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February 2025 Tax Updates in the USA: Vehicle, Property and Small Business
As of February 2025, several tax updates have been implemented in the United States, affecting vehicle-related deductions, property taxation, and small business operations. These changes aim to stimulate economic growth, support small businesses, and address...
February 2025 Tax Updates in Canada: Vehicle, Property and Small Business
As of February 2025, several significant tax updates have been introduced in Canada, affecting vehicle-related deductions, property taxation, and small business operations. These changes aim to stimulate economic growth, support small businesses, and address...
Key Business Tax Changes in Canada for 2025
As 2025 unfolds, businesses in Canada should prepare for several significant tax changes introduced by the Canada Revenue Agency (CRA). These updates, effective this year, aim to streamline processes and ensure compliance with evolving tax regulations. Here's a...
Key Tax Updates for 2025: What You Need to Know
The 2025 tax season is fast approaching, and several updates will shape the financial landscape for individuals and businesses. Staying informed can ensure accurate tax planning and compliance. Here's a breakdown of the key changes to watch for this year. Adjustments...
2025 CRA Tax Updates: New Brackets, CPP Changes and TFSA Limits Explained
The Canada Revenue Agency (CRA) has announced several important updates for 2025. These changes reflect inflation adjustments and policy updates, impacting tax brackets, contribution limits, and benefits. Here’s what you need to know to plan your finances effectively....
Maximize Your Tax Savings: Essential Tips for Claiming Home Office Expenses
Working from home is increasingly common, and claiming home office expenses on your taxes can help offset associated costs. To ensure you maximize your deduction without running afoul of tax regulations, follow these updated tips: Understand Eligibility Criteria To...
Understanding Spa Taxes in Canada: What Clients and Business Owners Need to Know
When it comes to spa services in Canada, understanding taxes can make a difference in how much clients pay and what businesses need to track. The tax treatment for spa services varies by province and depends on factors like service type, location, and tax regulations...
Nova Scotia’s 1% HST Cut: What it Means for You Starting April 2025
In a recent announcement, Nova Scotia’s Finance and Treasury Board shared that the province will reduce its Harmonized Sales Tax (HST) rate from 10% to 9% starting April 1, 2025. This means the combined HST, including the federal Goods and Services Tax (GST) of 5%,...
Tax Planning Strategies for Canadian Startups and Entrepreneurs 2024
Starting a business in Canada is an exciting yet challenging endeavor, especially when it comes to tax planning. Effective tax strategies can save startups and entrepreneurs a significant amount of money, allowing them to reinvest in growth and innovation. As we look...
Bookkeeping Best Practices for Freelancers and Contractors in Canada 2024
As a freelancer or contractor in Canada, maintaining good financial records is crucial to keeping your business organized, compliant, and ready for tax season. Bookkeeping is not just about managing your income and expenses; it also ensures that you have accurate...