Corporate
Important changes to tax-filing and payment deadlines
The CRA understands that individuals and businesses might be dealing with difficulties in filing their income and benefit returns, and in cash-flow problems in the coming months. Click here to see important changes and information, some of which affect tax-filing and payment deadlines, and the ways you can interact with… Read More about “Important changes to tax-filing and payment deadlines”
Temporary Wage Subsidy for Employers
On March 20, 2020, CRA released further details regarding the Temporary Wage Subsidy for Employers. The Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA). Please click here… Read More about “Temporary Wage Subsidy for Employers”
Personal Real Estate Corporations (PREC)
On November 19, 2019 the government introduced the Trust in Real Estate Services Act, 2019 in the Ontario legislature. If passed by the legislature, it would update the Real Estate and Business Brokers Act, 2002, the legislation that sets out rules that govern Ontario’s real estate salespersons, brokers and brokerages…. Read More about “Personal Real Estate Corporations (PREC)”
Does my small business qualify for the Quick Method for HST?
The Quick Method is a simplified way of calculating net tax for HST purposes. When you use the Quick Method, you still charge the GST at the rate of 5% or the HST at the applicable rate on your taxable supplies of service and products. However, this method allows you… Read More about “Does my small business qualify for the Quick Method for HST?”
Pros and Cons to Incorporation
At some point, all small business owners need to consider whether or not to incorporate their business. In general, if you are earning more than you are spending personally, incorporating your business will most likely benefit you. However, in order to make the decision that is best suited for you… Read More about “Pros and Cons to Incorporation”
HST on Disbursements
If you are in a business or profession where you charge disbursements or expenses to clients, are you confident that you are properly accounting for the HST on these charges to your customer? When charging for disbursements on your invoice to your client, you must first determine whether the disbursement… Read More about “HST on Disbursements”
2019 Federal Budget
On March 19, 2019, the federal government released their 2019 budget which proposed to help younger home-buyers get into the housing market, increased support for skills training as well as for research and development, and introduced steps toward a national pharmacare strategy. The federal government also proposed clean energy vehicle incentives… Read More about “2019 Federal Budget”
What’s involved in GST/HST Registrations?
The following link to the CRA website provides links to access GST/HST forms and guides. http://www.cra-arc.gc.ca/tx/bsnss/tpcs/gst-tps/menu-eng.html We can assist you with all of your GST/HST-related questions, including registration, calculating GST/HST payable or refundable, and filing requirements.
When are my corporate tax returns and final tax payments due?
Generally, the balance of tax payable is due 2 months after the end of the taxation year. However, the tax is due 3 months after the end of the taxation year under certain conditions. Please visit www.ccra-adrc.gc.ca/E/pub/tg/t4012/t4012-03-e.html#P84_4667 for more information.
Do I need to register for WSIB?
The following link provides information for employers on whether your business needs to register or not as well as the steps required to register including a downloadable registration form. http://www.wsib.on.ca/en/community/WSIB
