Understanding Retained Earnings
Retained earnings are an important concept in accounting, including in Canada. Here's an explanation of what retained earnings are and…
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The distinction between the income statement and the balance sheet
In Canada, as in most other countries, the distinction between the income statement (also known as the statement of comprehensive…
The calculation of the capital gain
Calculating the capital gain on a rental property involves determining the difference between the property's sale price and its adjusted…
The depreciation
Depreciation of a rental property is the process of allocating the cost of the property (excluding land) over its useful…
What is the difference between expenses and capital assets ?
Expenses and capital assets are both financial aspects of owning and managing a rental property, but they are treated differently…
What expenses are deductible ?
Landlords can deduct various expenses related to their rental properties to reduce their taxable rental income. Some common deductible expenses…
Bookkeeping, what information to provide and keep
Bookkeeping is essential for maintaining accurate financial records for your business. Here's a general guideline on the information you should…
When do I have to register for the TPS TVQ files ?
If you are a business with sales exceeding a certain threshold, you are required to register for the Goods and…
Eligible expenses
Eligible expenses refer to expenditures that can be deducted or claimed as tax credits by individuals or businesses to reduce…
Demonstration of the calculation of taxes and contributions
Let's walk through a demonstration of how taxes and contributions are calculated for a Canadian corporation based on its income…