Bookkeeping For Small Business

  HST (Harmonized Sales Tax) is a comprehensive tax reform package, made mandatory on July 1, 2010, in Canada. Both the individuals and the businesses have to contribute to this tax to improve Ontario's economy. Ontario's government pushed forward by imposing HST on the people to help its province respond to the financial crisis of 2008. On the other hand, Covid-19 was the main reason behind Canada's economic decline in 2020. HST filing should be taken care of you on time as an individual or a corporate if you do not want CRA (Canada Revenue Agency) to penalize you. CRA also introduced the Quick Method to help small business owners calculate their net tax for HST. How to Use the Quick Method for HST Calculation? Small business owners can easily calculate their GST (Goods and Services Tax) or HST using the quick method. To calculate the HST payable, the business owners need to multiply the revenue from their supplies or the reporting period using the remittance rate or oth...

  Filing a tax return in 2021 may be more confusing than the previous years as it is not simple enough to determine the taxable income one needs to pay in 2021. Covid-19 is one factor that is responsible for the complications involved in the computation of taxes this year. Different mistakes can be made with tax filing this season due to complicated calculations for taxpayers. However, three possible mistakes can be committed by you as a taxpayer in 2021, and you need to avoid them to maintain your goodwill as a taxpayer and avoid any penalties from the CRA (Canada Revenue Agency). Here are some common mistakes you need to avoid as a taxpayer in 2021: Missing the Tax Deadline: The CRA was clement in 2020 as the health crisis interrupted tax preparations; hence, it became mandatory to give taxpayers relief by granting them tax filing and tax payment deadline extension. You have to pay your taxes by April 30 this year to avoid any penalties. As a self-employed individual or a common...

If a tax season is near, you would need to file your income tax returns; however, filing can either be beneficial or harmful for you. As a business owner, you will never want to get penalized while filing taxes in a way that can make CRA (Canada Revenue Agency) think suspiciously about you. What should you do to meet your tax deadlines? You can ask yourself: Should I search for accounting firms near me that outsource? The answer is: Of course. It can be of great help if you do that. However, only choosing the right accounting firm can help you out in the process of filing your taxes on time. Realize Your Status:- It would help if you realized, whether you are self-employed or own a business, before filing your income tax return; the rules are different for both of these entities. Therefore, you should know what you are and what category you fall to find the best accounting firm doing tax filing. Usually, professional accounting firms should be approached as they know all the accountin...

Maintaining the books of accounts always remains essential whether you are a big or small business owner. With the help of one of the accounting agencies in Toronto , you can overcome your business burden to get your daily accounts reported and managed on time. Some business owners do not give importance to hiring accounting services online in Toronto and end up suffering a loss due to their tasks' mismanagement. Blunders can occur if you run a business, and your employee who does the accounting tasks for you is not highly skilled and commits mistakes while looking after your accounting records. Remember that a single mistake can affect the audit. However, with an accounting agency in Toronto, you can evade the blunders and run your business successfully. A Professional Accounting Agency and Your Business Requirements:- Proper management of accounting tasks is vital to know about your unnecessary expenses and make the right decisions the next time by lowering them. With your ac...

  Yes, paying taxes in Mississauga is something that you do not often appreciate with your hard-money going away from your hand as a small business owner. Still, you can reduce Mississauga taxes to lower your burden of paying taxes with some strategies as a small business owner. Let us discuss those strategies: Small Business Income Tax Deductions: If you run a home-based business, you would like to deduct your relevant home-based expenses; still, not all small business owners qualify for tax deductions. You should run the majority of your business operations at your home if you want to claim for reduction in taxes. As a qualified person in terms of tax deductions, you can deduct expenses, including utilities, maintenance, insurance, vehicles, and travel. Income Splitting: The more you earn, the more you would need to pay in taxes. You can split your small business income with a spouse, partner, or child as an active worker and lower your tax rate Maximize RRSP (Registered Retirem...