by baskin35 | Feb 7, 2022 | Uncategorized
If you’re weary of searching through numerous slips of paper stuffed everywhere or random file folders, it’s time to enter the digital age. Storing and finding all of your receipts, as well as organizing them into expense reports with few approval levels,...
by baskin35 | Feb 7, 2022 | Uncategorized
As of October 1 2020, real estate salespeople and brokers may incorporate in Ontario and arrange for their self-employed revenue to be paid into a PREC (personal real estate corporation). Many real estate professionals are choosing to incorporate to take advantage of...
by baskin35 | Feb 7, 2022 | Uncategorized
You must keep all required records and supporting documents for a period of 6 years from the end of the last tax year they relate to.The tax year is the following:👉🏻fiscal period for corporations👉🏻calendar year for individualsRecords could be kept electronically...
by baskin35 | Feb 7, 2022 | Uncategorized
Luxury tax on yachts, cars and personal aircraft comes into effect on January 1, 2022. The tax would be applied on the following:🚙🛩🚁Cars and personal aircraft over $100,000⛵️Boats for personal use over $250,000. The tax is calculated at the lesser of: 20 %...
by baskin35 | Feb 7, 2022 | Uncategorized
Motivate your employees with a party. Holiday parties are completely tax deductible if all employees are invited. Clients could be invited as well. The limit is six such events per year. Do not exceed $150 per person per such events otherwise it will be taxable to...
by Rina | Feb 3, 2022 | Uncategorized
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...
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