Freelancing can be a rewarding way to earn a living, but it also comes with some challenges regarding taxes. Unlike employees, freelancers are responsible for reporting their income and expenses, paying taxes and contributing to social security programs. If you’re a...
Following are some key points to focus on if you are selling something online in Canada. 1.Register for a GST/HST account: If you sell goods or services in Canada and your annual sales are over $30,000, you need to register for a GST/HST account. This account allows...
In January 2022, the government introduced an unused housing tax in an attempt to reduce the level of property speculation and restraint foreign housing investment. This tax affects homeowners with vacant or underutilized homes who must file an annual UHT return with...
Selecting an appropriate business structure is a crucial first step in starting a business. Location, staffing, advertising, and financing are all important, but what legal structure your business should take is equally significant. The three basic business structures...
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...
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...
