What Kind of Slips is Applicable to Me or My Employees? Whereas employees generally receive T4 slips, shareholders who pay themselves dividends should be receiving T5 slips. We will identify what kind of slips you need for year-end and ensure your summaries are filed with CRA. The general deadline for filing summaries is the lastRead more
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Recently Trump administration and Congressional Republican leaders released the Unified Framework with regards to the U.S tax reform. This Framework has highlighted the major changes including lower personal tax rates, higher deduction and exemption limits, as well as cutting corporate taxes. SDG Accountant prepares this article with the intention of providing a brief summary withRead more
What is RRSP and what are the Benefits? An RRSP account is a retirement savings plan that you can establish with qualified institutions such as banks, credit unions, trusts or insurance company that are registered with the Canada Revenue Agency (CRA). You can hold ANY KINDS of investments with your RRSP vehicle such as cash,Read more
One of the most common questions we hear from our clients is “How Do I Make a Payment to the CRA?” Day in and day out thousands of hardworking individuals around Canada are working to make a living. Whether it be through employment, self-employment, or business activities many people find themselves owing money to theRead more
Today’s discussion is on the topic of filing requirements, specifically on residency and how to determine what may affect your residency in Canada and the associated tax implications. We are a Toronto accounting firm specializing in personal and corporate taxation. We help small businesses and individuals all over the Greater Toronto Area deal with complexRead more
When we meet with clients who come in looking to file their personal tax returns, the first thing we check with every individual is what items are applicable to their tax situation and that they have the documentation to be able to apply those items on the return. It’s important to realize that tax returnsRead more
Are you required to file a Canadian Tax Return? As per the Government of Canada, for the most part, people living in Canada can determine their final tax obligation by completing an income tax return and sending it to the Canada Revenue Agency (CRA). On the tax return, you list your earnings and deductions,Read more
Keeping track of your business expenses is an important part of your operations to ensure that you have a good handle on your finances and to accurately report your tax situation at the year-end. Alongside your expenses, your assets can be a tool you can take advantage of, depending on your goals. Following is aRead more