The Canada Revenue Agency (CRA) sets some record retention standards for tax records. Below are basic record retention regulations to consider for your company. Business Tax Returns and all Supporting Documents Keeping business documents such as pay stubs, tax records, and other supporting documents is important. Business owners need to hold on to these documents for a specific period of … Read More
How Does Rental Property Affect Your Income Taxes?
Filing your taxes at the end of the year is already a tricky endeavor for most people. It becomes even more difficult when you must add in unique scenarios such as rental properties to your return. Most people believe that rental properties are a great way to generate wealth, but they forget about paying tax on this income. This can … Read More
How Long Should I Keep My Payroll Records?
Maintaining good records on your employees should be considered essential to running your business. At the end of the fiscal year, you want to have copies of all the records you have on each employee right at your fingertips. However, most businesses find that they really only use these records at the end of the current year. They very rarely … Read More
Personal Tax Credit Changes for 2017
There was a lot on the chopping block this year. Let’s find out if your favorite tax credit made the cut for 2017. New Tax Credits The Canada Caregiver Amount is new for 2017. It replaces all these tax credits from prior years: • The Family Caregiver Amount • The Caregiver Amount or • The Amount for Infirm Dependents aged … Read More
Top 3 Tax Surprises for Sole Proprietors
We meet many small business owners for the first time during tax season. It isn’t unusual for them to have incomplete knowledge of their income tax responsibilities in regards to their business. These are the top three things that surprise them the most to learn. 1. CPP Contributions When you are self-employed, CPP contributions are calculated on your tax return. … Read More