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People have called us in Ottawa and asked “file my corporate tax return” never do that. What I mean is never just ask for the corporate taxes to be filed without ensuring that the year-end is complete. In addition, before asking for corporate tax return preparation, ensure that you have had a tax strategy. Ensure that the bank and credit card reconciliation are complete Ensure that your HST reported for the year matches the income in your profit and loss (P&L) statements Ensure that HST balances are reflected correctly in your balance sheet Ensure that if you you want or need to ...

A little misunderstanding about HST is causing a lot of cash flow issues for many small businesses. Even worst some tax accountants have also misunderstood this concept and are not warning their clients. When new clients come to us, after we migrate their data to QuickBooks Online and attach and integrate a few superpower apps such a Wagepoint, Receipt Bank, and a few more apps. we analyze their data as well and go through a few checkups. We have noticed and discovered that almost all of them have filed their HST incorrectly and inadvertently put themselves in a cash flow issue. (Updated) ...

Real estate agents are now to allowed to create their Personal Real Estate Corporation (PREC) in Ontario  Following reason are why you should take advantage of this long overdue privilege. Tax deferrals: The earning that corporation makes is subject to its own tax rates. These tax rates are less than highest marginal tax rates of let’s say 50%. Normally the highest marginal tax rates kick in at $100,000, this means any income above that threshold would be taxes at 50%. Now let’s assume you made $200,000 as a non-incorporated real estate agent, your tax in excess of the $100,000 is %50,000...

When start-ups or corporations register their business with CRA on default they are put on filing their HST based on regular method filing. Which is very straightforward. They can claim their Input Tax Credits (ITC) against HST collected.  There is another method which is the Quick Method of Accounting or Quick Method. This method requires certain conditions, for example accountants can not use this method, also if your sales are over $400K you can not choose this. Most of independent contractors are eligible to file under method and this will add more income to their business. ...

It’s important to make sure you’re completely prepared before establishing a business, but understand that things will likely not go as to plan. A business must evolve to deal with changing economics, technology, and society. In-depth market research is vital for any business plan to understand your field and your potential customers better, in addition to doing surveys, conducting focus groups, and analyzing SEO and public data. This needs a generous budget. Before you launch your product or service, you must work on building your brand and establishing a following of customers who are eager ...