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Changes to Canadian Tax Laws That May Affect You in 2023

Changes to Canadian Tax Laws That May Affect You in 2023

Economic volatility has been significant over the past year as a result of COVID-19 developments and rising inflation. As a result, while submitting income tax returns in 2023 and after, Canadian taxpayers need to be aware of a number of changes. To make things...
Difference Between A Tax Deduction and A Tax Credit

Difference Between A Tax Deduction and A Tax Credit

The tax season arrives in Canada, you’ll see that many people rush to complete their taxes at the last minute or hire a professional, such as an accountant, to do it for them. Most of the time, what you might think qualifies you for a tax deduction only...
Effect of TCC Ruling on your Restaurant!

Effect of TCC Ruling on your Restaurant!

Understanding the tipping regulations that apply to the hospitality sector and how tipping may affect your business’ books for accounting and tax filing purposes is essential if you own or operate a restaurant. In Canada, it is illegal for a company’s...
For Year-End, Is Your Business Ready?

For Year-End, Is Your Business Ready?

For a small business, the end of the year might be one of the busiest times as they try to organize their accounting issues. You need to finish several small and large activities to ensure that your company is prepared for a new beginning in the coming year. The...
Tax on Split Income (TOSI) Rules

Tax on Split Income (TOSI) Rules

Nobody wants to pay more taxes than needed, so many Canadian taxpayers may decide to use a technique known as “Income Splitting” to lessen part of their tax obligations. Many small business owners forget to add their spouses and children as shareholders...
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