Making charitable donations is an effective way of reducing your tax bill and also supporting good causes. Here’s a quick overview of how donations affect your taxes: Any donations made to registered charities are eligible. They should provide you with…
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If you’re operating as an incorporated or unincorporated business, determining if you can deduct an expense for meals isn’t based on a definitive and clear-cut rule. This is a very subjective or grey area that depends on your specific business…
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If an individual owns multiple corporations, he or she will commonly transfer money from one corporation to the other. If one business makes more money, then it will loan funds to another corporation that could use the money. Intercompany loans…
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Once you’ve incorporated your business, you may wonder what the best way to pay yourself is. After all, being able to take money out of the corporation is one of the primary reasons to operate a business. The end-goal of…
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With the abolishment of the HST (Harmonized Sales Tax) back in 2013, businesses now have to navigate the rules of both the GST (Goods and Services Tax) and the PST (Provincial Sales Tax) sales tax systems when selling goods and…
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When you first start selling goods or services to customers you will want to be onside with your responsibilities for charging GST on what you sell. Generally, most goods and services are taxable for GST. So if you’re unsure, it…
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One of the most common questions we get asked is how to fix mistakes on past or previous tax returns. It’s an issue that is definitely worth exploring to ensure you’ve received the maximum available return and to avoid problems,…
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Most of the time when a person starts a business, the start-up phase of the business is very expensive and this is when much more money is spent as opposed to when the business is up and running. Most businesses…
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You have taken the plunge and started a business or are considering starting a business. At this point, you should seriously consider how your business’s bookkeeping will be accomplished. There are two options for this: Hire a bookkeeper/accountant Do it…
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Welcome to the new home of MD Accounting. We’re really glad you’re here and would love to help you with all your small business accounting and bookkeeping needs. Please visit our accounting services page for more information on the work…
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