Canada Revenue Agencyrecently revealedtax tips for students, including tax credits, deductions, free tax clinics and more. Whether you're filingCanada taxesfor the first time now that you're attending post-secondary school or have submittedtax returnsbefore and have questions, here's what you need...
Given the federal GST threshold and the individual province thresholds, sellers must keep accurate, clear revenue records to ensure they are collecting the right taxes. For example, if a seller in BC has sales over $10,000 but under $30,000 (the GST threshold), they are not required to ...
The Canada Revenue Agency (CRA) is the federal department that collects taxes and administers tax laws for the Canadian government and for many of Canada's provinces and territories.1Also known as the Agence du Revenu du Canada, it also oversees a variety of social and economic benefit and ...
According to the Canada Revenue Agency (CRA), as long as your business taxable revenue before expenses exceeds $30,000 in the last four quarters, you must register for a GST account. For public service bodies such as non-profit organizations, charities, colleges, and hospitals, you will need...
The business must register with the Canada Revenue Agency (CRA) to get a valid business number. It must also ensure that GST/HST accounts are opened, payroll is enrolled, and corporate income tax is managed. To streamline the process of company registration in Canada, speak to Enterslice consu...
Nonresident businesses that sell taxable digital products or services and other Canadian entities that are not registered under the normal GST/HST regime are required to register if their revenue exceeds $30,000 CAD over any 12-month period. Such businesses may use a simplified GST/HST ...
While the GST/HST holiday tax break provides relief on select items under Bill C-78, not all goods and services qualify.. The Canada Revenue Agency (CRA) has defined categories of items that remain taxable during the relief period. Misclassifying these products as tax-exempt could lead to co...
(b) Make anannual electionon a prescribed form that must be filed to Canada Revenue Agency (CRA) by January 1st every year to paytax on the net rental incomeby filing a Canadian income tax return for the net rental income only. If the tax return is filed late or not at all, the no...
When filing your returns, take this wise advice fromTD Accounting Services(@TDAccounting) — in addition to documenting how much you collected, be sure to also calculate and claim anyGST/HSTamounts you paid as a business in order to lower your overall tax bill. (Here’s a list of theinp...
A notice of assessment is an acknowledgement that your tax return has been received by the Canada Revenue Agency.Written By Sandra MacGregor Canadians may breathe a big sigh of relief after submitting their tax return, but that’s just the first part of the tax process. It’s only once you...