Blog

I was speaking with the owner of a new #startup earlier this week, and the question on his mind was: "How much does it really cost me to hire a new employee?" He understood that employers are required to pay into #CPP and #EI, but he wanted some nitty gritty details. If he hires a new employee for $25.00/hour, what are the payroll costs in addition to the employee wage? Each year #CRA sets an amount that employers are required to remit for CPP and EI. Some years the rate does

Happy 2023 Everyone! We hope you took time over the holidays to relax and be with loved ones. We sure did 😁 Now that a fresh beginning is here, we'd like to start the #newyear off talking about Payroll. Specifically, remittances for source deductions to #CRA and thinking ahead to T4 season next month in February. What source deductions do you have to withhold and remit? The source deductions you have to withhold and remit to the CRA may be any combination of: Canada Pension

For those of you that are lucky to be in the Real Estate Industry during a hot market, I'm sure you count your blessings for the buzz in your profession 🤩 Late evening showings, weekend open houses and paperwork, paperwork, paperwork - definitely make for a busy day and a large amount of people, places and transactions to organize. For real estate agents that are sole proprietors, many of the expenses you incur in your real estate sales are tax deductible. Careful record kee

In this post, we are going to specifically cover Taxes for Non-Profit Organizations. Oh wait a minute! Non-Profit Organizations don't pay taxes! Right! Post over 😁 Seriously though ... yes, it is true that Non-Profits fall into a very different category with the Canada Revenue Agency as far as taxes are concerned. The first place to start, is to determine if your Non-Profit Organization is required to file a FormT1044 NPO Information Return. The parameters that would require

As an Employer, you must complete a T4 for every employee paid over $500 in the calendar year. It is the responsibility of the Employer to complete the form, provide a copy to the Employee and a copy to #CRA. If you provide taxable group life insurance benefits, you must include every employee with the benefit, even if they were paid less than $500. Here’s what the T4 looks like: You can access the CRA form here. How do you fill one out? The T4 has multiple information boxes

In our post last week, we provided the information and links to register for a GST number with #CRA. Now in Step 2 after you have registered, you can setup your books appropriately. We suggest utilizing cloud based accounting software such as Quickbooks (especially as we are self-professed technology obsessed Quickbooks Pro-Advisors!). There are many other options to you for cloud accounting, so choose a platform that you are comfortable with, and one that fits your budget. O

The CRA has created a registry of all companies and organizations that have applied for and received (or will soon receive) Canada Emergency Wage Subsidy (CEWS) payments. This is a public listing for anyone to search. Here is the link: https://apps.cra-arc.gc.ca/ebci/hacc/cews/srch/pub/dsplyBscSrch?request_locale=en In addition - there is a link on this page for individuals that believe a listed company/organization has misused the subsidy they have received. It is a Leads Pr