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Automation is using technology to increase the accuracy and efficiency of business processes. It has many benefits for businesses, including lower costs, improved customer satisfaction, and higher profits. However, automation can also present challenges for companies, especially those that are new or small. Below are five ways to improve your business with automation: Automate As […]

Many entrepreneurs are turning their side hustle into a full-time business. What do you need to consider when turning your side hustle into a full-time business? First, when considering turning your side hustle into a full-time business, there are several things to consider. Your Side Hustle Will Be Your First Business If you have a […]

Starting a business can be highly stressful. But it doesn’t have to be that way. By running your own business, you can have the freedom to schedule your day the way you want and do something that you’re passionate about. It’s worth it to take that leap of faith, but make sure you’re doing everything […]

The secret to scaling a business that people love is pretty simple. It all comes down to having a plan and executing it. But we’ll tell you what’s more important: consistently doing this across multiple areas of your business. To see results, you must stay focused on the long game and ensure each step along […]

Starting a business is a daunting task. Much harder than people think it is. It’s challenging to do, and you need to be careful that you don’t lose yourself in your vision of the world if you get too far ahead of the game.  You need to take action, even if it is just one […]

It’s no secret that Ontario’s tax system has people seeking shelter. This is particularly true if you’ve been a long-time resident of the province and have lived there for a lifetime. The tax implications for yourself and your family can be very complex, as more time passes. To help you navigate this tricky realm of […]

There are many tax-related issues when you have many assets and income. One of the reasons people do not know the best ways to save money from taxes is because they say that it doesn’t matter how much you make or how much you own. They will still take away as much as possible. This […]

You may have wondered what to expect during tax season based on your experience or the ease with which you prepared for this year’s taxes. As with any other seasonal occurrence, we all need to be prepared for it and look into some things we might need to deal with it as smoothly as possible. […]

 Having a good handle on your finances is essential to creating a strong net worth. Diversifying is one of the best ways to increase your assets and decrease your liabilities. This means putting money into more than one asset or lessening your dependence upon one asset (like a house). Are there ways to increase your […]

Being a business owner can be a rewarding experience; with the right attitude, you will be able to see your business grow and flourish. Many tips are available that can help with business success, but it is essential to know what you are aiming for to achieve your goals. Learn from this article how you […]

For most people, starting their first investment account is a challenging task. Regarding the best ways to invest your income, countless articles available will no doubt confuse you regarding how much return you can get from different solutions. A lot of money is at stake when it comes to your capital, so you must have […]

Debt is a problem that affects many people in different ways. It can lead to stress, anxiety, and other emotions. Many people use debt consolidation services to get rid of their debt and prevent themselves from getting into more debt, possibly because it’s challenging to get a loan for another big purchase.  However, some people […]

1. Individuals Individuals who own rental property need to calculate the income or loss from the property for each calendar year. This is then adjusted with the other personal income for the year. If the property is co-owned, then each co-owner must individually report their rental income according to the portion owned. Keep in mind […]

The Canada Revenue Agency (CRA) sends around 30,000 letters every year letting people know that they’re being audited. While this is just a fraction of the 27 million people who file their taxes, you shouldn’t assume that getting an audit notice is completely random. Your chances of getting audited decrease if you keep an eye […]

A Health Spending Account (HSA) is a self-insured health plan which can be arranged by employers for their employees. Small business owners spend a considerable amount of money every year on medical expenses for themselves and their employees. An HSA offers an affordable way for owner-managers to reduce these expenses. Reasons for Choosing an HSA […]

Today we’ll take a look at how the various Covid-19 support programs, provided to both individuals and businesses, will affect their tax returns. 1. Support Programs for Individuals Several programs were started to support individuals and their families during the Covid-19 pandemic. For most programs, the Canada Revenue Agency (CRA) will be issuing a T4A […]

