The City of Toronto is considering implementing a municipal sales tax (MST) in order to raise revenue. A MST would be a tax on goods and services sold within the city limits. The tax rate would likely be 1% or 2%. The impact of a MST on Toronto residents and businesses is a matter of

Introduction: Investing in Canada offers a plethora of opportunities for individuals seeking to grow their wealth. With a stable economy, robust financial markets, and a diverse range of sectors, the country provides an attractive landscape for both domestic and international investors. In this blog, we will explore some of the top investment opportunities and strategies

Grocery Rebate As announced as part of Budget 2023, the Government of Canada introduced a Grocery Rebate to provide financial support to eligible Canadians. This Rebate is scheduled to be issued on July 5, 2023, alongside the next quarterly GST/HST credit payment. The Grocery Rebate will be equivalent to double the GST/HST credit amount you received

Introduction: In today’s competitive business landscape, maintaining a healthy credit score is crucial for the success and growth of any company. Just as individuals have personal credit scores, businesses too have their own credit scores that reflect their creditworthiness and financial stability. In Canada, understanding and managing your business credit score can open doors to

Introduction As a small business owner in Canada, understanding the tax deductions available to you is essential for maximizing your tax savings and optimizing your business finances. Taking advantage of these deductions can help reduce your taxable income and ultimately lower your tax liabilities. In this blog post, we will explore some key tax deductions

The Type of Business That Is Most Likely to Receive a CRA Audit The first thing you must be aware of is that if you own a small business, the CRA will be watching you closely. According to the Canada Revenue Agency Annual Report, 54% of the CRA’s resources are directed toward performing CRA audits on

If you are the proprietor of a business in Canada, one of the best ways to generate greater profitability is to manage your business taxes efficiently. As an entrepreneur, one of the most important aspects of running your business is ensuring that your taxes are filed and paid on time to avoid penalties or other

The Canadian government is rolling out a one-time payment of $500 to eligible lower-income renters struggling to afford housing. The program’s application portal opened on Monday and will remain open until March 31, 2023. Promised as part of an NDP-backed Liberal affordability plan, a bill became law last month that brought in both this rental boost

As a tax payer you might have wondered if you can deduct your work-place travelling expenses for tax purposes especially when your expenses are not reimbursed by the employer. In some situations, the courts found that travel from an employee’s home to work sites is considered “in the performance of a service for an employer,” and so