Effectively managed records play a critical role in the operation of any business. They help you monitor the progress of your business, prepare financial statements, keep track of your deductible expenses, and support claims on your tax return.
But did you know that you have legal requirements to maintain records for all transactions so that you can support your income and expenses?
Well-managed records are critical to the success of any company, but unfortunately, this is something that falls by the wayside for many businesses.
The problem is that poor record keeping often leads to missed opportunities and, when looking at taxes, your records can be the difference between you optimizing your tax return and paying substantially more than you ever should have.
All employees receive payment for their work in the form of salaries or wages. But in some cases, employers will also provide additional goods, services, and allowances to the employee as an added benefit of working for them.
It is important that, when filing your return, these benefits be properly claimed, to ensure the correct amount of tax is paid.
Come mid-summer, the CRA will be close to finalizing their assessment of taxpayers returns. While there will still be a few people awaiting assessment, the Canada Revenue Agency (CRA) will be focused on post-assessment reviews.
Every tax season, we have two options for filing our returns – paper-filing by mail, or e-filing online. In most cases, the method of choice is e-filing, with 88% of taxpayers filing online in 2018.
While filing online expedites the filing process and requires less review by Canada Revenue Agency (CRA), there is no paperwork that can be used to verify the authenticity of our claims.
“Innovation distinguishes between a leader and a follower” - Steve Jobs.
Research and development fuels innovation and helps with advancement at all levels. From the perspective of the government, it helps improve the economy and bring us to the forefront of innovation. From a business perspective it helps your company stay ahead of market trends and remain relevant. For individuals, it allows us to enjoy an improved lifestyle.
It is for this reason that, in an attempt to support research and development (R&D) in Ontario, the provincial government is looking to enhance the current tax credits aimed at promoting innovation as well as research and development in Ontario.
The number of senior Ontarians is quickly growing, and it is estimated that, by 2041, 25% of the population in Ontario will be 65 and over - almost doubling since 2016. In response to this, as well as other factors, the Ontario Government has decided to implement new programs as part of the 2018 provincial budget to further assist seniors, those 65 years of age and older.
In doing so, the provincial government is attempting to improve the life of seniors and help them to remain in their homes longer.
In our last blog we talked about the Ontario Trillium Benefit and the three credits that can be received as part of your monthly payment - the Northern Ontario Energy Credit, the Ontario Energy and Property Tax Credit and the Ontario Sales Tax Credit.
Once you understand the credits that make up the Ontario Trillium Benefit (OTB) it is time to find out how the OTB is paid out.
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