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Ways To Gain Car Allowance From Your Employer

Ways To Gain Car Allowance From Your Employer

If you have a personal and/or company car that is used for business purposes, you are entitled to gain a car allowance from your employer. If you use your car for work purposes, it is always best to keep a logbook, this logbook should include the date, location you went, and reason you went there.

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T4 Prep Notes, 2021

T4 Prep Notes, 2021

How To Prepare A T4 Slip If you are an employer or own your own corporation, this blog will help you to get the information necessary to prepare a T4! A T4 slip includes your employment earnings and deductions for the calendar year. You can ask one from your employer if you do not have

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Tips For Claiming Tax Deduction And Credits

1- Your Tax Balance Usually Goes Like This: Total income                                     – Deductions                                      Net income – Addition deductions                    Taxable income Federal tax (apply matching tax rates and brackets) – Non-refundable tax credit        Net federal tax + Provincial tax                                  Balance owing/refund claimed If you are self-employed, you are also required to add

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PREC - Personal Real Estate Corporations

PREC – Personal Real Estate Corporations

PREC – Personal Real Estate Corporations  A new and amended regulations to the Real Estate and Business Brokers Act, 2002 (REBBA) has been released by the Ontario Government. The new regulation deals with personal real estate corporations and gives real estate agents the ability to utilize the benefits of incorporation. Brokers and salespeople may also

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Is your Hobby A Taxable Business Income?

Hi this is Muhammad Nasrullah I have accounting firm providing public services    For more than 20 years in Greater Toronto Brampton and Mississauga Area   Hobby Or Business If you have a hobby that you like to do for fun, be it collecting and selling rocks, or making art, or giving out boxing lessons,

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Five Ways To Pay Less Tax In Canada

Five Ways To Pay Less Tax In Canada

If you are subjected to pay Canadian income tax and looking for effective ways to save money from it, here is the right article for you! Let us find out what you can do to reduce your income tax legally. 1. Take Advantage Of Your RRSP RRSP (Registered Retirement Savings Plan) is a type of

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Things To Know For Uber Drivers And Taxes

Things To Know For Uber Drivers And Taxes

If you live in the city or any suburban area, then you have heard of Uber. Uber is a company that essentially works as a taxi service but just a little bit cheaper than your regular cabs. The way Uber works is by downloading the app off your phone’s app store, then after downloading, you

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How to Get Rid of Tax Debt

How To Get Rid Of Tax Debt

If you have tax still owing to the Canada Revenue Agency, there are a couple different ways to help you get rid of the debt. The CRA acts very fast and will take extreme actions to get the tax owing from you so you must be quick to act. There are multiple ways to help

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