TN CPA Professional Blog

The Canada Small Business Financing Program (CSBFP) is a federal initiative that helps small businesses obtain financing to start, expand, modernize, or improve their operations. Administered by Innovation, Science and Economic Development Canada (ISED), the program encourages lending institutions to provide loans to small businesses by sharing the risk with the government.

In Canada, capital gains are taxed when you sell an investment or property for more than its purchase price. However, there are several strategies to reduce or avoid capital gains tax. Here’s how you can manage it:

In Canada, a Personal Services Business (PSB) is a type of business that the Canada Revenue Agency (CRA) designates under certain conditions. The rules governing PSBs are stringent, and the tax treatment of a PSB is less favorable compared to other types of corporations. Here’s an overview of what constitutes a PSB and its implications:

The Goods and Services Tax (GST) and Harmonized Sales Tax (HST) are value-added taxes in Canada that most consumers pay on goods and services. To alleviate the financial burden these taxes might place on individuals with lower or modest incomes, the Canadian government provides a refundable tax credit known as the GST/HST credit.

Deciding whether a sole proprietor should incorporate in Canada depends on various factors, including tax considerations, liability protection, business growth plans, and administrative responsibilities. Here are some key points to help make that decision:

An up-to-date business balance sheet is a critical financial statement that provides a snapshot of a company's financial position at a specific point in time. It lists the company's assets, liabilities, and shareholders' equity. Here are several scenarios where having an up-to-date balance sheet is particularly beneficial:

For small businesses in Canada, simplicity and efficiency are key when choosing an accounting procedure.

In Canada, income from selling goods on eBay, or similar platforms such as Kijiji, Etsy, or Amazon, can be taxable, depending on the nature and frequency of the sales. Here are the key factors to consider:

Xin cảm ơn quý khách hàng đã tin tưởng sử dụng dịch vụ khai thuế - tư vấn cá nhân của TN CPA cho năm 2023.  Xin quý khách hàng lưu ý những điểm dưới đây sau khi Tax return T1 2023 đã được nộp cho CRA để đảm bảo hồ sơ thuế được hoàn tất trọn vẹn và sẵn sàng cho mùa thuế 2024.

We would like to thank you for your trust in our 2023 personal tax filing services.  Pls be aware of the following matters to make sure your 2023 tax is properly followed up and ready for 2024 tax filing.

Bookkeepers and accountants may overlap in their tasks, yet they possess distinct skill sets. Here's what you need to know:

As tax laws and regulations change, it's crucial to consult with a tax professional or check the latest resources for the most up-to-date information.

Here are some common steps individuals may take at the end of the tax year:

Effective record-keeping is crucial for the success of any small business. Proper records not only help you track your financial performance but also ensure compliance with tax regulations and provide valuable insights for making informed business decisions. Here are some best practices for record-keeping in a small business:

In Canada, gifting a capital property is considered a disposition for tax purposes. When you gift a capital property to someone, it is treated as if you have sold the property at its fair market value (FMV) at the time of the gift. This means that you may be subject to capital gains tax on any accrued gains in the property's value up to the date of the gift, even though you didn't receive any cash in return.

Accountants play a crucial role in helping growth-oriented companies by providing financial expertise, analysis, and strategic guidance. Here are several ways accountants contribute to the growth and success of such companies:

Bookkeepers also play an important role in helping companies manage their financial records, ensuring accurate and up-to-date financial information, and providing valuable insights that can drive strategic decision-making when combined with your accountant. Some of the ways bookkeepers contribute are:

When considering a fuel-efficient vehicle such as a hybrid, or an alternative fuel model you should know that the Canadian Government, as well as some provinces, provide rebates. 

Having survived tax season, CPAs flock to beach resorts for 9 months of relaxation, cocktails and resting on their laurels... Well, OK, not really. So what does a CPA do after April 30th? Read on to find out.

When you develop a cash flow projection it is like creating an early warning system for your business. A leading cause of business failure is a lack of cash flow management, but by taking some simple steps in managing it, you will find it can improve your business outcome.

Shareholder loans refer to loans made by shareholders of a corporation to the corporation. The tax implications of such loans will vary depending on the jurisdiction, but usually, they are not considered taxable income to the shareholder.

If you want to reduce the expense of accounting fees in your business, the great news is that saving money in this area is often quite easy for many owners. The most important point is that you must ensure your records are complete and organized.

New Canada Emergency Rent Subsidy (CERS) – chương trình hỗ trợ tiền rent cho business tiếp theo chương trình cũ CERCA (hỗ trợ 75% tiền rent)

CRB là chương trình hỗ trợ $1,000 cho mỗi 2 tuần bắt đầu từ Sep 27, 2020 đếnSep 25, 2021 (tổng cộng 26 kỳ) và bắt đầu apply từ Oct 12.  Để tiện cho khách hàng và website vistor theo dõi và download, chúng tôi chuẩn bị check list dưới đây dựa trên thông tin cập nhật của cơ quan thuế Canada (CRA).  Nếu có câu hỏi gì, vui lòng email This email address is being protected from spambots. You need JavaScript enabled to view it..

Tham khảo

https://www.canada.ca/en/revenue-agency/services/benefits/recovery-benefit/crb-who-apply.html#h-1