Bookkeeping & Business Services

Input tax credits let a GST/HST registered business recover the tax it paid on purchases used in commercial activity. You claim them on your return by subtracting them from the tax you collected, so only the difference goes to CRA. The claim window is four years for most businesses and two years for those above…

Two deductions come off every paycheque before income tax: CPP at 5.95 percent and EI at 1.63 percent. For , CPP applies to earnings between $3,500 and $74,600, capping employee contributions at $4,230.45. A second tier called CPP2 adds 4 percent on earnings between $74,600 and $85,000, worth up to $416 more. EI stops at…

The T4 filing deadline for employers is the last day of February following the calendar year the pay relates to. For the tax year, February 28, 2027 falls on a Sunday, so slips and the T4 Summary are due Monday, March 1, 2027. Two obligations share that date: filing with CRA, and giving every employee…

Learn how to read financial statements by working through three documents in order: the balance sheet shows what the business owns and owes on one date, the income statement shows profit over a period, and the cash flow statement shows where the money actually moved. Start with the accountant’s report on the first page, since…

Choosing between a federal vs provincial corporation in Canada is one of the first decisions you will face when incorporating your business. A federal corporation is registered through Corporations Canada and gives you the right to operate across all provinces with nationwide name protection. A provincial corporation is registered through a specific province and is…

If you are wondering how to incorporate a business in BC, the process is straightforward when you follow the right steps. In British Columbia, you can incorporate a provincial company through BC Registry Services, either online or by mail. The process involves choosing a business name, filing incorporation documents, setting up your share structure, and…

If you are planning to start a business in Alberta, incorporating it is one of the smartest moves you can make. Alberta offers one of the lowest corporate tax rates in Canada, no provincial sales tax, and a business friendly environment that attracts entrepreneurs from across the country. To incorporate a business in Alberta, you…

Incorporating a business in Ontario involves choosing between federal and provincial incorporation, reserving a business name, filing Articles of Incorporation, registering with the CRA for a Business Number, and setting up your corporate tax and payroll accounts. The process can be completed online in as little as one to two business days through Ontario’s provincial…

In Canada, choosing between a sole proprietorship and a corporation is one of the most important business decisions you will make, and it directly affects how much tax you pay, how much personal risk you carry, and how much compliance work your business requires. A sole proprietorship is simpler, cheaper to maintain, and better suited…

The disadvantages of incorporating a business in Canada include higher administrative costs, complex compliance requirements, increased accounting fees, and reduced flexibility compared to simpler business structures. While incorporation offers significant tax benefits, these advantages come with substantial ongoing obligations that can burden small businesses with limited resources. Corporate tax returns are more complex than personal…