Bookkeeping Tips for a Small Business in 2023 Bookkeeping refers to recording financial transactions and is a vital part of the accounting process for any organization. Preparing source documents for transactions, operations, and other events involving finances are all part of it. Transactions could include purchases, sales, receipts, and payments made by the business or […]
Author Archives: advancedtax
Vacation Pay and Entitlement Per the Canada Labour Code Federally regulated employees in Canada have standards that are described in the Canada Labour Code. It sets minimum standards for employers to follow involving annual vacation entitlement, vacation pay, and general holidays. If your collective employment agreement or other work arrangement has rights that are equal […]
Here’s What You Need to File Your 2022 Income Tax Return It’s time to file your income tax return for 2022 and the deadline to pay is coming up. Advanced Tax is here to not only file your taxes, but to make sure you get every credit and deduction possible. Here’s a list of most […]
Guide to Using an RESP in Canada The RESP is a registered savings account for people who want to save for a child’s education after high school. Anyone can open an RESP account for a child, including parents, guardians, grandparents, other relatives or friends. The Registered Education Savings Plan earns interest that is tax-free. It […]
How the Underused Housing Tax Can Affect You As of January 1, 2022, the Canadian government implemented the Underused Housing Tax. This is an annual 1% tax on the ownership of vacant or underused housing. It primarily applies to non-resident, non-Canadian owners, but can apply to residents as well. Who Has to Pay the Underused […]