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Digitizing Your Receipts

Digitizing Your Receipts

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,...
Should You Incorporate Under PREC?

Should You Incorporate Under PREC?

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...
How Long Should You Keep Your Income Tax Records

How Long Should You Keep Your Income Tax Records

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...
What You Need To Know About The 2022 Luxury Tax

What You Need To Know About The 2022 Luxury Tax

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 %...
Can Holiday Parties Be Tax Deductible

Can Holiday Parties Be Tax Deductible

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...
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...