Unlocking Efficiency and Flexibility: The Benefits of Working with a Cloud Accounting Firm With the changes to digital accounting technologies from traditional methods, working with a cloud accounting firm has become easier than ever. This style of working with an accounting firm remotely lets your business gain a competitive edge in its accounting processes. When […]
Author Archives: advancedtax
Simplifying Taxation for Sole Proprietors in Canada: A Comprehensive Guide An unincorporated business owned by a single individual is a sole proprietorship. The sole proprietor has a very simple business structure compared to partnerships and corporations. Sole proprietors are liable for all the business risks and can effect your personal property and assets. They are […]
Running a Partnership Business in Canada When setting up a business, there are three main structures that can be used. These include a business partnership, sole proprietorship, and a corporation. A partnership involves a relationship or association between two or more individuals, corporations, trusts, or partnerships that have joined together to carry on business or […]
Filing an annual corporate tax return is mandatory for all Canadian resident corporations. The corporation income tax or T2 return is required even if there is no tax payable. It even applies to non-profit organizations, tax-exempt corporations, and inactive corporations. Some exemptions include tax-exempt crown corporations, Hutterite colonies and registered charities. Most corporations are now […]
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 […]