada Emergency Wage Subsidy). Who Can Apply? Read more
This time of year, many businesses make donations to charities. This is a great way to support causes you believe in, while simultaneously getting a tax deduction. But, there are a couple of ways you can do this… One of Read more
Skipping right to the end here… Who makes sure you stay on track financially? YOU DO! (Sorry to be the bearer of bad news). This topic came up for us at The TaxForce a couple of weeks ago. One of Read more
The new Canada Emergency Rent Subsidy (CERS) is now open for applications!This subsidy covers commercial rent, commercial property tax, insurance, and mortgage interest for businesses with a drop in revenue. What Can Your Business Get? Businesses can qualify for up Read more
It’s the most wonderful time of the year! Time to start thinking about how you’re going to reward your employees for all the hard work they’ve done this year. And this year more than ever, spreading the holiday cheer is Read more
Going into this video, I knew very little about HST or when business owners need to register to collect it. The only thing I really knew was that there is a $30,000 business income threshold and once this threshold reached, Read more
Tracking expenses and keeping receipts organized is one of the number one things people struggle with when it comes to business. It can be time consuming and tedious, and people just seem to not like doing it! (We don’t blame Read more
Saving for your first home is an exciting time, but there is a lot to think about. It’s important to know about all of the resources available for you to help make saving a little bit easier. One such resource Read more
Today’s video is an app spotlight for you! Do you use your personal vehicle for business? A lot of business owners do, so figuring out the amount of expenses you can write off is important. However, this process can seem Read more
Kids learn lots of subjects at school… science, english, math, music, art… But, personal finance, accounting, and how taxes work is unfortunately currently not one of them.However, kids might not miss out on this lesson entirely because every year on Read more
A few weeks ago we did a video all about debt and which debt to focus on paying first. If you missed it, be sure to check it out and then come back here for this one! In that video, Read more