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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 maximum of...
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...
Why you should use an accountant to file your taxes
Filing your tax returns is a sensitive action that requires a little bit of financial know-how. Choosing a professional to help you or doing it yourself always comes down to personal choice. Whether you want an accountant to file your taxes or you want to do it...
Tips and Reasons to Keep Receipts for Businesses
A drawer full of receipts can seem like a waster of time to many business owners. However, there’s a hidden treasure in these receipts as they can be used for myriad claims resulting in huge savings. Most people would dispose of these receipts as they don’t want to go...
When you should and shouldn’t incorporate a business
As a Canadian business owner, you are not required to incorporate your business. However, doing so has a lot of interesting benefits. It could help you potentially lower your tax rate, reduce debt liability, and help you with better access to business loans. It also...