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Accounting firms in Toronto and the rest of Ontario cringe when they read things like this. Earlier this month, the Canada Revenue Agency (CRA) announced a jury found a Toronto man guilty of four counts of evading personal income taxes and four counts of failing to remit the Goods and Services Tax (GST). Najam Mahmood
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Small businesses that are bogged down in accounting tasks in Toronto and the rest of Canada can expect a bit of relief. Earlier this month, The Canada Revenue Agency and the Federal Government announced they are cutting down the “red tape” for small businesses to submit their accounting and bookkeeping. The CRA is making changes
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If you live in Canada, but retain American citizenship, you still have to file American taxes. This has always been the case, but last summer the IRS announced they’re clamping down on US citizens who don’t file while living abroad. Last June, the IRS announced new procedures for non-resident U.S. taxpayers that went into effect
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It’s a sentence no one likes to hear, “I need to see you in my office.” Mistakes at work are going to happen to you at some point in your career. The important part is how you react afterwards. This can be used as an opportunity to truly show your worth and maybe even strengthen
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Whether you’re self employed or running a million dollar company, everyone in Canada has to declare their taxes. The business tax reporting process is intricate, and if not done correctly can lead to problems, tax audits being one of them. We’ve compiled some common reasons for business tax audits in Canada and combined them into this beautiful infographic. Red
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As a tax accounting firm in Toronto, we’ve seen all levels of tax record-keeping from our clients—to the very diligent, to the wildly incomplete. You want to keep your tax records as organized and accessible as possible. Having this information at your finger tips is essential to properly gauging how your company is performing or
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Not-for-Profit Accounting Standards Overview The Accounting Standards Board (AcSB) of the Canadian Institute of Chartered Accountants (CICA) published Accounting Standards for NPO in the private sector. These new standards are incorporated into Part III of the CICA Handbook and will be effective for fiscal years beginning or after January 1, 2012. NPOs also have the
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It’s a simple question, but one you’ve probably heard different answers for. As a business owner, how long do you have to keep your tax records? Is there a statute of limitation of how far back they can go to audit you? Well, here’s the answer, straight from the source. According to the Canada Revenue
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On January 1, 2013, the Workplace Safety and Insurance Board (WSIB) extended compulsory coverage. It’s now extended to independent operators, sole proprietors, partners and executive officers in the construction industry (with certain exceptions) under the Workplace Safety and Insurance Act, 1997 (WSIA). Who is exempt from WSIB extended compulsory coverage? Home Renovation Workers If workers
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Canadian Pension Plan Rules for Self-Employed and Small Business Owners If you’re a business owner or self-employed, you may wonder, “Do I have to pay CPP? “ That answer is yes. If your business’ net income is more than $3,500, you will have to start paying CPP at double the rate you would if you
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You’ve entered negotiations for a new lease and the landlord has offered you incentives or lease inducements to entice you to sign the agreement. The lease is signed and includes a tenant allowance to assist the lessee with the construction or improvement of the premises. You might wonder:1. How should the lease inducement be treated
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It’s the plight of nearly everyone who uses their car for business: What to do tax accounting time. Toronto is full of people who commute from out of the city and rack up a lot of KMs along the way. Many wonder if they can use a flat rate for business mileage, or if they
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