Income Tax 2019

Income Tax Season starts for Efiling February 24, 2020, all personal taxes need to be filed by April 30, 2020, small business taxes are due June 15, 2020. What’s new for this season? The tax package has a new look. It includes the income tax guide for Non Residents and Deemed Residents of Canada.  It reduces […]

Filing late? CRA’s Interest Rate Increases

Income Tax, the due date for Canadians is April 30 and self-employed business are due on June 15.  Payment for the outstanding tax is due by April 30.  As Canadian taxpayers, we need to understand the Understand of the harsh filing penalties and interest charges should encourage taxpayers to file on time to meet the deadline of […]

2018 Tax Filing Changes

Once again, we are gearing up for the tax season.  Taxes for Canadians are due April 30, 2019.  For Proprietorships and other business due June 15, 2019 but if you owe its due April 30. Changes   home relocation loans deduction repealed. Cost of animal and certain related expenses are eligible for a medical tax credit Mineral […]

Changes Happening in 2019 for Ontario

The government of Ontario implemented changes to laws starting January 1st 2019.  Here are the highlights: Hunting and fishing:  a streamlined license, it will contain all licenses the client has purchased Political contribution limits will now match the federal limits at 1600.00 Ontario Traffic Act: Increased fines, license suspension and demerit points for distracted drivers, […]

Bill 47: Are you ready for the changes?

Bill 47; changes take effect on January 1, 2019 to the employment Standards Act. Minimum Wage is being held to the $14 per hour until October 1 2020. (General Wage $14, Student 13.15, and Liquour Server 12.20 per hour) Personal Leave days: changes from the two paid personal emergency leave days to all employees are […]

WSIB compliance

In Ontario, the workplace and safety board pay a key role in workplace health and safety systems. Administrating a no-fault workplace insurance for employers and their workers.  Most employers must register with WSIB within ten days of hiring a employee.  Penalties/Fines and Interest is applied to those found non complaint.  Compliance Functions:  Interest and charges to […]

Five Common Mistakes Small Businesses Make That Can Put Your Small Business At Risk

1. Not Staying On Top Of Incoming Money An invoice is sent to your customer and recorded in your books; meaning your customer owes you money. When you receive a cheque apply it to the invoice so its marked paid. At tax time, the receivables have money in your sales account that don’t make sense…results […]

Incorporation vs Sole Proprietorship

I’ve been asked many times how should I structure my business… While there is no single right or wrong answer its your business and you should be aware of the issues. You can incorporate on your own but it is better to have your lawyer or your accounting professional go over for whats best in […]

Tax Information You Need To Know If You Are Getting Married Or Entering Into A Common Law Partnership

Once you get married change your status as soon as possible, because benefits such as the Child tax, and the GST/HST credit will be affected. The government will recalculate your benefits based on family information and net income. Benefits will be adjusted the following month you status changes. If you do not report this change […]

You Have a Vision. What Is Your Goal?

You have a vision… What is your goal… As a small business owner you are pulled into many directions. You need to set goals and stick to them. Set the Goal, Make the plan, Work on the plan, review and stick to it… You will reach your goals.