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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

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

CRA’s request for additional information from you

Your personal income tax return has been filed and you have received your notice of assessment that does not indicate any issues with the information filed. Then, you received a letter from CRA requesting additional information. Receiving this letter is an indication that your return has been selected for review…. Read More

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

Things to consider after your Personal Tax Return is Filed

By now, you are probably relieved that your personal tax returns have been completed. However, there are a few things you should consider even after the return has been filed. Review your Notice of Assessment You should ensure that the return was in fact assessed as filed. CRA sometimes reassesses… Read More

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

Staying organized can help you avoid interest and penalties

By now, you have most likely received various envelopes in the mail over the last few weeks with tax slips required to file your personal tax return.  These tax slips are very important, not only because they are required to file your tax return, but they summarize the income you… Read More

Tax-Free Savings Account (TFSA)

What is a TFSA? A TFSA is savings account that individuals of age 18 or older can contribute to over their lifetime. Any contributions are not deductible for income tax purposes but the interest and dividends earned on those contributions are tax-free even when an amount is withdrawn. Setting up… Read More

The Canada Pension Plan Enhancement

Background As of January 1st 2019, Canadian workers will contribute more to the Canada Pension Plan (CPP). This new change affects all workers in Canada except Quebec and plans to increase the maximum retirement pension by about 50% by 2024. Who contributes to CPP? Any workers in Canada except Quebec… Read More

I’ve had a strange call/voicemail/email from the “CRA” – is this a scam?

There are many fraud types, including new ones invented daily. Taxpayers should be vigilant when they receive, either by telephone, mail, text message or email, a fraudulent communication that claims to be from the Canada Revenue Agency (CRA) requesting personal information such as a social insurance number, credit card number,… Read More

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