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Avoid costly accounting myths and mistakes. A pro tips!
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Bookkeeping Myths vs. Reality: Avoiding Costly Mistakes

Bookkeeping is essential for any successful business, but even small mistakes can lead to costly penalties and stress. While managing your own bookkeeping can be beneficial, it requires time, basic accounting knowledge, and awareness of common pitfalls to avoid errors.

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Here is a list of key forms and schedules that Canadian corporations commonly use when filing their T2 corporate tax return.
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T2 Corporate Tax Return – Income Tax Guide

A corporation is required to file its corporate tax return (T2 return) with the CRA within six months of its fiscal year-end. However, corporate returns include many additional forms and schedules prescribed by the CRA besides the T2. In this article, we highlight some important schedules.

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Buy or Lease a Vehicle decision for a Canadian Corporation
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Buy or Lease a Vehicle for a Canadian Corporation?

Whether to buy or lease a car for your Canadian corporation depends on various factors and personal preferences, such as your lifestyle, cash flows, and tax considerations. There is no one-size-fits-all answer. It’s important to consider all specific aspects before making a decision.

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Psychotherapy is HST/GST Exempt Now
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Psychotherapy is HST/GST Exempt Now

Effective June 20, 2024, the Government of Canada has designated Psychotherapy and Counseling Therapy Services HST/GST exempt. While this makes the service less expensive for users, it has various implications for psychotherapy professionals.

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buy-vehicle-under-corporation-name-or-personal
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Buy Vehicle Under Corporation’s Name Or Personally?

One of the most common questions among corporation owners is whether to purchase vehicles under the company’s name or personally. Many assume that simply owning the car in the corporation’s name allows for deducting all expenses; beware of the stringent rules governing vehicle expense deduction and their implications on personal tax returns.

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The New Residential Rental Property (NRRP) Rebate

As a purchaser of new residential rental property in Ontario, you may be eligible to claim a rebate on a portion of the HST paid, up to a maximum of $24,000. This rebate applies if the property’s first occupant is a tenant who uses it for residential purposes. Certain properties may qualify for rebates on both the Federal and Ontario portions of the HST.

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