Understanding Tax-Free Savings Account (TFSA)

Tax-Free Savings Account

What is Tax-Free Savings Account (TFSA)? A Tax-Free Savings Account (TFSA) is a registered investment account that allows Canadian residents 18 years of age or older to earn tax-free investment income. Since 2009, federal government, through TFSAs allow individuals to contribute a set amount each year to the account, up to […]

When Are Taxes Due Date In Canada 2024

income tax due date 2024

Understanding the significance of tax due date 2024 is crucial for effective financial planning. This guide offers key insights to empower your tax strategy. Key Takeaways: – Understanding income tax due dates is vital for financial planning. – Late filings can result in penalties, affecting your financial health. – Stay informed […]

Medical Expense Tax Credit (METC)

Medical Expense Tax Credit

Applying through your tax return, the Medical Expense Tax Credit (METC) is non-refundable. You can deduct it from the amount of taxes you owe, but it cannot increase your tax balance above zero because it is non-refundable. You can apply for this tax credit if you incur medical costs that are […]

T2200 Form and Guidelines – Declaration of Conditions of Employment

T2200 Form

Work-From-Home Expenses: A Guide to the T2200 Form in Canada For many Canadians, working from home has become the new normal. While this flexibility offers numerous benefits, it can also lead to additional expenses like increased electricity bills, internet costs, and wear and tear on your home office furniture. Thankfully, the […]

Canadian Dental Care Plan – Who is Eligible?

Canadian Dental Care Plan

What is the Canadian Dental Care Plan (CDCP)? The Canadian Dental Care Plan (CDCP) provides much-needed assistance for qualified Canadians without dental insurance. The objective of this plan is to ensure the well-being of people across the country by providing critical dental care coverage for maintaining optimal oral health. Eligible residents […]

DIY Bookkeeping vs. Pro Bookkeeper in Canada: Keeping Your Finances in Check

pros and cons of diy bookkeeping

Every Canadian business owner struggle with the bookkeeping dilemma: do-it-yourself (DIY) Bookkeeping or outsource it to a professional bookkeeper? While both options have its own set of pros and cons, the best choice hinges on your business specific needs. This blog post will explain into the pros and cons of DIY […]

Financial Statement Preparation

financial statement preparation

Feeling overwhelmed by financial statements? You’re not alone. Here at Accounting Mississauga, we understand that financial statements can be complex and time-consuming. That’s why we offer stress-free financial statement preparation services in Ontario, keeping in mind individuals and businesses like you. What is Financial Statement Preparation? In the Canadian business landscape, […]