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 […]
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 […]
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, […]
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 […]
As business owner, you are responsible for paying them when you have employees—but only after deducting payroll taxes. The IRS requires payroll tax withholding, the Social Security Administration (SSA), and the state and municipal governments (where applicable). Payroll tax deductions are required. By law, employers must withhold employment taxes from their […]
