RKB Accounting » Canada Blog
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The following section of RKB Accounting is dedicated to Canadian accounting, law, policies, and more. RKB Accounting is a US-Canada business and tax advisor in Ontario that helps startups and growing businesses flourish financially. Our goal is to provide accurate accounting assistance.
RKB Accounting » Canada Blog
1M ago
You need to file an annual income tax return in Canada if you are a resident of Canada during the tax year. If you are a non-resident of Canada, you only file an income tax return in Canada if you have income from Canada to report. When you file your income tax return in Canada ..read more
RKB Accounting » Canada Blog
3M ago
The answer is definitely “Yes”. RKB Accounting strongly recommends our clients to be knowledgeable. ChatGPT can answer your tax related questions. ChatGPT can not do your taxes it can only provide you information based on your questions and that can help you in filing your taxes. When you file your taxes with RKB Accounting, we ..read more
RKB Accounting » Canada Blog
4M ago
Year after year, the government introduces tax incentives to promote quality of life and take action to protect the environment. This may be a good tax planning tool when you keep yourself up to date with the introduction of these incentives and apply them to your tax planning to reduce your tax bill while at ..read more
RKB Accounting » Canada Blog
4M ago
If you want to become a paid tax preparer and file income tax returns for individuals or corporations in Canada for your clients, you have certain obligations to follow, failing which CRA may prohibit you from filing income tax returns on behalf of your clients, in some cases CRA may also take some other or ..read more
RKB Accounting » Canada Blog
4M ago
An understanding of these items may help you to avoid an accidental risk of your GST/HST liability. If you are supplying a taxable item and not charging GST/HST, considering it is exempt or zero-rated, you may have GST/HST obligation. Even though you did not charge GST/HST to your customer, CRA will consider your sales collection ..read more
RKB Accounting » Canada Blog
4M ago
Authorizing a representative with CRA You as a client, can authorize your accountant as your authorized representative for all or some of your program accounts with CRA. Once you authorize the representative (the accountant), your accountant will have access to your business tax information which are available on the CRA website. You can cancel this ..read more
RKB Accounting » Canada Blog
4M ago
Understanding taxation requirements between Canada and USA is an important aspect before a Canadian citizen or a Canadian resident baying a residential property in the United States. If you are resident of Canada for tax purposes, you are required to report your worldwide income on your Canadian income tax return. Furthermore, you may also require ..read more
RKB Accounting » Canada Blog
1y ago
Canada Revenue Agency encourages taxpayers to rectify their mistakes and file or report unfiled taxes or disclose information under VDP. CRA applies this program to be fair to you but not to award you for the non-compliance or mistakes. Filing under the Voluntary Disclosures Program is only available for the past ten years. The following ..read more
RKB Accounting » Canada Blog
1y ago
Ontario provides several refundable tax credits to eligible taxpayers. Refundable tax credits are tax credits that can be claimed even if the taxpayer does not owe any tax. Instead, the credits are paid out as cash refunds to eligible taxpayers. GST/HST Rebate in Ontario The GST/HST rebate in Ontario is a program that provides ..read more
RKB Accounting » Canada Blog
1y ago
What is a Tax-Free Savings Account (TFSA)? A Tax-Free Savings Account (TFSA) is a savings account that is registered with the Canadian government and allows you to earn tax-free investment income. Unlike an RRSP, contributions to a TFSA are not tax-deductible, meaning that you can’t deduct the amount of your contributions from your income when ..read more