Understanding the complexities of corporate taxation in Ontario can be challenging. Even minor missteps can lead to penalties, audits, or missed opportunities for savings. For small and medium-sized businesses, understanding these challenges is crucial for staying compliant and financially healthy. Let’s explore common corporate tax issues, and actionable strategies to avoid […]
What are Standard Tax Deductions? Standard tax deductions for small businesses are the fees that the Canada Revenue Agency (CRA) permits businesses to deduct from the total revenue or Gross revenue from their businesses. These deductions assist in reducing the taxable income, which results in significantly lower taxes. If you are […]
Understanding corporate taxes in Canada can be challenging, especially since businesses are subject to both federal and provincial taxes. Knowing the differences between these two tax systems and how they impact your business is crucial for ensuring compliance and maximizing tax savings. In this blog post, we will talk about the […]
Small company owners must concentrate on completing their taxes while Canadians finish their income tax returns. Self-employed people have until June 30 to file their tax forms, and the payment deadline is still May 2. The deadline for filing for people with incorporated businesses is six months following the conclusion of […]
Tax professionals know that customers may get a notice of assessment or determination that clashes with their income tax return. The method can also vary depending on the problem’s complexity, from asking for a straightforward adjustment to protesting to ultimately pursuing an appeal with the Tax Court of Canada. For resolving […]
