Everything You Need to Know About Bookkeeping: A Comprehensive Guide for Small Business Owners
Bookkeeping is the backbone of any successful business, regardless of size or industry. It involves systematically recording, organizing, and maintaining financial transactions, ensuring your business’s economic health is always in check. At Tax Return Filers Ltd., we understand the critical role accurate bookkeeping plays in business success. That’s why we’re dedicated to providing the highest […]
How to Choose the Best Payroll Service for Your Company
Starting and growing a business is an exciting milestone, but with expansion comes additional responsibilities—one of the most significant being payroll management. Hiring employees means you need to handle payroll deductions and comply with federal and provincial regulations, which can be complex and time-consuming. If you’re a new business owner or looking to expand, setting […]
How to Obtain an Employer Identification Number (EIN) for a Canadian Company: A Step-by-Step Guide
Expanding your Canadian business into the U.S. market can be an exciting and strategic move, offering numerous opportunities to increase your customer base, streamline cross-border operations, and maximize your business potential. However, doing business in the U.S. requires careful planning, particularly in terms of understanding and meeting tax obligations. One of the essential requirements for […]
Understanding the Impact of the New CRA Rules on Disposition of Housing Units Held for Less than 365 Days
Starting January 1, 2023, the Canada Revenue Agency (CRA) has introduced new rules impacting the sale of housing units held for less than 365 consecutive days. Under these changes, any gain from the sale of such property is now considered business income rather than a capital gain, unless the property is classified as inventory or […]
Registered educational saving plan: what happens to your children’s RESP if you leave Canada
When you leave Canada and become a non-resident, your Registered Education Savings Plan (RESP) can be affected in several ways. Here’s an outline of the key considerations: Contributions to RESP: Canadian Residency Status of the Subscriber: As a non-resident, you can continue to hold and manage your RESP account. However, you are no longer able […]
Selling Property in Canada as a Non-Resident: What You Need to Know
If you’re a non-resident of Canada planning to sell property, it’s essential to understand the tax implications and compliance requirements involved. One crucial aspect is that 25% of the gross selling price can be withheld by your lawyer until you receive a Certificate of Compliance from the Canada Revenue Agency (CRA). This ensures that […]
Step-By-Step Guide for Business Owners to Prepare the T5 Slip
If you’re a business owner in Canada responsible for paying dividends or other forms of investment income, it’s essential to understand how to prepare a T5 tax slip. The T5, or Return of Investment Income, is a key document that must be filed with the Canada Revenue Agency (CRA) to report these payments. This guide […]
How the Car allowance works for business owners and employees in 2023-2024
For business owners and employees who use personal vehicles for business purposes, a car allowance is a beneficial option provided by the Canada Revenue Agency (CRA). This allowance enables businesses to reimburse individuals for the business-related use of their personal vehicles. It’s essential to understand how to correctly implement and report a car allowance to […]
Top Tax Deductions You Shouldn’t Miss When Filing Your Canadian Tax Return
When filing your Canadian tax return, it’s essential to take advantage of all the deductions available to you. These deductions can significantly reduce your taxable income, leading to a lower tax bill or a larger refund. Below are some common and lesser-known deductions you shouldn’t overlook. Retirement Savings Plan (RRSP) Contributions One of the most […]
Common Tax Filing Mistakes in Canada and How to Avoid Them
Filing your tax return can be a complex process, and even a small mistake can lead to delays, audits, or missed deductions. Here are some of the most common tax filing mistakes Canadians make, along with tips on how to avoid them. Missing the Tax Deadline Failing to file your tax return by the deadline […]