Bookkeeping is essential for maintaining accurate financial records for your business. Here’s a general guideline on the information you should provide and keep: Business Transactions: Record all financial transactions related to your business. This includes sales, purchases, expenses, and any other financial activities. Sales Records: Keep detailed records of all sales transactions. This includes invoices […]
If you are a business with sales exceeding a certain threshold, you are required to register for the Goods and Services Tax (GST) and the Quebec Sales Tax (QST), which are commonly referred to as TPS (Taxe sur les produits et services) and TVQ (Taxe de vente du Québec) respectively. Registration for these taxes depends […]
Eligible expenses refer to expenditures that can be deducted or claimed as tax credits by individuals or businesses to reduce their taxable income. These expenses are typically incurred for the purpose of earning income or carrying on a business. Here’s an overview of some common eligible expenses in Canada for individuals and businesses: It’s important […]
Let’s walk through a demonstration of how taxes and contributions are calculated for a Canadian corporation based on its income statement. For simplicity, we’ll use fictional numbers and assume the corporation is subject to the federal corporate income tax rate and relevant provincial tax rates. Here’s a sample income statement for our fictive corporation: Revenue: […]
In Canada, the Income Statement, also known as the Statement of Comprehensive Income for corporations, is a critical financial document used for both financial reporting and taxation purposes. Here’s a presentation and explanation of the Income Statement, highlighting its significance in Canadian taxation: Presentation: The Income Statement is typically presented as one of the key […]
Voyez-vous l’importance d’offrir un cadeau qui rendra votre salarié heureux ? Créez un sentiment d’appartenance, augmentez la motivation sur le lieu de travail ? Les Cadeaux sont déductibles jusqu’à 500 $ Votre société peut déduire jusqu’à 500 $ par personne. Déduisez 100 % de vos cadeaux, qui réduiront vos impôts. Pourquoi ne pas en profiter ? […]
Vous vouhaitez démarrer votre entreprise ? Mais vous ne savez pas comment ? Lisez cet article pour vous donner des pistes de solution. Astuce 1: Faites ce que vous aimez La plus grande source d’inspiration d’un entrepreneur est le fait de faire chaque jour ce qu’on aime. Si vous faites, ce que vous aimez, il […]
Clinton Tano Professional Corporation
