Justinjay Tax, Accounting & Advisory Services Blog

Deciding whether a sole proprietor should incorporate in Canada depends on various factors, including tax considerations, liability protection, business growth plans, and administrative responsibilities. Here are some key points to help make that decision:

An up-to-date business balance sheet is a critical financial statement that provides a snapshot of a company's financial position at a specific point in time. It lists the company's assets, liabilities, and shareholders' equity. Here are several scenarios where having an up-to-date balance sheet is particularly beneficial:

For small businesses in Canada, simplicity and efficiency are key when choosing an accounting procedure.

In Canada, income from selling goods on eBay, or similar platforms such as Kijiji, Etsy, or Amazon, can be taxable, depending on the nature and frequency of the sales. Here are the key factors to consider:

Tax instalments are payments you make throughout the year to cover the taxes you normally pay in one lump sum on April 30th of the following year. You pay these instalments during the year while you are earning the income, similar to how an employer deducts tax directly from each pay period.

The Canada Revenue Agency (CRA) allows businesses to deduct certain entertainment expenses from their taxable income. However, there are specific rules and limitations on what can be deducted. Here is an overview:

The cleaner the job is coming in, the less expensive the job is going out. This step will reduce the time and cost associated with completing your annual financial statement and allow us time to add value to your business. Our usefulness is often in helping you with simple strategies to ensure success.

Bookkeepers and accountants may overlap in their tasks, yet they possess distinct skill sets. Here's what you need to know:

Are There Tax Benefits for Couples in Canada?

Curious about the tax advantages that come with getting married or living in a common law relationship? In Canada, there are indeed significant tax perks for couples. The following will begin to outline them.

Filing your personal Canadian income tax return can also help you qualify for various government benefits. Here are some examples:

here are five more benefits of filing your personal Canadian income tax return:

Filing your personal Canadian income tax return offers several benefits, including:

Engaging in tax planning from the beginning of the year means that you can enjoy the benefits at tax time.

Tax planning is the broad concept of tax efficiency. Tax efficiency considers the larger financial picture incorporating individual age, goals, tolerance for risk and investment timeline. By incorporating tax planning, you uphold long-term wealth creation and protect your capital.

Maintaining good financial management is crucial to a firm’s survival. Timely and informed decisions are much easier when responding to changing conditions in today’s business world.