Tax-Saving Strategies: A Comprehensive Guide for Individuals and Businesses in Canada
Tax-Saving Strategies When it comes to managing finances in Canada, one crucial aspect that often leaves individuals and businesses scratching their heads is taxes. While taxes are a necessary part of funding public services, there are numerous legitimate ways to minimize your tax burden, personally and for your business. In this blog, we’ll explore some […]
Business Process Review with A.M.I. CPA Professional Corporation
Business Process Review A Business Process Review in accounting is a comprehensive analysis and evaluation of a company’s financial and operational processes to ensure these are optimum, comply with regulatory requirements, and are long-term sustainable. It is typically carried out by experienced accounting professionals or consultants with expertise in financial management and process improvement. It […]
Tax Saving Strategy – Pension Income Splitting
An income tax saving strategy that is not often discernable either from the annual income tax guide or tax return form. It is called pension income splitting. Many taxpayers who could benefit aren’t familiar with pension splitting if they are not getting professional tax planning or tax return preparation advice. Pension Income Splitting is a […]
Reasons to Outsource your Bookkeeping
Outsourcing Your Bookkeeping Deciding to outsource your bookkeeping is a significant step for an organization. Using a third-party service can help in many ways that may not be obvious right away. Here are a few benefits to help you understand the benefits of outsourcing your bookkeeping: An Outsourcing Bookkeeping provider can offer visibility on your […]
What is a CPA?
In Ontario, a CPA is a Certified Public Accountant. A CPA is a professional accountant who has obtained the necessary education, passed the Uniform CPA Examination, and met the experience requirements set by Canada’s provincial or territorial accounting body. Overall, the education and training required to become a CPA in Ontario involve a combination of […]
Canadian Accountants and Tax Season
Accountants are prepared for long hours during tax season. At the peak of the season, it is not unusual to work 60 or 70 hours a week. This can be from January right through to April, and understandably high-stress levels can have an effect both emotionally and physically for all accountants, whether seasoned or new […]
How to Reduce Capital Gains Tax in Canada
Capital gains are the increases in the value of assets that you own, such as stocks and property. In Canada, taxpayers are liable for paying income taxes on 50% of the value of their realized capital gains in a given year. There are several legal methods, such as sheltering, deferring capital gains, and donating to […]
Has the Business Tax Deadline been Extended?
The tax filing deadline for most Canadians (for the 2020 tax year) is on April 30, 2021. For those who are self-employed, or who have a spouse/partner who is self-employed, the deadline extended until June 15, 2021. The year 2020 was challenging for so many businesses and as a result of this, the Canada Revenue […]
Business Financial Resolutions for 2021
There are many who cannot wait to say goodbye to 2020, with the coronavirus pandemic and the ways businesses had to adjust to ensure their survival. It changed the trajectory of what 2021 will look like and what businesses should do to get ready for the upcoming year. It is the perfect time to step […]
Personal Financial Resolutions for 2021
Corporate tax is a complex and technical area of expertise. Whether a company is a small start-up business or multi-million-dollar entity, each business has its own unique tax filing requirements and tax-saving opportunities. In Canada if you own a resident corporation then you are required to prepare a corporate income tax return(T2). When you fill […]