Canada’s 2024 Budget Highlights
The Government of Canada released its 2024 Budget on April 16, 2024, projecting a deficit of $40 billion for 2023-24. While there are no proposed changes to personal or corporate tax rates, there are several key items of tax and business interest, including but not limited to: Increasing the capital gains inclusion rate The capital […]
Highlights of Ontario’s 2024 Budget
The Ontario government released its 2024 budget on March 26, 2024. The budget projects a deficit of $3 billion in 2023-24, $9.8 billion in 2024-25 and $4.6 billion in 2025-26. Key tax highlights include: No changes to the corporate or personal tax rates. As a result, Ontario’s corporate and personal income tax rates remain as follows: […]
Unlock the Reach of Digital Advertising for SMEs
Discover How To Turbocharge Your Business With Digital Advertising! Dive Into The World Of PPC, Social Media, And Programmatic Strategies Tailored For SMEs. Uncover Expert Insights, Tips, And Pitfalls To Avoid In This Must-Read Guide! Are you ready to level up your marketing game with digital advertising? In today’s digital age, it’s crucial for small […]
Key Taxable Benefits that You Don’t Want to Miss
As the 2023 tax year preparations are underway, there are key taxable benefits that may apply to your employees that you should ensure you are aware of and reporting correctly. As well, if you are submitting more than six information slips to the CRA, remember that you must file electronically starting in 2023. If you […]
Are you impacted by the Underused Housing Tax?
The federal government’s Underused Housing Tax is an annual 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022. The tax generally applies to foreign national owners (i.e., someone who is not a Canadian citizen or permanent resident) of housing in Canada. This tax can also […]
Top tax issues you should consider before 2024
Top tax issues you should consider before 2024 Checklist Your tax deadlines Are you prepared to meet upcoming deadlines to achieve 2023 tax savings? Your investments Have you maximized your TFSA contribution? Should you sell investments with unrealized capital losses/gains? Your family Are you moving to a new province/territory? Did you sell your home? Are […]
Key Takeaways from the 2024 Fall Economic Statements
Key Takeaways from the 2024 Fall Economic Statements The Governments of Canada and Ontario both released their respective Fall Economic Statements, or “mini-budgets” in November. We have pulled some key highlights here that may be of interest to you: Government of Canada’s Fall Economic Statement The government announced new measures totaling almost $21 billion over […]
Don’t Delay! What You Can Still Do Now to Save Money Come Tax Season
Don’t Delay! What You Can Still Do Now to Save Money Come Tax Season Before we know it, the tax deadlines for 2023 will be upon us. Whether you are a regular employee or a business owner, it is not too late to make a few moves now that could help save you money just […]
Boost Your Business Technology Grant
Boost Your Business Technology Grant One of the best ways to reduce your costs (and in turn increase your profits) is to ensure you are taking advantage of any government incentive programs that you qualify for. Did you know the Government of Canada offers eligible businesses up to $15,000 to boost their business technology? Through […]
Data Governance for AI Models
We are pleased to feature a guest post from IRM Consulting and Advisory. For the original article, visit their website here. Data Governance for AI Machine and Deep Learning Data Governance for Machine Learning (ML) and Deep Learning (DL) methods used in AI (Artificial Intelligence) is essential for the proper functioning of AI Models. These Learning methods require […]
Cybersecurity Incident Response – Small Businesses
A guest post by IRM Consulting Introduction to Cybersecurity Incident Response Small businesses are most vulnerable to Cybersecurity Incidents and Attacks and therefore need to prepare for them. The purpose of this blog is to provide a cybersecurity incident response guide for small businesses. However, it is important to note that incident response plans […]
Top Tips for Protecting Data Security and Privacy
A guest post from IRM Consulting and Advisory Introduction Over the past few years, concerns about data privacy and security have been growing steadily. Where is my data going to reside? Is my data stored in a secure place? Who can access my data? These are some serious questions asked by modern-day digital users. Meanwhile, […]
Tax Changes You Need to Know for 2023
There are several tax figure changes for 2023 that may impact you and your finances. We have rounded up the key changes to keep in mind: Tax Brackets The inflation rate to index the 2023 federal tax brackets and amounts will be 6.3%. This results in the following new federal tax brackets: $0 – $53,359 […]
My side hustle is taking off! What does this mean for my taxes?
The gig economy is growing in Canada and around the world. Talk to your friends and family and it may seem like more and more people have side hustles like selling crafts, creating monetizable content, driving for a rideshare company or consulting. Some people may even be able to support themselves full-time as a freelancer. […]
Are You Taking Full Advantage of Tax Write-Offs?
