Filling out your taxes the correct way is essential for complying with Canadian tax regulations and avoiding penalties and fines. One of the forms you must complete as a business owner when hiring a new employee is the TD1, or Personal Tax Credits Return form, which...
If you have a small business, there is a chance you might be able to file for the Small Business Deduction (SBD) provided you meet the requirements to do so. If you are a new business and this is your first time hearing about this, you have stumbled onto the right...
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...
Tax season is arriving late this year in Canada due to COVID-19, but it has arrived. And with tax season come some common questions. If you have self-employed income to report—perhaps from work as a sole proprietor, contractor, consultant, small business owner or...
