We have exciting news to share! We're excited to announce the launch of our new platform, YBL Connect, aimed at streamlining the tax filing process, reducing the back-and-forth of emails and enhancing security measures beyond what email can offer.

Tax season is a stressful time for many Canadians - well, anybody really, but it doesn't have to be. With the right preparation and understanding of the process, filing taxes can be an easy and efficient process.  From understanding the tax deadlines to claiming eligible deductions and credits, this guide provides Canadians with the essential tips and resources to make tax time easier. 

Take the time to understand the tax implications of owning a rental property in Canada and be sure to
take advantage of all the deductions and credits available to you. Doing so can help you maximize your
return on investment and ensure you follow all tax laws and regulations.

Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2023.

Business accounting involves more than maintaining books for tax purposes. Accurate accounting plays a vital role in helping you save money, increase profits, identify where budget cuts must be made and which areas need added resources.

Unfortunately, in an attempt to scale the business, most small business owners try to minimize the time and effort spent on accounting and financial management. As a result, they often overlook the little things that can have a huge impact on the company. This impact could be anything from a loss of financial flexibility to unpaid taxes, fraud, theft and even embezzlement.

Most taxpayers comply with the tax laws in Canada, but some don’t. That’s why audits are an important part of the Canada Revenue Agency’s (CRA) range of activities that are in place to make the tax system fair for everyone.

This year's summit will focus on how much stamina, creativity and recalibration a business requires daily. Like an iceberg you see the top; the business idea, product or service. But beneath the waterline lives significant resilience, reinvention and a drive to succeed – slowly and methodically.

Want to celebrate business agility by taking on a leadership role at this event or participate in the Business Expo? Please contact Lorna for sponsorship opportunities at opportunities@whitbychamber.org. 

The gig economy is based on temporary and freelance work, or short-term contracts. As a gig worker, your contract services may range from a small task to a highly specialized service. If you are connecting with clients through online platforms or applications (apps) such as Clickworker, Crowdsource, or Fiverr to provide them with your services, you are typically considered to be self-employed instead of an employee. Your work may be carried out anywhere, as online platforms can connect businesses and independent contractors from all over the world.

We are joined by Senior Accountant Mike Libbey from Your Bottom line to learn all about depreciation, capital gains, airBNB, hold co's and other information that property investors need to be aware of when it comes to their taxes.

Find out what's new for the 2021 tax season and your filing and payment due dates. Begin by gathering your documents to report income and claim deductions, and choose how you want to file and send your completed tax return to the CRA. You can find our 2021 Tax Checklist at the end of this email, free to download!

The decision of hiring an accountant for your small business can be a nerve-racking one since you will be entrusting an outside expert with confidential financial information. We have provided three tips we think are most important when selecting the right provider for you.

Please note, this is simply a general overview on the major benefits and subsidies available to businesses. There are many more changes to come and many more benefits that exist because of COVID-19. We recommend you always consult with an accounting professional about your specific situation.

Stay tuned for more as we'll keep this post updated as best we can.

Talk soon and stay safe.

Article Written By Mike Libbey

Link to Original Articles:

https://www.canada.ca/…/reve…/campaigns/covid-19-update.html

https://www.canada.ca/…/departm…/economic-response-plan.html

Cryptocurrency is a relatively new innovation that requires guidelines on taxation so that Canadians are aware of how to meet their tax obligations. There are many misconceptions about this subject, which is why we made a handy FAQ sheet to answer 8 frequently asked questions.

What sets us apart from the rest of our competitors is that we take a very different view than most firms when it comes to the concept of ‘TEAM’. Our view is simple: the TEAM comprises of US and YOU, not just us. That’s why we work so hard to build a solid relationship with you as a client. It is this, which sets us apart from all other accounting firms. In fact, TEAM ETHOS is the key ingredient in forging a successful relationship with you.

Thanks for stopping by our blog. If you’re looking for more information about Your Bottom Line, you’ve come to the right place.

Original Article Source Credits: Quickbooks,  https://quickbooks.intuit.com/

Article Written By  QuickBooks Canada Team

Original Article Posted on : NA

Link to Original Article: https://quickbooks.intuit.com/ca/resources/cash-flow/cash-flow-gaps-2020/

Original Article Source Credits:The globe and mail, https://www.theglobeandmail.com/

Article Written By TIM CESTNICK

Original Article Posted on : MARCH 6, 2020

Link to Original Article: https://www.theglobeandmail.com/investing/personal-finance/taxes/article-take-advantage-of-tax-changes-this-year/

Original Article Source Credits: canada, https://www.canada.ca/

Article Written By NA

Original Article Posted on :NA

Link to Original Article: https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-filing-season-media-kit/tfsmk-senoirs-tips-help-tax-season.html

Original Article Source Credits: bnn bloomberg, https://www.bnnbloomberg.ca/

Article Written By Dale Jackson

Original Article Posted on : Jan 31, 2020

Link to Original Article: https://www.bnnbloomberg.ca/understanding-the-difference-between-an-rrsp-and-tfsa-1.1382807

Original Article Source Credits: Quickbooks , https://quickbooks.intuit.com/

Article Written By QuickBooks Canada Team

Original Article Posted on :NA

Link to Original Article: https://quickbooks.intuit.com/ca/resources/cash-flow/cost-accounting-prime-costs-vs-conversion-costs/

Original Article Source Credits: Canada, https://www.canada.ca/

Article Written By NA

Original Article Posted on : 2020-01-23

Link to Original Article: https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2020/what-new-tax-professionals-tax-preparers.html