Author: rina

Claiming Deductions: Essential Business Expenses for Canadian Businesses

Introduction: As a business owner in Canada, it’s crucial to understand the various program accounts offered by the Canada Revenue Agency (CRA). These program accounts help track and manage specific aspects of your business’s financial obligations, such as taxes, payroll, and sales. In this blog post, we’ll explore the most common CRA program accounts your…

Introduction: If you’re a self-employed individual or a sole proprietor operating a small business in Canada, Form T2125 is a crucial document you need to be familiar with. This form is used to report your business income and expenses to the Canada Revenue Agency (CRA). In this blog post, we’ll delve into the details of…

Introduction: For small business owners, managing financial records and maintaining accurate books is crucial for success. As your business grows, you may find yourself at a crossroads: Should you continue handling your own bookkeeping tasks, or is it time to outsource to a trusted accounting firm like EO CPA? In this blog post, we’ll explore…

Introduction: As a small business owner in Canada, it’s essential to be aware of the various tax benefits and deductions available to help optimize your financial situation. One such benefit that can significantly impact your bottom line is the Canadian Small Business Deduction (SBD) – Corporate. In this blog post, we’ll explore what the SBD…

Efficient accounting is the backbone of any successful small business. To streamline your financial processes and stay organized, leveraging the power of accounting software is a game-changer. In this blog post, we’ll explore our favourite accounting software solution: QuickBooks Online (QBO). This tool offers small businesses robust features, user-friendly interfaces, and the ability to manage…

If you have an RRSP, it’s not enough to just contribute regularly. If you fall into one of the higher tax brackets; it’s also wise to top off your contribution limits before the deadlines to maximize your deduction. February 28, 2023 is the RRSP contribution deadline for this coming tax year.

Just like other registered accounts, a TFSA is a tax-sheltered means to grow your money and has no limits on how you use your savings. In 2022, the maximum amount you can contribute is $6,000 plus any unused contribution room from previous years.

Fall is actually the best time to start thinking about your taxes. It allows you to get organized and assess what cost-saving actions you can take before the end of the tax year.

We’re here to make sure your tax filing experience is a breeze and keep more of your hard-earned money in your pocket. Let us share with you some of our year-end tax planning strategies.

Most business owners wait until spring to start thinking about their taxes but this could cost them thousands of dollars. Fall is actually the best time to start thinking about your taxes. It allows you to get organized and assess what cost-saving actions you can take before the end of the tax year.