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Accounting Terminology: Profit And Loss Statement

Accounting Terminology: Profit And Loss Statement

 The profit and loss statement is a financial statement that summarizes the revenues, expenses, and profits or losses of a business. This report portrays the financial results of a business for a specific period of time, such as for a month, quarter, or year.  The...
Ontario Staycation Tax Credit For 2022

Ontario Staycation Tax Credit For 2022

Anyone planning a getaway within the province in the 2022 tax year could be eligible to receive new “Ontario Staycation Tax Credit” Ontarians would get a 20% personal income tax credit on eligible accommodation between Jan. 1 2022 and Dec. 31 2022, up to a...
Tax Tip: RRSP

Tax Tip: RRSP

RRSP (Registered Retirement Savings Plan) is a personal savings plan with tax benefits. It can hold various qualifying investments, like stocks, bonds, mutual funds, etc. Your contributions will betax deductible and any growth will betax-deferred As an example, let’s...