TN CPA Professional Blog
The TN CPA Team is your source for the latest Canadian tax news and updates on changing tax laws.
We are pleased to provide a variety of resources on accounting, bookkeeping taxation, and other related subjects that we hope will be helpful to both individuals and businesses.If you have any questions, simply contact us by email or call 416-318-6789. We will be happy to meet with you for a free, no-obligation consultation.
As the holiday season approaches, and with all of the news of late about the FLU season and the ongoing COVID-19 pandemic, we thought it would be good to pass along some ideas on how to stay safe while supporting small businesses.
Contributions to an RRSP from January 1, 2017, to the first 60 days of 2017 can be deducted from your 2016 income. You must declare your total contributions. The maximum that is tax deductible is your contribution limit per your notice of assessment. Any unused RRSP contribution in excess of $2,000 is subject to penalties by the Canada Revenue Agency (CRA) of 1% per month.
Plan for overall success - Not just for financing
Your business plan is as much of a road map of where you are going as it is to provide the information a lender will require before advancing funds to meet your needs. It serves both internal and external guidance. Internally, it will assist you in managing cash flow, capital expenditures, and periodic issues. It is your crystal ball to guide your firm’s future. Externally it may include those who could be a part of your financial requirements, investors, a bank, or your suppliers.