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Read more about taxation and accounting
Personal Income Tax Returns and Benefits
First let’s talk basics What is income tax? It’s an amount an individual has to pay which is calculated as a percentage against the income made by that person. Income tax is payable only after a substantial amount of income is made and the threshold is subjective to...
Impacts on Manufacturing and Distribution for Budget 2021
The Federal Budget on April 19, 2021 included a mixture of short- and long-term initiatives (like the Canada Recovery Hiring Program, and extra SIF funding for bio-manufacturing, respectively). Some are extensions to existing programs, just like the extension of CEWS...
COVID-19 SUPPORT PROGRAMS IN THE 2021 FEDERAL BUDGET
@ACCNET ACCOUNTING The 2021 Federal Budget outlines the extension of various relief programs as well as updates to eligibility requirements. The COVID-19 pandemic continues to cause significant hardship to Canadians and businesses and we guide you through what the...
What you need to know about CERB
2020 has been a hard year, and unfortunately, Canadians have been left with the unsure feeling if CERB truly has helped their finances, or if they have just dug themselves a hidden tax bill. In this article, we aim to help Canadian’s understand some of the...
Self-employed/Business expenses claim
Surviving in this new era is quite challenging with minimal wages as the prices of everything go up every now and then. To help with living expenses in this generation and to aid the existing income, starting a new business might be a brilliant plan but intimidating...
RRSP & Tax Efficiency
Firstly, what does RRSP stand for? It stands for a registered retirement savings plan. It is some of the most common types of tax-deferred accounts, which means the tax payments can be postponed and paid until the deadline reaches for to pay the taxes. RRSPs were...
Government Benefits during the Pandemic
During these challenging and trying times with the unemployment rates going high, it’s getting quite difficult to cope with the living expenses for a huge population around the globe. As a result, the federal government has introduced some new incentives and benefits...
When to Start CPP and OAS
A common question among people who are approaching their retirement years is when should they start receiving Canada Pension Plan (CPP) benefits? The amount of the CPP benefits that you will receive is based on your average earnings throughout your working life, your...
Tax Filing Catch-up
Help! I haven’t filed a personal tax return in a few years and don’t know where to start! Myth: Everyone files their taxes on time As accountants we would love to believe that everyone’s first priority is their taxes and they would never let a year go by without...
2021 Tax Filing: How to save yourself up?
2020 has been a difficult year for most of us. The closure of international borders and social distancing to curb the spread of COVID-19 has had a devastating effect on the world’s economies. Many Canadians have lost their jobs or have seen their businesses contract...
