If you own a barbershop/salon, chances are you have contractors/self-employed barbers/hairdressers working with you. There has been changes specifically for contractors this industry when it comes to Employment Insurance (EI). Under the Insurable Earnings and Collection of Premiums Regulations, it is now required the employer to withhold and remit EI for any barber/hairdresser if their…
CRA has established a new rule for Capital Cost Allowance (CCA) called the Accelerated Investment Incentive. This new rule applies to property purchased after Nov. 20, 2018. CCA can be calculated on 1.5 times the value of the asset in the first year of purchase, thus creating a larger amortization expense for this first year.…
Tax season is just around the corner! Find out below when your corporate deadlines are to avoid paying extra interest and penalties this year. T2 Return Deadlines December 31st Year-End: T2 Corporate Tax Return must be filed by June 30th to avoid penalties for late filing Other Fiscal Year-Ends: T2 Corporate Tax Return must be…