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Tax tips for clients who sold, bought or renovated homes in 2020
The Canada Revenue Agency outlined reporting requirements, credits and more The Canada Revenue Agency (CRA) offered tips on Wednesday for taxpayers who sold, bought or made renovations to their homes in 2020. If your client sold property, including a principal...
How To Get Your Best Tax Return Ever This Year
I’ve always been overzealous when it comes to filing my tax return. I’m one of those people who does it on the first day the Canada Revenue Agency (CRA) allows us to. (By the time you read this, I'll have filed already.) But I’m aware not everyone is as eager as I am....
Filing taxes for an incorporated business? Here’s what to watch for
Keep these four things top of mind when preparing your T2 return. Incorporating your business, as opposed to remaining unincorporated, means you create a separate legal entity to run your business. This often translates into generating advanced business...
Should You Start Your Own Business, Buy Shares or Assets, or Forget It?
One way to financial independence is having a successful business. There are an endless number of business possibilities, including turning a hobby or a special skill into a business, selling goods in a store or on the internet, or having a website which can earn...
Should you Incorporate Your Small Business?
When a business is started, it can be structured as a proprietorship, partnership, or corporation. Proprietorship A sole proprietorship is one person operating a business, without forming a corporation. The income of the business is then taxed in the hands of the...
Many small businesses continue to slip through the cracks of government support programs
New businesses remain ineligible for federal support 70 per cent of businesses say federal and provincial small business relief programs are crucial for their survival in 2021, but many are still unable to access support, warns the Canadian Federation of Independent...
WFH tax deductions: Flat rate or detailed method?
With more people working from home last year, the Canada Revenue Agency has simplified the process of claiming expenses for doing remote work. The changes apply specifically to 2020. There’s a new flat rate of $2 for every day an employee worked from home capped at...
Tax hikes needed to fund post-pandemic vision: CD Howe
GST and capital gains tax increases are the most likely candidates, report says The federal government’s latest throne speech signalled plans for major permanent spending increases — an effort that would have to be met with higher taxes, such as raising the GST and...
Good time to start tax planning now
While tax planning may not be top-of-mind amid the pandemic, now is a good time to prepare, according to Jamie Golombek, managing director of tax and estate planning at CIBC. "I urge all Canadians, and particularly individuals and businesses directly impacted by the...
Quickbooks Online and Amazon Business now integrate
Quickbooks Online now has the ability to integrate with Amazon Business. This integration allows small businesses, who use both platforms, to automate purchase reconciliation and categorization when making purchases on Amazon Business. To learn more about this, visit...
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