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. […]
Author Archives: advancedtax
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 […]
What is Virtual Bookkeeping? Cloud, remote, or virtual bookkeeping is when an accountant or bookkeeper provides services remotely. Cloud-based softwares make this all possible and is much more flexible for the business. Technically, there aren’t significant differences between virtual and regular bookkeeping except that the client doesn’t ever need to see the accountant and bookkeepers […]