Every dollar counts when you are a small business. After all, you spend a lot of time and money making sure you can deliver just the right product or service for your clients. However, getting money in the door is just one part of the picture – what you need to really focus on is […]
2 Ways Rising Interest Rates Impact Small Businesses – and How to Prepare!
Inflation globally and in Canada continues to rise, largely driven by higher prices for energy and food. Central banks around the world are increasing rates to combat this high inflation. In Canada, the central bank increased its target rate for the overnight rate to 1½% on June 1, 2022 and it’s expected that this will […]
How Small Business Owners Can Fight Inflation (without Raising Prices!)
Open a news site right now and chances are there will be one if not several headlines concerning inflation woes. In fact, according to survey conducted for Chartered Professional Accountants of Canada (cpacanada.ca) earlier this Spring, inflation and supply chain concerns are the top two challenges to the growth of the Canadian economy according to […]
Key Highlights from the 2022 Federal Budget
The federal budget was released on April 7, 2022. While there were no changes to personal or corporate tax rates, the budget contained several key items of interest, including tax and small business implications. Some key highlights: Canada Recovery Dividend The budget introduces the one-time Canada Recovery Dividend (CRD) and a 15% tax on bank […]
How to Save Money this Tax Season – Part 2
One of the best parts about tax season is getting credit and money back from the government for eligible expenses! Read on to learn more about several key tax credits specific to Ontario that could save you money. (If you missed Part 1 which outlined some key Canadian tax credits click here!) Credit Benefit […]
How to Save Money this Tax Season (Part 1)
With inflation making headlines, any opportunity to save money is surely welcomed. As you file your taxes for 2021, be sure to take advantage of all the available tax credits that you are eligible for. Read on to learn more about several key Canadian credits that could save you money. Credit Benefit Eligibility Canada […]
What Might Save or Cost You Money from the Federal 2021 Fall Economic Statement
On December 14, 2021 the federal government released its Fall Economic Statement which slot gacor outlined the expected path to economic recovery, and also billions of dollars more in spending. Some of the measures proposed may impact your personal or corporate tax filings next year. Key Personal Tax Highlights: Enhanced Home Office Expense Deduction To […]
The Most Wonderful Time of the Year: Year-End Review
*While this post is written under the assumption that your fiscal year end is December 31st, these concepts can be applied based on any fiscal year end date. If you own a small business, it is very important to plan how you can set yourself up for success for the year ahead. Most businesses know […]
Key Highlights from Ontario’s Fall Economic Statement
Ontario has Released the 2021 Fall Economic Statement On November 4, 2021, the Province released the 2021 Ontario Economic Outlook and Fiscal Review: Build Ontario. The Fall statement usually focuses on a mid-year look as to how the Province is faring compared to what it laid out in the Spring Budget. This year, the government has included […]
New Programs Replace Canada’s COVID-19 Benefits
The federal government recently announced changes to both business and worker COVID-19 support programs. Previous broad-based support programs such as the wage subsidy, rent subsidy and lockdown support ended on October 23, 2021 and instead the government intends to provide more targeted measures moving forward. Two new targeted support programs were introduced for businesses still […]
On the Move: Claiming Moving Expenses
Many people moved away from cities during the pandemic when their jobs went remote. Some of those people may soon be looking to move back closer to their work once the pandemic ends, if they are required to return to the office. If you find yourself in this situation, you may be eligible to claim […]
5 Common Reasons the CRA may Audit You
Imagine this scenario: You’ve spent time and money putting together your tax return and are eagerly awaiting your notice of assessment so you can finally put the previous tax year to bed and focus on moving ahead. However, you receive that dreaded notification that you are the subject of a Canada Revenue Agency (CRA) audit. […]
Should I Pay Myself a Salary or Dividends?
One of the common questions we hear from our business owner clients is how they should structure their business to maximize their profits and minimize their tax obligation. If you own a business through a corporation, you have the choice to pay yourself a salary or dividends (or a combination of both). Salary […]
Get Reimbursed for your Employees’ COVID-19 Sick Days
Employers in Ontario are required to provide their staff with up to three days of paid infectious disease emergency leave because of certain reasons related to COVID-19. This is in addition to employee rights to unpaid infectious disease emergency leave. Employers are generally required to pay employees the wages they would have earned had they […]
Don’t Leave Money on the Table!
