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
Most small business owners aren’t accountants by trade. But whether their background is in product development, HR, management or anything else, they have to learn the nuts and bolts of accounting. The good news is that small business accounting is relatively simple. Companies that operate in a single state and have a simple business structure have three accounting priorities:
You can request a change to your tax return by amending specific line(s) of your return. Do not file another return for that year, unless the return you want to amend was a 152(7) factual assessment. Read More Original Article Source Credits: Canad.ca , https://www.canada.ca/ Article Written By: NA Original Article Posted on: 2020-11-10 Link to Original Article: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/change-your-return.html
Tax tips are like opinions—everyone has one. But the key is to listen to the ones you can trust. That’s why we rounded up our favourite expert tax advice. Regardless of whether you are doing your taxes yourself, or you have someone do them for you, you will find most of these helpful to your
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
The Canada Emergency Response Benefit (CERB) gives financial support to employed and self-employed Canadians who are directly affected by COVID-19. If you are eligible, you can receive $2,000 for a 4-week period (the same as $500 a week). You can only apply retroactively for periods between March 15 and September 26, 2020. Read More Original Article Source Credits: Canada
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