Bookkeeping is the process of accurately recording and organizing financial transactions for a business or organization. It is an essential part of running a successful company, as it helps to provide a clear and accurate picture of the organization’s financial health. In Canada, bookkeeping is regulated by the Institute of Professional Bookkeepers of Canada (IPBC), […]
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Your provincial tax rate is determined by where you live after each fiscal year, which is generally December 31st. It makes no difference if you spent the year in another (or numerous) provinces; the rate you are charged is dependent on your province or territory of residence on the last day of the year. Combining […]
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Let’s just brace the fact. Canada’s taxation system is highly complex and ever-changing. You know that gut wrenching feeling that comes with every tax season – well, it does not have to be that stressful. Through a strategic Tax planning program and a thorough comprehension of government incentives & regulations, you can save money for […]
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Even though Cloud Accounting has been here since the early 2000s, the sudden spike and the growing popularity of remote working due to the pandemic has triggered a need for cloud-based accounting solutions that enable organisations to continue to operate efficiently. As small business owners aim to identify large costs and liabilities in their business […]
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Bookkeeping is essential to the strength and long-term success of any business. Whether you have a large, mid-size or small business, you are required by the law to report accurate information about your business. Poor bookkeeping is one reason why many companies fail because without a properly documented trail of transactions, and you do not […]
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Have You Thought about Personal Real Estate Corporations? Ontario real estate agents should consider incorporating a personal real estate corporation. They will have additional responsibilities and be required to pay additional licensing fees. However, Ontario real estate agents can expect to gain a number of important benefits. Examples include the ability to limit their CPP […]
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CALCULATION OF MANUFACTURING AND PROCESSING INCOME — Frankie Fenton of Frankie Fenton, Tax and Accounting Services, Langley, BC The following overview is a preview of new content available now on CCH Answer Connect. Topic pages provide readers with a concise overview of a particular subject. They succinctly explain the rules, provide helpful tips, flag potential issues, and provide references […]
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Many people continue to feel the impacts of COVID-19 and require temporary income support. To ensure that Canadians continue to receive the help they need the Government of Canada has introduced three new benefits, delivered by the Canada Revenue Agency (CRA): the Canada Recovery Benefit (CRB), the Canada Recovery Sickness Benefit (CRSB), and the Canada […]
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The Canada Revenue Agency (CRA) announced, that on September 30, 2020, Jane General Services Ltd (JGSL), 2322944 Ontario Ltd, operating as Tri-Han Staffing Solution (TSS), and their shareholder, Vanessa Jane Canlas (Canlas) of Toronto, received a prison sentence of two and a half years and a fine of $833,238, in the Toronto Superior Court of Justice. On June 5, 2020, JGSL, TSS and Canlas pleaded guilty to four counts of fraud under the Criminal Code related to income tax evasion and goods and services tax/harmonized sales tax (GST/HST) evasion on their corporate tax returns. Canlas also pleaded guilty to one count of fraud related to income tax evasion on her individual tax returns.
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CPA Brampton helps you make the right decisions so that you do not end up paying a cent more than you have to when tax season rolls around.
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