We share tips for business owners to balance books, keep proper records, stay on top of deadlines and meet the requirements of the CRA.
If you have to pay tax or have earnings on which CPP contributions must be paid, you must file a tax return. You must include your worldwide earnings in your taxable income. You will usually have to pay tax if your taxable income exceeds the amount of the basic personal exemption. See the tables of non-refundable tax
If you are a selected listed financial institution that is making a reporting entity, consolidated filing or tax adjustment transfer election, see GST/HST Notice 265, GST/HST Registration for Listed Financial Institutions (including Selected Listed Financial Institutions). Read More Original Article Source Credits: CANADA , https://www.canada.ca/ Article Written By : NA Original Article Posted on : 2019-05-14 Link to Original Article:
The CRA will provide one T4A slip that includes all the COVID-19 benefit amounts you received from the CRA. Each benefit will have its own box number on your T4A slip. If you have not received your T4A slip, you can get a copy from CRA My Account, but if not, then call the CRA. Read More Original Article Source Credits: Government
The Business Limit relates to income tax deductions available to Canadian corporations when filing Canadian corporate tax with the Canada Revenue Agency (CRA). The Business Limit is a set dollar amount that defines a cap on the amount of Small Business Deduction (SBD) a Canadian corporation may receive. Read More Original Article Source Credits: The Balance Small Business , https://www.thebalancesmb.com/
Added screening measures are being implemented in hopes of weeding out anyone who applies for the federal government’s three new COVID-19 benefits but isn’t actually eligible, a measure that comes after concerns that some individuals may have previously tried scamming the system. Read More Original Article Source Credits: CTV News , https://www.ctvnews.ca/ Article Written By: Graham Slaughter Original Article Posted
The CRA’s digital services make it easier to manage your business’ tax and benefit affairs from home. Our online tools can help you through the COVID-19 crisis and beyond. Register for My Business Account to easily view and manage your business’ tax affairs. Thousands of businesses have signed up for My Business Account to make it easier to get payments
The TFSA new contribution limit for 2021 has been officially released. That limit is $6,000, matching the amount set in 2019 and 2020. With this TFSA dollar limit announcement, the total contribution room available in 2021 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009 is $75,500. Read More Original
When you look at your household budget, the amounts you’re spending on mortgage/rent, transportation, and food are usually top of mind. While all those expenses certainly matter, something else you should keep a watchful eye on is income tax. It’s the single biggest expense for most Canadian families. Read More Original Article Source Credits: Greedyrates , https://www.greedyrates.ca/ Article Written
Bhamji Taxation Services Inc. wishes you and your family a happy and safe holiday season and all the best for the New Year 2023!
Every business needs to keep reliable, accurate bookkeeping records in order to know their costs, which is essential in order to have a profitable business, and minimize their taxes payable. Read More Original Article Source Credits: taxtips, https://www.taxtips.ca Article Written By: NA Original Article Posted on: December 28, 2020 Link to Original Article: https://www.taxtips.ca/smallbusiness/booksandrecords.htm