by Alex | Oct 17, 2017 | Tax tips
A lot of business owners are being advised to become a GST/HST registrant with their bookkeepers or accountants as most goods and services sold within Canada are subject to GST/HST. Once the account is registered, businesses start to collect GST/HST and file the...
by admin | Oct 16, 2017 | Tax tips
Non-resident may consider renting out the property In order to maintain a break-even cash flow. What’s the tax impact on a rental property then? As a non-resident of Canada, he/she can appoint a Canadian agent to submit 25% of the gross rental income withheld to the...
by Alex | Oct 13, 2017 | Tax tips
As the real estate market cools down quite a lot, flipping houses seems becoming so distant to us. This may be true but the pace that the Canada Revenue Agency conducts its audits on individual cases is not slowing down.Recently heard about one case that one taxpayer...
by admin | Oct 9, 2017 | Books + beyond, Tax tips
After incorporating the business, you may come up with the question how to select a fiscal year-end. You may be buried with a lot of filing deadlines already, HST, payroll and potentially WSIB monthly filing as well. How about your corporate income tax filing...
by Alex | Sep 12, 2017 | Books + beyond, Tax tips
In the construction business, a holdback is common.It works like this: the customers keeps part of the payment when they are satisfied with the quality and completion of the project based on the agreement. What are the tax implications for home builders/contractors?...
by Alex | Sep 1, 2017 | Books + beyond, Tax tips
In the previous post, I have talked about how to track revenues and expenses related to each project in progress at any time in Quickbooks.The reason is quite obvious as job costing enables you to have a clear picture which projects are profitable. Another reason is...
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