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.

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!

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

 

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.

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Original Article Posted on : Jan 31, 2020

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Original Article Posted on : 2020-01-23

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Original Article Posted on : January 1, 2020​​​​​​​

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Original Article Posted on : January 1, 2020

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