Tax planning for Canadian medical students and residents
As you progress through medical school and residency, one key area that often gets overlooked is financial planning. A key component of financial planning is ensuring that you appropriately file your tax return incorporating several tax saving strategies. The following are some of the strategies to consider: Interest on student loan: Current and former students […]
Most Common Tax Write Offs and Deductions for Small Business
As a business owner, you care about two things and two things only, that’s increasing revenue and decreasing expenses. My name is Abdullah, and in this blog we’re going to discuss the four largest expenses that you can deduct on your tax return. 1. Office Expenses Let’s start with home office expenses. This could be the […]
2023 Automobile Deductions Limits & Expense Benefit Rates
1. AUTOMOBILE RATES On December 16, 2022, the Department of Finance announced the automobile expense deduction limits and prescribed rates on automobile operating expense benefits for the 2023 calendar year. These limits and rates will be in effect from January 1, 2023 to December 31, 2023. a. Max. capital cost of passenger vehicles for CCA […]
Bookkeeping Services – Why You Should Outsource Your Bookkeeping Function
Outsourcing bookkeeping services has become a popular option for businesses of all sizes, from small startups to large corporations. A bookkeeping service provider can offer a wide range of benefits to businesses that choose to outsource their bookkeeping functions. In this article, we will discuss the reasons why a company should outsource their bookkeeping to […]
Should you operate as a Sole Proprietor or Corporation?
What is Sole Proprietorship? If you’re a sole proprietor, you operate your business personally. This means that you’re operating as a “one-man-band” with no shareholders or partners, and you’re personally tied to your business, meaning that you take on responsibility for all financial profits and losses. Your income is included on your personal tax return, and […]