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Benefits for Parents 2021
Dwindling the birth rate has dire consequences. With a swelling aged population that zaps pension funds, old people won’t be able to retire from senior positions, making it even harder for young people to advance in their careers. Statistics show that over half of the Canadian graduates between 2010 and now withhold minimum wage jobs that hardly keep up with
Tax Filing For 2021 Is Going To Be Different
My parents had been remarkably laid back during my years of teenage angst and rebellion. “Relax,” as my dad guffawed, speaking to other parents with a drink in his hand, “becoming a taxpayer will fix all children’s wrongs in your stead.” God, I loathe the man when he’s right. While overpriced lattes seep quarters from my savings in a
Financial and tax planning to avoid small business failures
Mega: What you have in your bank account isn’t all yours to spend. For startups and small businesses, spending the taxes you withhold for the CRA could spiral down into serious consequences.
What you need to know about rental income and non-resident tax 2021
Appeal ignites zeal, and property investment always has its appeal. Despite price spikes over the years and the prospect of housing bubbles, residents and non-residents alike are inclined to hedge their savings on real estate for either present needs or future plannings. That being said, many investors have underestimated the risks associated with owning a rental property in Canada. While
Late filing & payment penalties for business owners 2021
Life hasn’t returned to normal yet; for better or worse, it probably never will. But despite all the changes in old habits we are weaning off with reluctance, life goes on, and the CRA is slated to collect taxes. Late filing penalties for business owners Besides your income tax return, owners of businesses, big or small, are expected to
Late filing & payment penalties for individuals 2021
Life hasn’t returned to normal yet; for better or worse, it probably never will. But despite all the changes in old habits we are weaning off with reluctance, life goes on, and the CRA is slated to collect taxes. Like clockwork, the CRA requires all residents of Canada to fire off their income tax returns by April 30 – with
2021 Tax Filing important date
Putting all of us to a series of trials, 2020 was trying. But kudos to everyone who has risen to the occasion with grits. As the perks of home gym and office grow on many of us, the CRA has also adapted to moving all our taxes online. Unlike a year ago, when the strike of the pandemic caught us
WHAT TO CONSIDER WHEN CHOOSING A CPA ACCOUNTING FIRM
WHAT TO CONSIDER WHEN CHOOSING A CPA ACCOUNTING FIRM Every business owner knows that tax laws come with a new twist with the passing of each year. It can be a real challenge to make profitable financial decisions if you are unfamiliar with new tax law and do not understand how it works. The truth is, hiring a CPA accounting
PERSONAL TAX FILING SERVICES: FIVE REASONS TO HIRE A PROFESSIONAL
PERSONAL TAX FILING SERVICES: FIVE REASONS TO HIRE A PROFESSIONAL There is a lot of work involved in filing your tax. If you choose to do the work yourself, you need to know that without proper organization and management skills you may miss out on important details about your finances. Sometimes, these omissions can be costly and can affect your
FOUR REASONS WHY YOUR SMALL BUSINESS NEEDS A BOOKKEEPING SERVICE
FOUR REASONS WHY YOUR SMALL BUSINESS NEEDS A BOOKKEEPING SERVICE Every business owner goes into business intending to make a profit and expand. If you desire to grow your business you need to know the actions to take at every point in time. A well-organized record can guide you when making business decisions. That is where Toronto bookkeeping service comes
STUDENT TAX PREPARATION: DIFFERENT METHODS OF PREPARING YOUR TAX RETURN
STUDENT TAX PREPARATION: DIFFERENT METHODS OF PREPARING YOUR TAX RETURN Every Canadian college student knows by now that their income is taxable. Yes, you still need to pay tax on that very low income. U. S. students need to prepare a tax return every year to reduce their tax burden to the barest minimum. You can choose to prepare your
What is the GST/HST New Housing Rebate/Rental Rebate and How to Receive It.
What is the GST/HST New Housing Rebate/Rental Rebate and How to Receive It. There are multiple forms and documents that you will need to read and sign during the process of buying any residential property. If you’re planning on purchasing or renting a newly built property after conveyance, then you will come across the GST/HST New Housing Rebate/Rental Rebate form.