What Expenses Can I Write Off Against My Business Income? Tax season here, and we at Taxvisors would like to remind everyone that it is our duty (as salaried individuals, self-employed professionals, small businesses or corporations) to properly report and file our income taxes. As we approach the April 30th deadline, we will be covering...
Self-Employed or Small Business Tax Prep Checklist General Items Business Name, Phone Number and Address GST/HST Number Partnership Business Number (If applicable to the business being a partnership) Percentage of Partnership Documents (official) Operational Items (If you provide non-physical products i.e. services – like digital marketing, graphic design or business consulting, you can skip...
What is Investment Income? Duly described as ‘Passive Income’, this is the number of gains that a company makes apart from its full-time scope of business. The Canadian Revenue Agency (CRA) defines Passive Investment Income as: Interest Rent (not including rent from associated corporations actively carrying on business) Royalties Dividends from portfolio investments and non-associated...
What is Capital Gain? Any increase in the value of a capital asset is a capital gain (when comparing the current value to its original purchase price). However, it is only considered to have occurred or ‘realized’ when the asset is sold – an important distinction when compared to an increase in an asset’s value...
Foreign Assets Reporting Tax season is upon us once again, and despite the pandemic and lockdowns, it is your duty to voluntarily assess, report, and file your taxes on time. This requirement extends not just to your assets and income in Canada, but also overseas. Foreign Assets reporting is necessary to ensure: Increased awareness of,...
Many of us often calculate taxes by ourselves or use some internet tools in an effort to save money. But there are times when we hit certain triggers and get lost in the middle of financial complexities. We then ask ourselves, “Are we doing the right thing?” Well, if you have spent more than a...
Operating a business gives you a handful of dealings in terms of taxes. The form and type of the business you operate determines what taxes you must pay and how you are going to pay them. In this article, you will learn the two types of taxes that most business owners pay and the difference...
Taxes are the lifeblood of the government and for this reason, they have become every citizen’s obligation. Taxes can be paid quarterly or annually, depending on which city you are from. However, whether or not interested in paying your taxes, you cannot avoid taxes themselves. The worst case scenario you can fall in, in case...
Preparing tax-related documents is not something everyone loves to do. It is a time-consuming, mind-boggling endeavour that you go through every year. A lot of taxpayers get lost along the way, especially when it comes to the changes and updates tax laws. That is why why hiring tax advisors are preferred is. Why? Aside from the fact...
If you want to find a good tax advisor and professional, then you have got to be attentive and determined. There are a lot of tax professionals nowadays that do not provide the value for your money. Take note of the following tips: Know the difference between CPAs and enrolled agents. Certified public accountants are...
Copyright by The Beespoke. All rights reserved.
Copyright by The Beespoke. All rights reserved.
