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.
The Federal Budget was released earlier this year. While no changes were made to tax rates, there were several introductions and increases to credits and deductions, with a focus on residential property, that may have an impact on your end-of-year taxes.
In 2021, the federal budget announced that there would be a consultation regarding reporting requirements for certain transactions. This is because the government recognized a lack of “timely, comprehensive and relevant information on aggressive tax strategies” as a major challenge faced by the CRA and tax authorities worldwide.
With the COVID-19 pandemic easing up, an increasing number of organizations are moving away from online events and reintroducing in-person conventions.
This is good news if you are self-employed. That’s because the self-employed can deduct expenses for attending up to two conventions per year from their business income when it comes to filing their taxes.
Last year’s Federal Budget announced a big tax change that could provide businesses with substantial tax breaks. This change allows businesses to immediately expense up to $1.5 million dollars in newly acquired assets each year.
Your company’s balance sheet is one of your company’s major financial statements. It reports your business’s assets, liabilities and equity at a specified time – usually at the end of a month, quarter or year. It is a snapshot of what you owe and own.
The new Ontario Business Registry was recently released, giving businesses and non-profit corporations the ability to complete a number of transactions online. Using this registry you can register your business, incorporate, and update your company’s information. You can also file your annual returns directly through the Ontario Business Registry.
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