Insights

Are you looking forward to new business and sketching up your business plan? Or, are you rethinking your business model? Business plan writing can be tough, especially if you have a time crunch. Not to mention that business plan writing is sometimes boring and a mighty task – a turn off for many entrepreneurs in...

Are you good at the business nitty-gritty? Canada is looking for entrepreneurs who can contribute to the economy. If you want to successfully immigrate to Canada as a businessperson, you need to draw up a good business plan. Read: Why to invest in Canada Read: Canada – on the road to becoming a new Global R&D...

It’s your tax return, so doesn’t it make sense to check it’s accuracy? If you are like many business owners, you might directly sign your return and send it to the CRA without even reviewing it. But as courts have implied, it’s your responsibility to ensure your return is accurate. Otherwise,...

Starting June 2019, under the legislative changes to Canada Business Corporations Act all the corporations federally incorporated in Canada must maintain a Register of Individuals with Significant Control. While some consider this is an additional burden on the small business owners, the purpose of these beneficial...

What is a US LLC? A Limited Liability Company (LLC) is a type of business entity that is created by a state statute in the US. This type of structure does not exist in Canada. You cannot create a Limited Liability Company in Canada, however, you can still use a US LLC to conduct business in Canada. Generally, for tax...

Major changes applicable for 2019 are as below. The below list is not conclusive of all the tax changes as applicable from 2019, however, these are the major changes the interesting majority of taxpayers in Canada. Personal Income tax rates for 2019 can be found here. Canada Pension Plan Enhancements Canada Pension...

Bookkeeping and accounting services in Canada especially cities like Toronto and Vancouver can cost a lot! If you decide to go ahead with hiring a CPA in Canada, you should know that work done by CPAs is costly. It can go up to $120 to $250 per hour. You can, though, get the routine work done by junior accountants who...

Personal Income Tax Rates for 2019 Federal and Provincial – for the province of Ontario Maroof HS CPA Professional Corporation is a tax service provider located in Woodbridge Ontario. It provides a wide range of individual tax services in Canada from simple to complex tax returns.

What is a Snowbird? If you are a Canadian and spend winter in the U.S. you may, unknowingly, become a US resident under the tax laws of the United States. So, now you are a tax resident of both Canada and the US. Snowbirds are the Canadians spending their winters in the United States. When you spend winters every year...

A lot of time self-employed persons or small businesses ask questions about the deduction of travel expenses. Sometimes, for small businesses in particular, there is misguided information available for these entrepreneurs or small business owners that they can write-off “all” of their travel expenses....

Around one-third of small businesses outsource a business process. Accounting has become one of the most common processes that are outsourced by small to medium companies. Currently, Canada has emerged as top markets to outsource your bookkeeping. In fact, the accounting industry in the U.S. generated a revenue of...

Xero has become immensely popular with small and medium businesses for its simpler approach to bookkeeping. With over a million subscribers, Xero is soon to become the most used cloud-based accounting solution across the whole world. But what exactly makes Xero stand out from the rest? In this post, we will list all the...

If you are just getting started with your startup, you know the different challenges that lie ahead. You could have different reasons to look to start your own business. Studies show that about 26% of all startup owners do so because they want to take charge of their professional careers. Another 23% do it to follow...

If you are running a business in Canada, then you should be aware of the fact that there are marked differences between independent contractors and employees in the country. The Canada Revenue Agency makes certain distinctions between the two groups in relation to taxes. Businesses do not have to make CPP, EI and tax...

THIS POST IS NOT UPDATED and the tax implications are from U.S. tax perspective. Please access one of the below links for 2021 posts: An easy to understand guide to Blockchain Technology and Cryptocurrencies 2021 post Tax implications of Cryptocurrencies in Canada  Crypto-currencies like Bitcoin, Etherium...

Reliable Financial Information is vital for any business success. Getting such information is dependent on the business’s bookkeeping process that carefully tracks business expenses and income. For many business owners, this bookkeeping process can be time-consuming and overwhelming and they keep to juggle with it and...

Everyone makes Mistakes! Entrepreneurs are no exception, especially the new ones! Yes, this is quite normal! What matters is that how quickly their learning curve improves from their own mistakes, and whether those mistakes are the simple repetition of ones which everyone is saying on the internet. If later is the...

Businesses have been outsourcing their business processes which do not add direct value to their end customer experience – non-value-added activities – for many years. The most common outsources business processes are legal, marketing, human resource and accounting. Finance and Accounting outsourcing is a booming...

Outsourcing is not a newer concept! Businesses outsource their functions and processes for multiple reasons – to lower costs, increase efficiency, access to expert and specialized solutions and to focus more on core business processes that add value to customers’ experience – all of which lead to business growth or...