Overview of GST/HST for a digital economy – (2021 tax compliance)

The Government of Canada has introduced new rules of GST/HST with effect from July 01, 2021. The businesses operating in the digital economy, including digital platforms, need to comply with the three originally announced measures on April 19, 2021. These three measures include registration, filing GST, and collection. Administrative approach and compliance The purpose of […]

• March 5, 2022

Storing books and tax receipts – CRA

Do you know that you need to maintain, store, and keep your books and tax receipts for years? During these specified periods CRA may ask you to produce the original or a copy of the same. However, there are some reliefs if CRA allows you for early destruction or if you can maintain them electronically […]

• February 28, 2022

Corporate tax Quebec Vs. Ontario

Does corporate taxation differ in the different provinces of Canada? Do we need to explore this? The answer is “you should,” particularly if you are incorporated in Quebec.  Corporate taxation in Quebec is different from the rest of the provinces in Canada.   Usually, when you think of incorporating your business, you look for incorporating […]

• February 21, 2022

Should you incorporate? What are the benefits of incorporation?

Should I incorporate my business? Why exploring these options is important for me? Well, these are one-time business decisions, and you need to understand a little more before moving forward in this direction.  Benefits of incorporation   Lower tax rate – A Canadian controller private corporation (CCPC) enjoys a lower income tax rate on its income. […]

• January 28, 2022

Are you a non-resident of Canada?

May you need to act before moving out of Canada? It’s not only the number of days that will decide that you’re a Canadian resident for tax purposes but several other factors that will be counted. Your status may be categorized as “ordinarily resident” or “deemed resident” of Canada. In this article, we will describe […]

• January 10, 2022

Federal and Provincial tax rates

Looking beyond boundaries! Which province has the lowest corporate tax rate? Is HST the same in all provinces? The rapid growth of information technology suggests that we can easily investigate opportunities beyond boundaries. Having knowledge of tax rates in all provinces will help us to set up and implement our business decisions with confidence in […]

• December 8, 2021

How do I rollover my 401k to RRSP?

Are you wondering if you could move your 401k investments in the United States to Canada? The answer is yes. However, you need to know the tax implications on both sides of the border before you make your decision, We are trying to outline here those tax implications. Notes to Canadian Resident with US income […]

• November 28, 2021

Bitcoin taxation

Do you need to know “Bitcoin” taxation in Canada? The answer is yes if you are dealing in bitcoins or investing in bitcoins. An understanding of bitcoin taxation in Canada will help in your tax planning and probably gives you an opportunity for tax savings. Tax on bitcoin can follow from two streams which are […]

• November 24, 2021

Section 85 election

Are you wondering what is section 85 election in Canada? Is it important for you to know? If you are moving your business from self-employed to Incorporated you must know about this election before you make any move. It could be a huge implication of the Capital gain tax issue if you fail to plan […]

• November 9, 2021

Vacation Tax Credit 2022

Restrictions related to COVID-19 are relaxing. Are you planning for your vacation in 2022? Honorable Doug Ford government has announced good news for you. A 20% staycation tax credit for your vacation accommodation.   The government of Ontario has announced its plan for a new, temporary Ontario Staycation Tax Credit for the 2022 tax year. […]

• November 6, 2021

Foreign properties reporting

Are you aware of the penalty for the non-reporting of your foreign properties? Every Canadian should know who either owns or intends you own assets in foreign countries which is more than $100,000 in Canadian dollars.   You were the owner of $100,000.00 or more of the specified foreign properties held outside Canada at any […]

Dentists – GST/HST (Sales tax) implications

Most dentists in Canada do not charge GST/HST or QST. As most of the services are exempt from GST/HST or QST.   GST/HST is an indirect tax. The registrant collects GST/HST from customers and remits the amounts collected minus ITC to CRA. You need to register for GST/HST with CRA and collect HST from your […]

• April 6, 2021

Claim moving expenses

Did you move your business or place of employment? You may be eligible to claim moving expenses on your personal income tax return. Before you begin, you need to know the rules and the conditions that you need to satisfy in order get the tax benefit on your personal income tax return. As an employee […]

