As a business owner in Canada, maintaining accurate tax records isn’t just good practice—it’s a legal requirement. The Canada Revenue Agency (CRA) requires businesses to retain specific records for a minimum period to ensure compliance and prepare for potential audits. But how long should you keep these records, and what should you retain? This guide … Read more

As a Canadian employer, filing T4 slips is a crucial part of your payroll responsibilities. T4 slips summarize the income, deductions, and taxable benefits your employees received during the year. Ensuring accuracy and timely filing keeps you compliant with the Canada Revenue Agency (CRA). This guide walks you through the process of preparing and submitting … Read more

As an employer in Canada, you are responsible for deducting and remitting Canada Pension Plan (CPP) and Employment Insurance (EI) contributions from your employees’ wages. Failing to do so correctly can result in penalties and compliance issues with the Canada Revenue Agency (CRA). This guide explains everything you need to know about CPP and EI … Read more

Hiring your first employee is an exciting milestone, but it also comes with new responsibilities—including setting up payroll deductions. Ensuring you deduct and remit the correct amounts for income tax, Canada Pension Plan (CPP), and Employment Insurance (EI) is essential to stay compliant with the Canada Revenue Agency (CRA). This guide walks you through the … Read more

If you’re a business owner in Canada registered for GST/HST, you can recover some of the sales tax you pay on business-related purchases through Input Tax Credits (ITCs). Understanding how ITCs work can significantly reduce your overall tax burden, ensuring you’re not paying more than necessary. In this guide, we’ll walk you through how to … Read more

Failing to charge GST/HST when required can have serious financial and legal consequences for your business. Whether it’s an honest mistake or a misunderstanding of tax rules, ignoring your GST/HST obligations can lead to unexpected liabilities. This guide will walk you through what happens if you don’t charge GST/HST, how to correct the mistake, and … Read more

Understanding how to calculate GST/HST correctly is essential for business owners in Canada. Whether you’re selling products or services, knowing the right tax rates and how to apply them will ensure compliance with the Canada Revenue Agency (CRA) and prevent costly errors. This guide will walk you through everything you need to know about GST/HST … Read more

Starting a business in Canada comes with many decisions, and one of the key tax-related questions you’ll face is whether to register for GST/HST. Understanding the rules around GST/HST registration can help you avoid penalties, manage your cash flow effectively, and ensure compliance with the Canada Revenue Agency (CRA). This guide will walk you through … Read more

Filing taxes as a new business owner in Canada can be overwhelming, and making mistakes can lead to unnecessary penalties or lost deductions. Avoiding these common errors can save you time, money, and stress. Table of Contents1. Not Registering for the Right Taxes2. Mixing Personal and Business Expenses3. Failing to Keep Proper Records4. Not Claiming … Read more