There is much we can learn from listening to other people’s stories, exploring professions and paths different than our own. This post is the next in a series of spotlights on entrepreneurship and small businesses. This month we spoke with Jon Irwin, Director at Leyton, and learned how businesses can benefit by connecting with experts to […]
Need to Hire More Workers? Details of the Proposed Canada Recovery Hiring Program Announced
The proposed Canada Recovery Hiring Program has been designed to help businesses who have been hit hardest by COVID-19 hire the workers they need. The program would provide a subsidy of up to 50 per cent of eligible salary or wages for employers who have experienced qualifying revenue declines. Support would be available retroactively from […]
Mitigating your Risk Exposure through Proper Insurance Planning
There is much we can learn from listening to other people’s stories, exploring professions and paths different than our own. This post is the next in a series of spotlights on entrepreneurship and small businesses. This month we spoke with David Miklas, an Insurance Advisor at Stewart Financial, and learned the importance of proper financial […]
Set Yourself Up Now to Save Money Next Tax Season
So you’ve just completed your 2020 tax filing – congrats! While it may be tempting to put away the endless receipts and slips and not think about taxes for another year, don’t do it! While the deck may be stacked against small businesses, there are still many tax breaks available to keep hard-earned money in […]
What Can a Lawyer Do for You and Your Business?
There is much we can learn from listening to other’s stories, exploring professions and paths different than our own. This post is the next in a series of spotlights on entrepreneurship and small businesses. This month we spoke with Rylan McCloskey, a general law practitioner at Goldstein, Rosen and Rassos and learned how small businesses […]
What You Need to Know from Canada’s 2021 Budget
Canada released its 2021 Budget on April 19th and it includes several key items that may be of relevance to you. Of note: No changes to the federal personal or corporate tax rates, capital gains inclusion rate, no wealth tax and no comprehensive tax reform; Canada Emergency Wage Subsidy, Canada Emergency Rent Subsidy and lockdown support extended until September […]
Bridging the Gap: Peter Kelly of Peter Kelly Media
There is much we can learn from listening to other’s stories, exploring professions and paths different than our own. This Blog post is the first in a series of spotlights on entrepreneurship and small business. This month we spoke with Peter Kelly, entrepreneur of Peter Kelly Media and learned about his career in film and […]
Ontario 2021 Budget Released! Support for Small Business
Ontario released its 2021 Budget on March 24th and includes several supports for small businesses which may be of relevance to you, including: Another round of the Ontario Small Business Support Grant payments. This is the $10K-$20K grants for businesses that were required to close during the provincewide shutdowns. If your business received payments […]
5 Key Changes You Need to Know Before Filing Your 2020 Personal Tax Return
The due date for filing your 2020 personal tax return is currently scheduled for April 30, 2021. In order to minimize your tax obligation, make sure you take advantage of the new additions and improvements that you may be able to apply to your 2020 return. Key Change #1: Expanded Eligibility of the Home […]
How can I best claim home office expenses during COVID-19?
Zoom, Google Hangouts, and Microsoft Teams became the default office for many of us during 2020. While working from home was an option for some businesses prior to COVID-19, the pandemic accelerated the use of digital platforms as the main source of business communication. One of the impacts of this change in business practice is […]
An Education on Tax Write Offs for the Town of Schitt’s Creek
Is the heart of Schitt’s Creek watching the Rose Family discover the true value of family or is its true message learned by watching them comically perform the do’s and don’ts of business and entrepreneurship? It was a rocky start for the Rose children as they were forced to make their own way in the […]
7 Tips To Save Your Credit Score
Life gets busy, and it’s often hard to keep track of all the things that need doing, like monitoring finances and paying the bills. This becomes especially true in a pandemic. In light of the recent times, banks and lenders have been inundated with requests for payment deferrals on mortgages, credit cards, and car loans. […]
Support is on its way! – Canada’s COVID-19 Economic Response Plan (PART 2)
A Letter to Small Business Owners: Hope that you are all keeping well and safe as we progress through this crisis. We wanted to reach out to you again because you likely would have seen some of the Federal government’s announcements over the past few days as it attempts to bolster its Economic Response Plan for […]
Support is on its way! – Canada’s COVID-19 Economic Response Plan
A Letter to Small Business Owners: Hope that you are all doing well in spite of this COVID-19 crisis. What a situation this is… We just wanted to take a moment to let you know that we continue to be fully operational and are ready to assist you with any of your tax/accounting needs. We […]