The Ontario Small Business Support Grant is additional support for small businesses in the province who had to close or restrict their operations because of the Covid-19 pandemic. It was first announced in December 2020 and offers funding of $10,000 to $20,000 to eligible businesses. This will be a one-time grant and is designed to […]

As we’ve stated in our previous blogs and newsletters, the Canada Emergency Business Account (CEBA) is an interest-free, partially forgivable loan program started to help businesses as a response to the Covid-19 pandemic. As of December 2020, the program provided funding to more than 700,000 businesses but this proved insufficient to mitigate the economic impact […]

The Canada Emergency Rent Subsidy (CERS) program is now open for application and provides direct relief to non-profits, businesses and charities that are finding it difficult to continue operations because of the Covid-19 pandemic. How To Apply You can apply for the subsidy for the period of September 27 to October 24, 2020 through your […]

The purpose of a Registered Retirement Savings Plan (RRSP) is to provide a means to save for retirement on a tax-deferred basis. Usually, withdrawing from an RRSP before retirement is not recommended. This is because the funds which are withdrawn cannot be recontributed and their future investment income is lost. However, there are two situations […]

On October 9, 2020, new subsidies were announced for small and mid-sized businesses. These subsidies include the new Canada Emergency Rent Subsidy (CERS), expansion of the Canada Emergency Business Account (CEBA) and extension of the Canada Emergency Wage Subsidy (CEWS). 1.Canada Emergency Rent Subsidy (CERS) The Canada Emergency Rent Subsidy (CERS) has been announced to […]

Are you thinking of starting your own business or buying an existing one? The first thing that you need to look at is its structure. This is because choosing the right structure will have a major impact on your estate planning as well as your personal taxes. Today, we’re going to look at three of […]

The rent subsidy program for small businesses was extended on July 31, 2020 to cover the month of August 2020. Tenants and landlords who initially applied for the period of April to July 2020 can now apply for August as well. The final date to apply for the rent subsidy in August is September 14, […]

On July 27, 2020, the Canada Revenue Agency (CRA) announced that it will be extending the due dates for some returns and payments. The original extended due date was September 1, 2020 and a further extension has been granted till September 30, 2020. Filing Deadlines Individuals The T1 personal tax filing deadline has been extended […]

Here are the tax return due dates for individuals, corporations, partnerships, trusts and estates. Individuals T1 returns are normally due on 1st June (for employed individuals) and on 15th June (for self-employed individuals). However, because of the pandemic, the Canada Revenue Agency (CRA) will not impose late filing penalties or interest if T1 returns are […]

Important Updates The most important update to the Canada Emergency Wage subsidy program is that it’s been extended till August 29, 2020. Originally, the program was available from March 15, 2020 till June 6, 2020. The Canada Revenue Agency (CRA) will introduce a process to amend errors in the submitted CEWS claims. Employers won’t be […]

The Canada Emergency Business Account (CEBA) offers partially forgivable, interest-free loans to small businesses that have experienced a decrease in revenue due to the Covid-19 pandemic. The amount of the loan is up to $40,000 and is provided to businesses to cover ongoing costs such as rent, insurance, utilities, taxes and employment expenditures. If the […]

CECRA is designed to cover 75% of the rent for small business owners and will cover the months of April, May and June 2020. This will allow small business tenants to avoid bankruptcy and in turn property owners will continue to receive rental income. Applications for the program are now open and eligible owners can […]

The CECRA program offers forgivable loans to commercial property owners. This in turn allows the owners to reduce the rents owed by their small business tenants by at least 75% for the months of April, May and June 2020. Eligibility In order to qualify for CECRA, a commercial property owner must meet the following criteria. […]

Eligibility Contract workers, wage earners, self-employed individuals who don’t qualify for Employment Insurance (EI) It is available for workers living in Canada who are at least 15 years old They should have earned at least $5,000 in 2019 year before their application from employment, self-employment, employment insurance maternity and parental benefits, and/or similar benefits paid […]