Selling Your Principal Residence

Selling Your Principal Residence

Selling a home involves a lot of paperwork, and a big part of this includes accounting and taxes. Any gains you make on the sale of your primary residence are generally tax-free. This is thanks to the principal residence exemption.   Reporting Your Sale If your...
Understanding Input Tax Credits

Understanding Input Tax Credits

Input tax credits (ICTs) are the total of all goods and services taxes (GSTs) and harmonized sales taxes (HSTs) paid by eligible Canadian businesses. If your business has been paying GST/HST on goods and services for commercial purposes and not claiming ICTs to reduce...
Guide to Mileage Tracking

Guide to Mileage Tracking

Small business accounting presents many unique challenges. For example, if driving goods or personnel from one site to another is part of your business operations, you need a mileage tracker app on your phone. Besides using your GPS to track your car’s motion,...
Canada Pension Plan Contribution Rates 2022

Canada Pension Plan Contribution Rates 2022

The Canada Revenue Agency (CRA) just introduced some monumental changes to the Canada Pension Plan (CPP) in their report for the year 2022. The changes in the report all have a significant impact on Canadians’ salaries and taxes.   You may be wondering how the new CPP...