5 Most Common Accounting Mistakes Small Business Owners Make and How to Avoid Them In 2024
Running a successful small business involves many components. Accounting is certainly one of them. However, many small business owners tend to make common accounting mistakes that can have significant consequences on their finances. Even minor errors such as overlooking expenses
Best Time to File Taxes in Canada – Canadian Tax Year
Filing taxes in Canada can seem overwhelming if you don’t know the deadlines, key dates, and the benefits of early filing. Understanding the best time to file your taxes is crucial not just for avoiding penalties but also for maximizing
What Are International Financial Reporting Standards (IFRS)?
International Financial Reporting Standards (IFRS) are a set of accounting rules developed to ensure transparency, consistency, and comparability in financial statements worldwide. Companies and organizations use these standards to prepare their financial reports, enabling investors, regulators, and other stakeholders to
Canadian Border Crossing Rules You Must Know
Crossing the Canadian border can be an exciting adventure, whether you're visiting for tourism, business, or to see family and friends. However, it's essential to be aware of the rules and regulations governing border crossings to ensure a smooth experience.
What Is GST/HST In Canada?
The GST (Goods and Services Tax) or HST (Harmonized Sales Tax) can be a bit confusing in Canada. Don't worry, we'll break it down into easy-to-understand chunks for 2024! Who is affected by GST/HST? There are two main ways the GST/HST applies
What are the duties and responsibilities of a tax consultant?
When tax season rolls around, or when a business needs guidance on complex tax matters, a tax consultant becomes an invaluable resource. But what exactly does a tax consultant do? Let's dive deep into the world of tax consultancy, breaking
Are Taxes in Canada Higher than in the US?
Taxes are an essential part of any country's financial system, funding everything from healthcare and education to infrastructure and defense. When comparing two neighboring countries like Canada and the United States, a common question arises: Are taxes in Canada higher
Understanding Provincial Tax Residency Rules in Canada
As a Canadian resident, you are generally required to pay income taxes not only to the federal government but also to the province or territory in which you reside. However, determining your provincial tax residency can be more complex than
What is Foreign Asset Reporting in Canada?
If you are a Canadian resident for tax purposes and you own certain foreign assets with a total cost amount over $100,000 Canadian at any time during the year, you are required to file a Foreign Income Verification Statement (Form
What is the average tax rate in Canada?
Taxes. Ugh, not the most exciting topic, but an important one in Canada, especially when it comes to figuring out how much you get to keep from your hard-earned income. So, if you've ever wondered what the average tax rate