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Next steps after incorporation Posted on Sep 16, 2019

You have INCORPORATED your business. What are your next steps? Checklist below. Open programs with CRA. You need a business number to operate. Upon incorporation, you have received articles of incorporation with corporate number. This is different fr... More

Residency and Taxes Posted on Sep 10, 2019

How to determine in which country you are a RESIDENT and most importantly, where should you PAY TAXES? The most important thing to remember that your immigration status is not relevant. What determines to which country you owe taxes, is your RESIDENC... More

What to bring to a first meeting with your accountant? Posted on Aug 29, 2019

If you are running a small Incorporated business or a sole proprietorship, likely all your accounting needs are performed by one person who is your bookkeeper, accountant, tax consultant. So, your first year ended, and you need to provide information... More

RENTING below fair market value Posted on Aug 20, 2019

When you rent space to relatives, often they pay you rent below fair market value or no rent at all. You DO NOT report this amount in your income, and you CANNOT claim rental expenses. This is considered a cost-sharing arrangement, so you CANNOT clai... More

Renting your home – election to avoid deemed disposition Posted on Aug 20, 2019

Renting your home – election to avoid deemed disposition When you start renting your personal use property, change in use occurs from principle property to rental. Generally, you lose the principle residence status that shelters the gain at the... More

Incorporate or not: this is the question Posted on Aug 16, 2019

Should you incorporate your business? Here are quick bullet points that will help you to decide: Corporate tax rate is lower than personal but you can’t use the earning from the corporation without taking the money out to a personal level. Henc... More

Tax deadline extended till May 5th Posted on Apr 28, 2015

This sounds weird... but due toa humanerror Canada Revenue Agency extended the electronic filing deadline by 5 more days. See morehttp://www.cbc.ca/news/politics/canada-revenue-agency-error-gives-5-more-days-to-file-taxes-1.3051754... More

Do you want to estimate your HST? Posted on Mar 31, 2015

If you wonder what amount of HST you might owe to the taxman, you can you use our HST calculator to estimate that. Just follow the link http://www.pp-accounting.com/GstHst/indexor in the menu go to Calculators, then selectHST/GST Calculator.It is ver... More

How to register a business in Ontario? Posted on Mar 19, 2015

How to register a business in Ontario? Our clients ask this question very often. There is abundance of information on the internet including both federal and provincial government websites. Surprisingly enough, despite all this, one can spend hours s... More

Childcare expenses in a nutshell Posted on Mar 02, 2015

Childcare expenses could be claimed for children up to 16 years old Don’t miss out on childcare expenses deduction. If you have children up to 16 years of age and you paid someone to take care for your children, you can deduct those expenses on... More

Who should own the car - I or my business? Posted on Feb 26, 2015

Do you have a car and an incorporated business? Then probably you have asked yourself - how do I deduct the car use on my tax return? Use of cars for business purposes is a popular deduction that people like to make. As people often share one car bet... More

Children fitness amount increased in 2014 to $1,000 from $500 Posted on Feb 26, 2015

If your child was enrolled in classes that required physical activities, you can deduct up to $1,000 of fees paid for each child (up to 16 years of age). Physical activity includes any class that requires muscular strength, muscular endurance, flexib... More

Family caregiver amount Posted on Feb 26, 2015

Do you live with an elderly parent and/or grandparent? Many people are not aware that they are eligible to claim the family caregiver amount on their tax return. It is additional $2,058 tax credit that you can get if you are eligible to claim the eli... More

Automobile allowance rates for 2015 Posted on Feb 25, 2015

If you are small business and deduct automobile expenses then in 2015 you will be better off. The automobile allowance rates (i.e. how much you can deduct per kilometer driven) for 2015 have increased. So, it is: 55¢ per kilometre for the first ... More