As tax season approaches, Canada Revenue Agency (CRA) stress begins to set in. It’s that time of the year when everyone starts scrambling to file their taxes on time, and the thought of potential audits, penalties, and interest charges keeps taxpayers up at...
The cash flow statement is a financial document that provides an overview of the cash inflows and outflows of a business during a specified period. It’s one of the three main financial statements, along with the income statement and balance sheet. Most...
As a business owner, you may have heard of the term CPA, but you may not be entirely sure what it is or how it can benefit your business. In Canada, a Chartered Professional Accountant, which stands for Chartered Professional Accountant, is a professional designation...
Hello there, fellow Canadians! Today we’re going to talk about a topic that might not be on everyone’s radar, but could have serious financial consequences if ignored: the Underused Housing Tax (UHT). If you own Canadian residential real estate in a corporation,...
Asset and debt are two fundamental concepts in the world of finance. They are interconnected and play a significant role in shaping the financial health of an individual, business, or even a country. In this blog post, we will explore the meanings of asset and debt,...
Taxes are a fundamental aspect of living in Canada, and it is important to understand what taxable income is and how it is determined. Taxable income is the portion of your income that is subject to tax. It includes all the money you make from your employment,...
