If you own a small business and pay salary or wages to staff or give a taxable benefit to another recipient, you must pay source deductions from the amount, which you are then obligated to remit to the Canada Revenue Agency (CRA). Filing before deadlines is not as easy as it sounds. However, with the help … Read more
Any business incorporated, amalgamated, or continued in Ontario, including foreign entities that carry on business in the province, are required to file an annual return with the government of Ontario within six months after the end of each tax year (the “Annual Return”). What is an Annual Return? An Annual Return is NOT A Tax … Read more
In March 2024, the European Union took a monumental step towards regulating the rapidly evolving world of artificial intelligence (AI) by enacting a comprehensive AI Act. This groundbreaking legislation marks a significant milestone in the global effort to harness the potential of AI while addressing the ethical, legal, and societal challenges it poses. As we … Read more
The deadline to file your personal tax return is approaching quickly! It is crucial to start organizing and gathering all the required paperwork so that you stay compliant and don’t incur penalties. The payment and filing deadline for your personal tax return is April 30, 2024. This blog will offer advice on how to easily … Read more
In the rapidly evolving landscape of artificial intelligence, OpenAI’s introduction of Sora marks a significant milestone. This text-to-video tool has the potential to redefine content creation, but it also raises questions about the future of video production and the ethical implications of AI-generated media. Understanding Sora Sora is a cutting-edge tool that allows users to … Read more
As the personal tax season approaches, staying informed about the latest personal tax updates is crucial for individuals. This blog will provide a comprehensive guide on What’s New For Tax Preparation in 2024. Importance of Hiring an Expert Keeping up with the ever-changing tax laws can prove to be a mammoth task without the help … Read more
Dear valued clients, At CPA4IT Professional Corporation, our goal is always to improve our services and make your experience with us as seamless as possible. That’s why we’re excited to announce an update to our office address. Our new location is 180 John Street, Suite #100, Toronto, ON M5T 1X5, and it is available for … Read more
As the deadline for filing family trust returns in Canada approaches, it is important for families to take action and ensure that they meet the deadline. Family trusts can offer significant benefits in terms of tax planning, asset protection, and estate planning, but it is important to ensure that they are properly managed and maintained. … Read more
Incorporation is the legal process that transforms a business into a distinct legal entity, separate from its owners. This transformation grants your business its own rights, separate from your personal affairs. While many may consider this an advantageous step for asset protection and tax planning, it’s important to understand the top 10 mistakes associated with incorporating … Read more
Deciding Your Corporate Year-End When does the tax year start and end? For most people in Canada, the individual tax year is January to December, and the individual personal income tax deadline is April 30. You’ll tally up the money you made between January and December and send tax filing documents off to the Canada Revenue … Read more
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A great small business tax accountant does more than just measure value, they create it. At CPA4IT our goal is to save you substantially more than it costs you for our services. Over the last 30 years we have developed tax strategies designed to help you keep more of your hard earned money. If you would like to learn how we can help you pay less tax, simply download our FREE Guide to Pay Less Tax.
