As the 2024 tax season approaches in Canada, individuals and businesses alike are looking for strategies to navigate the complexities of tax preparation and planning. With the Canadian tax landscape constantly evolving, staying informed about the latest tax changes and understanding how they impact your …
Tax return preparation for 2024 personal tax season in Toronto
Tax season in Canada is a pivotal time for individuals and businesses alike, marking a period of reflection on the past financial year and preparation for the future. As we approach the 2024 tax year, staying informed about the latest tax laws and changes is …
2023 New Tax Changes- Underused Housing Tax
Underused Housing Tax In Budget 2021, the government announced that it would introduce a national, annual 1-per-cent tax on the value of non-resident, non-Canadian owned residential real estate that is considered to be vacant or underused. The Underused Housing Tax (UHT) took effect on January …
What’s New for 2022 Tax Season!
What are the changes for 2022 tax return- Explained by Tax Accountant Toronto Any one-time provincial payments to help you through COVID-19 will not be taxable, and you don’t need to report them as income on your 2022 tax return. You can claim up to …
SOLE PROPRIETORSHIP, PARTNERSHIP, OR CORPORATION?
As a professional accountant we often asked by our clients about the legal structure of their business. If you research in the internet, you may find a lot of information about various legal business structure in Canada. Sole proprietorship, Partnership, or corporation? These are all …
Meals and Entertainment Expenses: Tips and Traps
Many of us already know that if we earn business or employment income, we may be eligible to get a deduction for meals and entertainment expenses as much as 50%. We wish this could be that simple the way it sounds. Even we have spoken …
Tax Planning Canada
The tax system in Canada provides for a two-level system for taxing corporate income: first in the corporation, and then in the hands of the shareholder when dividends are received from the corporation. Dividends received from a corporation resident in Canada by an individual are …
No More Torture: Make February A Time Of Singing
Every February, it happens again. Tax time rolls in. It’s as certain as the turning of the planets, the barking of a dog, the rising of tomorrow’s sun- Taxes. Did you know that there are people who love working with figures and making sense of …
You, An Accountant, And Your Toronto Tax Return
You might not need help from a Toronto accountant, if Canada’s tax code was straightforward and simple. You would be able to turn in the very minimalistic paperwork yourself, make any required payments, and that would be that. You wouldn’t stay awake, ever, worrying about …
HST New Home Rebate
An HST rebate is available under the GST/HST system to recover amounts paid in error or where the rebate is intended to provide specific relief to the taxpayer, such as the HST New Home Rebate. What is New Home HST Rebate? The HST New Housing …