When do I have to make my personal tax installments?
During your first year as a sole proprietor, you will not be required to make any personal tax instalment payments. The tax due from your business will be payable on April … Read more
CPA4IT
Can I deduct expenses incurred before I opened for business?
You can deduct expenses incurred before you actually commence your business if they are significant activities that were the regular parts of the business, or that are necessary to keep … Read more
Do I need my HST number before I can go ahead and invoice my client?
No. Simply write on the invoice; Pending HST Number’ and advise your client that you will provide them with the number after you have received it from Canada Revenue Agency. … Read more
HST Obligations for Canadian Contractors Working in the US
No. The HST rate on exported services is 0%. Note if the majority of your revenue is U.S. Based you may be better off using the Long method of HST … Read more
What are the different payment options for the personal tax installments?
There are three instalment payment options: 1. The no-calculation option: You pay the amount shown on each instalment reminder (sent to you by Canada Revenue Agency) by each due date. … Read more
Understanding Liability Insurance Requirements in Contracts
It is up to the company that you are contracting through to decide whether you need Liability Insurance. Liability Insurance is a way for a company to protect themselves in … Read more
How should you tell the CRA about your change of address?
How to change your address If you move, give us your new address as soon as possible. Online If you have registered with the My Account service, you can change … Read more
What payment option should I use for my personal tax installments?
If your income this year is much less than last year’s income, you may want to use the current year option to calculate your instalment amounts. If this is the … Read more
Taxation of non-Canadian citizens working in Canada
Individuals resident in Canada are subject to Canadian income tax on worldwide income. Relief from double taxation is provided through Canada’s international tax treaties, as well as via foreign tax … Read more