If you need cash flow for personal or business expenses, you may want to consider borrowing money against your home.
With the start of the new year, it is important to have a handle on your source deductions for the year.
It is the responsibility of the employer to ensure that accurate source deductions are withheld from employee wages and then remitted to the Canada Revenue Agency (CRA) in a timely manner. This will ensure that employee wages are not over or under-withheld for tax purposes, and that all applicable deductions have been taken into account.
Now that the New Year is almost here, it’s time to start making some year-end tax planning decisions, especially related to an RRSP and TFSA.
When deciding how to compensate your employees, there are many different options. The traditional methods are salaries, wages, bonuses and benefits. There’s also a system called profit sharing.
Profit sharing is a compensation program that awards employees with a portion of the company’s profits. The amount received is usually based on quarterly or annual earnings. Though it could be for a longer or shorter period.
When the pandemic started, the government was focused on getting money to recipients as quickly as possible. The goal was to mitigate financial struggles that many were suddenly facing.
The problem is, some Canadians received more than they should have. This resulted from three major elements of the payment distribution.
It’s that time of year when you should be sitting down to do a mid-year review of your taxes. This is an opportunity to look over your business finances and processes to confirm that everything is going to plan.
Once you get a good understanding of your position, you can look for ways to better set yourself, and your business, up for success come year end and tax season.
The terms accountant and bookkeeper are often used interchangeably. While there are some similarities in what they do, they are more different than you may know.
As your business grows, managing your finances can get more challenging, which means you will need to bring someone on to help. But the question is, do you need an accountant, a bookkeeper or both?
When you use a vehicle for business purposes, you can deduct some or all the expenses from your business income.
The percentage you claim will depend on what percentage of the vehicle use is used to earn income. For example, if you drive the vehicle 50% of the time to run a personal errand and 50% to earn business income, you can claim 50% of the expenses.
