1. THE CANADIAN TAX SYSTEM: The Canadian tax system is based on Self-Assessment which means each tax payer is responsible to ensure to file their tax return and compliance tax rules for each level of government. However, Canada Revenue Agency (CRA) reviews all the deductions, credits, and benefits that individuals claim on their tax returns to ensure people follow the rules and comply the tax laws. 2. RESIDENCY STATUS: Residency status is most important items regarding tax purposes. Because Canadian tax system based on residency. For instance, Canadian residents pay taxes on their income from all sources both inside and outside of Canada and on the other hand they have right to claim certai
Being a public company requires many reporting and corporate responsibilities to the regulators, auditors, and investors. Outsourcing financial reporting services is the best way to meet these requirements while achieving the organization’s financial goals and gaining a competitive advantage in the market. BENEFITS: Some of the benefits of outsourcing financial reporting services include: Timely reporting to meet requirements for regulators, shareholders and investors Cost efficiency to resolve challenges and to gain competitive advantages High-quality and accuracy to ensure the financial reporting in accordance with accounting policies and International Financial Reporting Standards FINAN
1. BUSINESS START-UP COST: Business start-up cost is one of the deductible expenses that Canada Revenue Agency (CRA) allows. In order to deduct all the business start-up costs, you had to have carried on a business in the fiscal period in which the expenses were incurred. 2. ADVERTISING: You are allowed to deduct business advertising expenses which incurred during the year such as printing business cards, setting newspaper and magazine, TV and radio ads. However some restrictions may apply on amount to deduct. 3. DELIVERY, FREIGHT and EXPRESS: All your business delivery, freight and express expenses are deductible. 4. INSURANCE: All your commercial insurance premiums which incurred for the
All the benefits and credits calculated based on your tax return and information provided to Canada Revenue Agency (CRA). For following three (3) changes; NAME, MARITAL STATUS and ADDRESS, you need to ensure to update with CRA at earliest possible. NAME CHANGE If you have changed your name, you need to let CRA know as soon as possible to ensure your tax files reflect your new name accurately. How you can update name changes with CRA: CRA does NOT accept name changes by email or online using My Account system. If you are changing your first and last name, you need to call CRA and provide Social Insurance Number (SIN) and full address to update your name change information. Advising CRA for na
