They are two separate services. Bookkeeping is a non-attest service, and the compilation is an attest engagement. Bookkeeping is all about recording of financial transactions, bookkeepers handle the day-to-day tasks of recording financial transactions, oversee a company’s financial data and compliance by maintaining accurate books on accounts payable and receivable, payroll, Read more…
When you receive a letter or call from the CRA after filing your personal taxes telling you that your income tax return is under review, don’t panic. It is important to know that this is a tax review and not a tax audit. The CRA sends about 200,000 of these Read more…
Some people ask, I am a TikTok internet celebrity, and I sell products through internet broadcasting, how should I file my tax returns? Others ask, I quit my job and am now a full-time Uber driver, how do I file my taxes? While some others ask, I purchase goods from Read more…
Some clients often ask us: I’m a non-resident of Canada, do I still need to file taxes in Canada? I thought only residents are obligated to pay tax? That’s not necessarily the case, non-residents of Canada who have income from Canada are also required to pay tax in Canada. According Read more…
Form T1135 was first published in the 1996 federal budget. Canada’s Income Tax Act was also amended, and since 1997, Canadians who own specified foreign property valued more than $100,000 at any time during the year are obligated to complete and file the Form T1135 to CRA. This filing requirement Read more…
Form T1134 is an information reporting requirement for Canadian taxpayers. Using Form T1134, Canadian taxpayers are required to provide certain information about foreign affiliates in which they are shareholders. A party filing Form T1134 is called a “reporting entity” and includes individuals, corporations, trusts, and partnerships. A foreign affiliate is Read more…
Please do not confuse BC’s Speculation and vacancy tax with Vancouver’s empty home tax, to avoid potential trouble caused by the failure of declarations. Speculation and vacancy tax in BC is an annual tax based on how owners use residential properties in major urban areas in B.C. This tax is Read more…
As we all know, residents of Canada are required to file income tax return to CRA according to regulatory requirements. But as a non-resident of Canada, you are required to pay income tax on income received from Canada depending on the types of income. We will focus on “rental income” Read more…
The net worth assessment method is a method by which the Canada Revenue Agency uses the increase in net worth to extrapolate a taxpayer’s income when the taxpayer’s records are unavailable or unreliable. This method has been mentioned in our company’s tax lectures in the past few years, and it Read more…
1. Basic Personal Information Information about you and your spouse and dependents, such as: name, SIN, date of birth, address, and marital status. Tax forms from previous tax years and the Notice of Assessment sent by CRA. 2. Income information The most common forms of income are T forms, such Read more…