• March 10, 2021

Types of business structures and legal entities

You are starting a new business or you are self-employed, you are wondering what other type of business structure or legal entities are available? Why should you know about other business structures or legal entities? What are the benefits of incorporating? We are here to help you. Let’s discuss the options you have to get […]

• March 1, 2021

Personal income deductions and tax credits

Do you know what are tax deductions or tax credits that you can claim on your tax return? A quick look at this list before filing your taxes will help you minimize your taxes payable. If you know what you could claim at least you will be able to ask a question to your tax […]

• February 15, 2021

36 small business expenses you can claim

You know most of the business expenses that you can claim. Is there one that you are missing? We have tried to create a list, assuming that a quick glance at this list, particularly before filing taxes, will help you ensure that nothing has left. The list presented here is in bullet points and if […]

• February 12, 2021

Non resident withholding tax

Does a Canadian resident need to worry about non-resident withholding tax or only a non-resident should be thinking about it? A Canadian resident when you are renting a premise that is owned by a non-resident, the Canadian resident needs to be aware of his obligation. A non-resident also needs to know his tax obligation as […]

• February 7, 2021

How to make CRA payment

Do you know everything you can pay to CRA through your online banking? Isn’t it convenient as sitting in your office or on your couch? It’s not only a convenient but also secure way to do it.   You need to make a payment before the due date to ensure CRA receives your GST payment, […]

• February 1, 2021

Motor Vehicle Expenses CRA

Before you buy a car for your business, you need to understand the tax implications and CRA positions. An informed decision will help you in better tax planning and save you from any unwanted tax consequences.   I have been receiving several inquiries about this category and questions from all dimensions about motor vehicle expenses […]

• January 31, 2021

Home renovation tax credit 2020

Did you make repairs or modifications in your home for your elders? Do you know if you are eligible to claim an Ontario home renovation credit?   You may be eligible to claim “Home accessibility tax credit” at the federal level. You may also be eligible to claim a provincial tax credit for “Senior’s home […]

• January 28, 2021

Capital gains taxes, explained

What is a Capital gain tax? Can you claim a capital gain tax exemption? A capital loss Vs. ordinary business loss, which is better? Knowing these topics will help you in planning your Canadian tax on capital gains.   Ordinary business income/loss Vs Capital gain/loss transaction When you buy goods in the ordinary course of […]

RRSP Tax Planning

Are you thinking of your retirement planning or are you looking to buy your house? Learning more about this tax planning tool can help you save taxes in the long run as well as plan for your retirement.   RRSP is a registered retirement savings/investment plan that allows you to deduct from your total income […]

• January 25, 2021

How do I claim GST/HST housing rebate?

Did you reconstruct or purchase a new house for a builder in Ontario? You may be eligible for up to $24k as GST/HST rebate.   You may be eligible to claim up to $24,000.00 as GST/HST rebate if you… You are an individual or individuals Purchased from the builder or substantially reconstructed your house on […]

• January 17, 2021

Hiring an Employee

What are your responsibilities as an employer? Knowing your responsibilities will help you focus on your business instead of dealing with tax issues.   The employer responsibilities – If you hire an employee, you need to register for a payroll account with CRA –  Each employee should fill in and provide you the form TD1 […]

• December 17, 2020

GST/HST or QST Registration and filing

Why do you need to register for GST/HST or QST? What are the benefits of registration? What is ITC? Most of these questions we are trying to answer through this article and will also include the obligations you may have for the payment and filing.   The GST/HST is a indirect tax that is charged […]

Filing Your Personal Income taxes

Do you know you can file your tax return online for free? For free online tax filing please refer to the related important links below. If you see any broken link, please Contact RKB Accounting and a team member will be able to assist you or restore the link. We have also tried to summarize […]

Corporate taxation

Do you want to know how does corporate taxation work in Canada? Before you incorporate an understanding of this process will help plan your taxes better.   All domestic corporations in Canada have to file a T2 corporate income tax return every year due by the due date. Generally, you file your T2 corporate income […]