Blog

You’ve been nurturing this brilliant idea or honing your skills for years, and now you’re finally ready to turn your passion into a thriving business. Taking that leap is a major milestone, so congratulations on reaching this exciting stage! Running a successful startup or small business in Canada demands not only innovative ideas, unwavering focus,...

For small and medium businesses, tax season can be a particularly stressful time for businesses, especially if they’re not prepared for the complexities of the Canadian tax system. As a leading accounting and tax advisory company, Taxvisors is committed to helping you navigate this challenging period with confidence. In this blog post, we’ll discuss key...

If you’re like many Canadians, you have a side hustle to supplement your income. While this is a great way to earn extra cash, it’s important to understand the tax implications of this side hustle to avoid any surprises come tax season. In this post, we’ll discuss the basics of side hustle taxes in Canada,...

Freelancing and gig economy work have become highly popular in recent years, thanks in part to the internet and growing demand for flexible work arrangements. For many, the idea of being their own boss is appealing, allowing for control over their schedule, lifestyle freedom and higher income opportunities. Whether you’re a freelance writer, graphic designer,...

As tax season approaches, the importance of maintaining organized and accurate financial records becomes increasingly apparent. Bookkeeping is the cornerstone of any successful business, playing a critical role in financial management and decision-making. Most importantly, it ensures compliance with Canadian tax regulations. In this blog post, we’ll explore the significance of bookkeeping, how it helps...

Research and development (R&D) plays a crucial role in driving national progress across social, political, and business dimensions. By fostering innovation and technological advancements, R&D initiatives contribute to improved living standards, increased economic growth, and enhanced global competitiveness. In the social sphere, R&D can lead to breakthroughs in healthcare, education, and environmental sustainability, addressing pressing...

The COVID-19 pandemic has changed the way many Canadians work, with a significant shift towards remote work arrangements. Working remotely has various financial and tax implications that you should be aware of to effectively manage your personal finances. In this blog post, we’ll discuss the impact of working remotely on your personal taxes from a...

As Canadians, we’re all looking for ways to reduce our tax burden and keep more of our hard-earned money in our pockets.One of the most effective ways to achieve this goal is by taking advantage of tax credits. In this blog post, we’ll explore the role of tax credits in reducing your personal tax burden...

The journey of running a home-based business in Canada (or anywhere) can be an exhilarating and rewarding experience, with the added perk of numerous tax deductions waiting to be claimed. As you navigate the world of entrepreneurship from the comfort of your own home, it’s essential to familiarize yourself with the various tax deductions available,...

As the golden years approach, it’s never too early to start laying a solid foundation for a financially secure and enjoyable retirement. One way to achieve this is by maximizing the benefits of your Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA) contributions. These powerful investment tools, when utilized efficiently, can help grow your nest...