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All the tips and tricks on accounting and bookkeeping. Contact us today for a professional consultation today!

Child care expenses

Claiming Child Care Expenses – Tax Benefits and Tips

Key takeaways: Parents that are working or in school can claim expenses incurred in the care of their children Deductible expenses can vary from nanny services, to day camp, to boarding schools, to advertising for these supporting services There are limits set by the CRA
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Understanding Canadian Self-Employment Tax Forms

Key takeaways: Filing taxes as a self-employed individual is different than as an employee Businesses that are sole proprietorships or unincorporated partnerships can be categorized as self-employed Self-employed businesses have specific tax forms to complete and file in Ontario depending on their business activities Work
Filing Income Tax as a Canadian Uber Driver

Filing Income Tax as a Canadian Uber Driver

Key Takeaways: Uber drivers are considered self-employed in Canada Self-employed individuals are subject to specific tax filing documents There are many deductible expenses that Uber drivers are eligible to claim, including mileage, accessories, insurance, etc. Uber drivers that make over $30,000 annually must file HST
Home office expenses

Can I Deduct My Home Office Expenses?

Key Takeaways: There are many home office expenses that are tax-deductible and can be claimed to reduce your overall tax payments Home office expenses can include utility bills, mortgage, property taxes, etc. There are specific forms to fill out when filing taxes to claim these
paying cpp and ei as self employeed

Paying CPP and EI as a Self-Employed Business Owner

Key Takeaways: Canada Pension Plan contributions are required for all employees in Canada and employers must match employee contributions Employment Insurance can be paid by employees but is not mandatory for self-employed business owners Self-employed business owners have to pay both the employer and employee

Tax Benefits of Shareholder Loans

Key takeaways: A shareholder loan is any fund that is borrowed from or contributed to a corporation by its shareholder Shareholder loans do not have to be repaid until the end of the subsequent (next) fiscal year When strategically planned, shareholder loans can provide strong
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Benefits of Incorporation for Realtors in Ontario

Key Takeaways: As of October 2020, real estate salespersons or brokers in Ontario can now incorporate their business income through a A Personal Real Estate Corporation (PREC) A PREC has many advantages including tax deferrals and income splitting There are many factors to consider when
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What is a Holding Company and When Should You Set One Up?

Key takeaways: A holding company is a type of business entity (“parent company”) that owns a controlling interest in other companies, which are called subsidiaries. The parent corporation can control the subsidiary’s policies and oversee management decisions but doesn’t run day-to-day operations. The advantages of