The Goods and Services Tax (GST) and Harmonized Sales Tax (HST) Credit is a tax-free quarterly payment provided by the Canadian government to individuals and families with low or modest incomes. Its primary purpose is to offset the impact of GST or HST on the purchase of goods and services. The GST is a federal…
Read article
Certifications from the National Payroll Institute (formerly the Canadian Payroll Association) are highly regarded in Canada’s payroll industry. These certifications validate your expertise and open doors to rewarding career opportunities. The two main certifications are the Payroll Compliance Professional (PCP) and the Payroll Leadership Professional (PLP). This article will guide you step-by-step on how to…
Read article
In Canada, a Record of Employment (ROE) is one of the most important documents an employer must issue to their employee. It’s a form used to document an employee’s employment history, and it plays a critical role in determining eligibility for Employment Insurance (EI) benefits. If you’ve recently experienced a gap in work or earnings,…
Read article
One of the most pressing questions among Canadian taxpayers is whether the Canada Revenue Agency (CRA) audits bank accounts. The short answer is yes, but it’s important to understand the circumstances, methods, and implications of such audits. This article will provide a comprehensive guide to what you need to know about CRA audits and your…
Read article
The Dividend Tax Credit (DTC) is a non-refundable tax credit in Canada designed to alleviate the double taxation of dividend income received by individuals from taxable Canadian corporations. When corporations pay taxes on their profits and distribute dividends to shareholders, those dividends have already been taxed at the corporate level. The DTC ensures that individual…
Read article
Cost sheets are an essential tool for businesses of all sizes. Whether you’re running a small startup or managing a large enterprise, a cost sheet provides detailed insights into the costs associated with producing goods or delivering services. In this article, we’ll explore the importance of cost sheets, their components, and how they can benefit…
Read article
The Employer Health Tax (EHT) is a payroll-based tax imposed on employers in certain Canadian provinces to help fund healthcare services. It varies widely by jurisdiction in terms of applicability, rates, exemptions, and filing requirements. Understanding the nuances of EHT across Canada is crucial for businesses to remain compliant and effectively manage payroll expenses. This…
Read article
Tax season in Canada can be a daunting time for many, especially when faced with a variety of tax slips like T3, T4, T4A, and T5. Each slip serves a unique purpose in reporting different types of income to the Canada Revenue Agency (CRA). To simplify the process and help you understand how to handle…
Read article
Vacation pay is a crucial aspect of employee compensation that often goes misunderstood, especially when it comes to salaried employees. For both employers and employees, understanding how vacation pay works and how it’s calculated ensures compliance with labor laws, fosters positive work environments, and aids in financial planning. This guide explores everything you need to…
Read article
For many Canadians, rent is one of the largest monthly expenses. With the high costs of housing, it’s only natural to wonder if you can claim rent on your tax return to save money. But can rent really be claimed as a deduction in Canada? And if so, what are the eligibility requirements and the…
Read articleSchedule a free consultation to discuss your business needs.
