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Check out the latest articles from our CPA team, focusing on providing the most relevant accounting and tax advice for individuals, families, and businesses. The forward-thinking, tech-savvy team at Think Accounting specializes in solving even the most complex problems facing modern businesses.
Think Accounting Blog
2M ago
Understanding the differences between the First Home Savings Account (FHSA) and the RRSP Home Buyers’ Plan (HBP) can help prospective homebuyers save plenty of money. In a previous blog post, we compared RRSP vs TFSA. In this post, we will compare FHSA vs RRSP Home Buyers’ Plan (HBP) for the purposes of saving for your […]
The post FHSA vs RRSP Home Buyers’ Plan: A Detailed Comparison appeared first on Think Accounting ..read more
Think Accounting Blog
2M ago
RRSP vs TFSA is a topic of endless debate ever since the TFSA was introduced in Canada. Here is a tabular comparison from a layman’s perspective. Key Comparison Points Feature RRSP (Registered Retirement Savings Plan) TFSA (Tax-Free Savings Account) Contribution Limits 18% of previous year’s earned income up to annual maximum ($31,560 for 2024), plus […]
The post RRSP vs TFSA: A Layman’s Comparison appeared first on Think Accounting ..read more
Think Accounting Blog
2M ago
As Canadians, we’re fortunate to have access to Registered Retirement Savings Plans (RRSPs) as a powerful tool for building our nest eggs. However, with great tax-advantaged savings come great responsibilities. One of the most crucial aspects of managing your RRSP is understanding and adhering to contribution limits. In this comprehensive guide, we’ll delve into the […]
The post RRSP Overcontribution: Navigating the Rules, Penalties, and Solutions appeared first on Think Accounting ..read more
Think Accounting Blog
2M ago
Table of Contents 1. Introduction Running a business is not easy. Sometimes, you might need to use a personal loan to pay for business needs. The big question is: can you deduct the interest on that personal loan when filing taxes? Let’s break this down in a simple way for Canadian business owners. Interest deductibility […]
The post Interest Deductibility on a Personal Loan Used for Business – What You Need To Know appeared first on Think Accounting ..read more
Think Accounting Blog
3M ago
As the holiday season approaches, Canadian consumers have two reasons to celebrate: the GST Holiday and the $250 Working Canadians Rebate. Starting December 14, 2024, the federal government is introducing a temporary GST/HST exemption on various essential items, allowing Canadians to enjoy tax-free shopping on groceries, children’s clothing, and more. This GST Holiday will last […]
The post GST Holiday and One-Time $250 Rebate in Canada: What You Need to Know appeared first on Think Accounting ..read more
Think Accounting Blog
3M ago
Wondering if you need to register for QST? And if yes, how to do it? Whether you’re a small business owner, an e-commerce entrepreneur, or a large corporation, we’ll help you navigate the QST registration process with ease. Click above to read the full blog post In this in-depth blog post we cover: Determining if […]
The post Are You Required To Register For QST? ? appeared first on Think Accounting ..read more
Think Accounting Blog
3M ago
The government of Canada recently announced Canada Carbon Rebate For Small Businesses … a tax credit incentive that will put $2.5 billion into the hands of Canadian small businesses by the end of this year. We’ve written this blog post to give you an overview of the program and built an interactive calculator right into […]
The post Canada Carbon Rebate Tax Credit For Small Businesses appeared first on Think Accounting ..read more
Think Accounting Blog
3M ago
Welcome! Welcome to the September 2024 edition of the ThinkTalk Newsletter, presented by Think Accounting! We hope you have had a great summer and are ready to kick off a strong Q4! In this edition, we bring you the latest trends in the accounting world, insightful articles, inspirational quotes, and resources to keep you ahead […]
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Think Accounting Blog
3M ago
Welcome to 5 Bullet Friday, our bite-size version of newsletter where we share 5 pieces worth sharing as you head into the weekend! 1) Your replies to “Why did you start your business?” Jonathan Stark asked the question…people responded…plenty of them. Notice any big patterns? Freedom Flexibility Control Always return to the basics. Why did […]
The post 5 Bullet Friday – 2024.10.11 appeared first on Think Accounting ..read more
Think Accounting Blog
3M ago
A Will ensures that your wishes are carried out when it comes to your assets, including your Business. Without one, the law decides how your assets are divided, which can lead to family disputes, business complications, and even tax burdens. We’ve written this blog post to share 7 key steps you should consider as a […]
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