Are you a small business owner in the vibrant cities of Toronto, Pickering, Ajax, Mississauga, Brampton, Vaughan, Woodridge, or the surrounding areas? If so, you’re already aware of the unique challenges and opportunities that come with operating in these bustling communities. In the world of business, every dollar counts, and understanding your financial landscape is crucial. That’s where professional bookkeeping comes into play. In this blog, we will explore the pivotal role and importance of bookkeeping for small businesses in Canada and how it can be a game-changer for entrepreneurs like you.

In today’s dynamic business landscape, understanding and effectively managing your taxes is a critical aspect of financial success. Whether you’re an established business or just starting out, tax planning can significantly impact your bottom line. At Can-Am CPA Professional Corporation, we specialize in helping businesses across Toronto, Pickering, Ajax, Mississauga, Brampton, Vaughan, Woodridge, and the surrounding areas navigate the intricacies of tax planning. In this informative blog, we’ll explore five essential tax planning tips that every business should consider. Join us on this journey to optimize your tax strategy and maximize your financial potential.

If this is your first time filing your taxes, welcome to the ride. Taxes sound scary, but if you have the right tools – it’s not as bad as some make it out to be. As you’ll have to do this many times in your life, it’s best to take it slow and not panic. The tax filing process usually happens between March-April every year with the deadline to file on April 30th. In Canada, the filing of your annual taxes is a self assessment process. This means that all individuals and businesses must inform the government about how much they’ve earned, what deductions and credits they are claiming, calculate their total tax bill, and how much they underpaid or overpaid for the year. Calculating these figures can be a daunting task if you don’t know how! Fortunately, the experts at Can-Am CPA Professional Corporation recognize this and have come up with a Beginner’s Guide to preparing for tax season. This guide is designed to help you figure out the ins and outs of filing your taxes, so read on to know what you need to do.

Filing income taxes can be a complicated process, so it should not come as a surprise that taxpayers often get the tax filing process wrong in the first attempt. 

Original Article Source Credits:   Financial Post , https://financialpost.com/

Article Written By:  Jamie Golombek

Original Article Posted on: June 17, 2021 

Link to Original Article:  https://financialpost.com/personal-finance/taxes/the-cra-gives-a-chilling-assessment-on-accidental-tfsa-overcontributions

Going through your tax records and gathering necessary documents to file your tax return can be frustrating as you may have to devote several hours to it. However, you don’t have to do it alone! A professional tax consultant can assist you with your tax preparation and keep you informed about the tax regulations. They will help you save time and money and ensure you avoid any calculation errors that could adversely affect your tax returns.

Original Article Source Credits:   Yahoo Finance , https://ca.finance.yahoo.com/

Article Written By:  Christopher Liew, CFA

Original Article Posted on:  May 27, 2021

Link to Original Article:  https://ca.finance.yahoo.com/news/80-canadians-making-common-tfsa-161538186.html

Original Article Source Credits:   Advisor's Edge , https://www.advisor.ca/

Article Written By:  Staff, Canadian Press

Original Article Posted on:  May 27, 2021

Link to Original Article:  https://www.advisor.ca/tax/tax-news/government-to-reimburse-self-employed-workers-who-repaid-cerb/

Canada Emergency Business Account (CEBA) is one of the Government of Canada’s financial relief measures to support businesses impacted by the coronavirus pandemic. Eligible businesses can get access to this interest-free loan to help them manage their expenses. Moreover, with the latest news release, CEBA will be available to businesses that have been operating out of a non-business banking account.

Original Article Source Credits:   Advisor's Edge , https://www.advisor.ca/

Article Written By:  Staff

Original Article Posted on:  April 7, 2021

Link to Original Article:  https://www.advisor.ca/tax/tax-news/cra-tax-tips-for-the-self-employed/

Original Article Source Credits:   Yahoo finance , https://ca.finance.yahoo.com/

Article Written By:  Adam Othman

Original Article Posted on:  April 20, 2021

Link to Original Article:  https://ca.finance.yahoo.com/news/canada-revenue-agency-don-t-123308921.html

If you’re new to the process of tax preparation, it can be one of the most frustrating and time-consuming tasks that you’ve had engaged in. For starters, you may have a ton of questions on your mind but find answers difficult to come by. This can cause you to delay the filing of your returns, submit incorrect details, or exceed the submission deadline. At Can-Am CPA Professional Corporation, we understand the challenges you may be facing, and we want to arm you with the most accurate information available to help you out. To do this, we’ve answered some of the most frequently asked questions about filing your taxes.

Original Article Source Credits:   CPA Canada , https://www.cpacanada.ca/

Article Written By:  SOPHIE NICHOLLS JONES

Original Article Posted on:  4.15.2021

Link to Original Article:  https://www.cpacanada.ca/en/news/canada/2021-04-15-budget-reccommendations

Original Article Source Credits:   CPA Canada , https://www.cpacanada.ca/

Article Written By:  MATHIEU DE LAJARTRE

Original Article Posted on:  3.19.2021

Link to Original Article:  https://www.cpacanada.ca/en/news/canada/2021-03-19-unclaimed-cra-cheques

Original Article Source Credits:   Advisor's Edge , https://www.advisor.ca/

Article Written By:  Canadian Press

Original Article Posted on:  March 2, 2021

Link to Original Article:  https://www.advisor.ca/news/economic/cra-says-rare-error-in-some-tax-slips-lists-repaid-cerb-as-taxable/

Admit it. Tax time can be hard and tough to grasp for most of us. With numerous tax responsibilities and laws to obey, filing taxes as a layperson can be daunting. Moreover, you have the Canada Revenue Agency (CRA) scrutinizing records every year! Enlisting the services of a tax accountant is a beneficial choice to minimize tax liability. They will oversee your finances and make sure you comply with the tax laws and file your taxes on time. 

Original Article Source Credits:   CBC , https://www.cbc.ca/

Article Written By:  Sophia Harris 

Original Article Posted on:  Feb 27, 2021

Link to Original Article:  https://www.cbc.ca/news/business/cra-covid-benefits-1.5928069

Our email newsletter is a one-stop resource for relevant news and content about Can-Am CPA Professional Corporation, a full-service accounting firm in Toronto. 

Original Article Source Credits:   The Motley Fool , https://www.fool.ca/

Article Written By:  Puja Tayal 

Original Article Posted on:  December 28, 2020 

Link to Original Article:  https://www.fool.ca/2020/12/28/canada-revenue-agency-big-changes-coming-in-your-paycheck-in-2021/

Original Article Source Credits:   The Motley Fool , https://www.fool.ca/

Article Written By:  Daniel Da Costa 

Original Article Posted on:  December 28, 2020

Link to Original Article:  https://www.fool.ca/2020/12/28/are-you-saving-for-retirement-consider-this-crucial-decision/