Receipts are generally required to substantiate an expense. However, if you forget to obtain a receipt, you should write a receipt from yourself to your business in as much detail … Read more
The Quick Method of HST typical results in a lower HST payable to Canada Revenue Agency if you are service based business. If you are not sure of the difference … Read more
It does not matter which credit card you use. You are the director of your company, which entitles you to use whichever credit card you feel you are getting a better deal with. If you use your personal credit card to pay for business expenses the corporation owes you the amount and vice versa. However, it is highly recommend that you do your best not to intertwine personal expenses and business expenses. If you choose to use a personal credit card for business use it exclusively for business and put your personal non deductible expenses on another credit card.
Canada Revenue Agency has recently changed its policy on the deductibility of expenses paid out for meals and beverages at a golf facility. Canada Revenue Agency had previously interpreted the … Read more
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
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
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
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
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
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
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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.
