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Retail Business Credit Cards
Working with the retail industry, one of the biggest issues we come across is that each owner makes purchases using their personal credit card. There are a few reasons why this becomes troublesome when tracking financial data: Purchases become more difficult to track...
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
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
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, an app...
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...
Canadian Business Corporations Act: Annual Returns Explained
If you are the owner of an active federal corporation, you have an extra filing to make aside from just your income tax return. Here’s what you need to know about annual returns and why it’s important for you to file diligently every year. What is an annual...
4 Tips for Increasing Working Capital
Running a profitable business and sustaining self-financing in the long-run is difficult. To promote a healthy cash flow, you need to improve your working capital: the difference between your current assets and liabilities. It is the money used to cover your company’s...
The Importance of Filing Your Taxes On Time
The importance of filing your taxes on time cannot be understated, it’s critical to know what happens when you file your taxes late in Canada. Individual income tax filers who file their tax late and have a balance owing to the Canada Revenue Agency (CRA) will have...
Everything You Need to Know About the Canadian Health Spending Account
As a small business owner, you may want to provide your employees with some form of health insurance. It's a great idea! After all, providing health insurance can increase employee focus and productivity, and help attract top talent to your firm! There are countless...
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