As many businesses are safely reopening and many returning to work; Canadians are slowly recovering from the fight against the COVID-19. Canada is on the road to economic recovery, but some businesses continue to struggle and still in need of support from the government. On October 23rd, 2021, the Government of Canada announced the end…
Do you work for companies such as Skip the dishes, Door Dash or Uber Eats? If you do, you are part of working within the Gig Economy. Gig Economy refers to a free market system in which traditional businesses hire independent contractors to perform individual tasks for them. What you should know about working within…
Moving expenses are eligible to be deducted if two conditions are met: You moved for a job or to run a business at a new location or you moved to attend a full-time post-secondary program Your new home is at least 40 KMs closer to your new work/school You can deduct these expenses are to…
Do you rent out your basement, or a whole property? And have you been reporting this correctly on your taxes? Here’s some tips on how to properly report these properties on your taxes. Properties Rental income is earned from a property you own. This property can be used as a residential (ie: house, room in…
Businesses in Canada have been experiencing many negative effects from the COVID-19 pandemic. While some businesses had to close down temporarily or permanently, the businesses that remain open must abide new and ever-changing restrictions. The Canadian government launched several initiatives to help keep businesses open and employees on the payroll. Since their launch, there has…
The Federal Government has announced the Canadian Emergency Response Benefit (CERB) has ended, with the last period covering up to September 27, 2020. But what does this mean for the 4.5 million Canadians currently on CERB? See below the proposed new benefits and qualifications for Employment Insurance (EI): Employment Insurance (EI) For those who qualify…
Do you own a small business and have considered doing your own bookkeeping? Bookkeeping is an important step of the tax process, as it organizes all the transactions for the year so the taxes can be filed. It also can be used to generate financial reports such as the balance sheet or income statement, which…
If work in the construction or trades business and are an independent contractor or own an incorporated business, there are many opportunities to decrease your tax liability. See some tax tips below: Incorporate – Lower Your Tax Implications If you are an independent contractor and have not yet incorporated, you may want to consider doing…
Have you ever received either a phone call, text message or an email that claims to be from the Canada Revenue Agency (CRA) saying you either owe them money, or you have a refund or benefit payment from them that you need to claim? As taxpayers, we should be vigilant when we receive these kinds…
You may have heard about or considered incorporating a holding company. But what is it for? And how could it be beneficial to you and your business? See below. A holding company is an incorporated company that is primarily used for holding investments. Examples of these investments are shares in public or private companies, interest…