Ways Canada Provides Income Assistance Canadians have access to various government programs and initiatives that provide financial support when in need of income assistance. They come into play when individuals or families are going through financial hardship or can’t meet basic needs. Provincial governments offer their own programs as well which vary across different provinces […]
Author Archives: advancedtax
How Bankruptcy in Canada Works The legal process for a person to be discharged from their debts is called bankruptcy. It’s used by a debtor, someone who has a debt, to be released from them. There are reasonable conditions that must be met first, but this process relies on honesty and does have consequences afterwards. […]
Preparing Your Small Business for Taxes If you have a sole proprietorship, are in a partnership, or are self-employed, that means you have business income. Money earned from a profession, trade, manufacture, or any other undertaking is considered business income. Any activity of trade or for profit and has evidence to support it is also […]
Home Office Expenses for Employees & Self-Employed Individuals When an individual uses a space in their home to conduct business activities, whether it’s for employment or their own business, they are able to claim certain expenses on an income tax return. Home office expenses include work-space-in-the-home expenses, office supplies, and specific phone expenses. Keeping track […]
Highlights from the Canada Federal Budget 2023 On March 28, 2023, the Deputy Prime Minsiter and Minister of Finance delivered the 2023 Federal Budget. Named the “A Made-In-Canada Plan”, this budget emphasizes economic growth, public healthcare, and incentives for businesses to pursue clean energy. Read about some of the notable highlights here. Proposals to Employee […]