Insights
Practical tax and money answers for Canadian owners and professionals, written by the accountants who file the returns.
Frequently Asked Questions about RESPs
Get comprehensive answers to all your questions about RESPs, including how they work, the benefits, drawbacks, contribution limits, withdrawal rules, and tax implications. Perfect for parents planning their children’s education savings.
Stress-Free Accounting: Tips for Managing Your Small Business Finances
Explore practical tips for Canadian small business owners to manage their finances stress-free, from separating personal and business finances to leveraging cloud accounting solutions.
Top Accounting Software for Small Businesses in Canada: QuickBooks vs. Xero
Compare QuickBooks and Xero to determine the best accounting software for your small business in Canada. Learn about key features, pricing, and benefits tailored to Canadian businesses.
Understanding the Underused Housing Tax in Canada: A Guide to the Tax on Vacant Properties in Urban Areas
To prevent foreign buyers from purchasing Canadian residential properties and holding them vacant, the Canadian Federal government announced in the 2018 budget that they would implement the new Underused Housing Tax Act (UHT). And this new act is finally effective...
Top Accounting Websites for Small Business Owners: Resources for Financial Management
Explore the top accounting websites that Canadian small business owners can leverage to streamline financial management and enhance operational efficiency.
Meal expenses of long-haul truck drivers
Meal and beverage expenses of long-haul truck drivers are deductible at a higher rate than the 50% permitted for other transportation employees. During eligible travel periods in 2022, meal and beverage expenses are deductible at 80%. You are a long-haul truck...
Taxes for International students studying in Canada
If you are an international student studying in Canada, you may have to file a Canadian income tax return. You must determine your residency status to know how you will be taxed in Canada. Residency status For income tax purposes, international students studying in...
Are You Expecting Inheritance from Overseas?
If so, do you want to minimize your Canadian taxes on the future income to be generated from such overseas inheritance? If your answers to both questions are “yes”, you will have to initiate your planning process before the death of the person from whom the overseas...
Small Business in a Recession: Preparation for the Worst
Recessions can be daunting for small businesses with reduced sales, disappearing customers, and increased nervousness. However, proper preparation can help you endure and emerge stronger. What is a Recession? Recession is defined as two consecutive quarters of...
Top Tax Deductions and Credits in Canada: Key Takeaways and Explanations
When it comes to taxes, there's no one-size-fits-all solution. The Canadian Revenue Agency (CRA) outlines over 400 deductions and credits to help you get the most out of your taxes and maximize your refund. Here are the top 18 most popular items: Tax Deductions vs....
Sole proprietor vs. incorporate
Considering whether to incorporate your sole proprietorship in Canada? Learn about the advantages, such as personal liability protection and tax savings, alongside key considerations to help you decide
CRA Administrative Policy for Gift Cards
Learn about the CRA’s updated guidelines regarding gift cards as non-cash benefits for employees in Canada. Discover the conditions necessary for tax exemption and compliance, ensuring your gifts meet the criteria outlined by CRA.