Author: cpb

UHT Deadline Extended to April 30, 2024

10/31/202310/31/2023 cpb No Comments

The Underused Housing Tax Return & Payment for the 2022 calendar year – penalties (minimum $5,000 or $10,000) are now waived if filed and any tax owing is paid by April 30, 2024. More details, you could check here: UHT If you need help with UHT, you could contact us.

Update

BMO offer Credit line for business to help pay off CEBA Loan

10/24/202310/24/2023 cpb No Comments

Some business owners have opted to explore alternatives to the Canada Emergency Business Account (CEBA) loan and have turned to Bank of Montreal (BMO) for a pre-approved Line of Credit (LOC). While this option provides them with a way to replace the CEBA loan, it comes with a higher interest rate, exceeding 14%. （BMO Prime+7.5%），you…

Business, Update

N.S. restaurant says CEBA loan repayment extension doesn’t go far enough for small businesses

10/23/202310/23/2023 cpb No Comments

The news posted by globalnews.ca states that Canadian small businesses are in need of an extension for the repayment deadline of The Canada Emergency Business Account (CEBA) by the federal government. Without this extension, many businesses will be forced to close due to their inability to pay their debts.

Business

Underused Housing Tax (UHT)

10/23/202310/31/2023 cpb 1 Comment

Under the C-8 Act, the Government has implemented a 1% annual tax on the fair market value of “underused residential property” owned by non-resident, non-Canadians. For instance, a home bought for $1,700,000 in 2018 with a current fair market value of $2,000,000 will incur a $20,000 tax.

Tax Tips, Update

Support Forgiveness for Canadian Businesses: Sign Open Letter to Government | CEBA Loan Relief

10/16/202310/16/2023 cpb 1 Comment

Canadian businesses cannot afford additional debt payments currently. Please support forgiveness by signing our open letter to the Canadian Government at http://cebaloanrelief.ca Canada recently announced that it will be extending the small business emergency loan repayment deadline, which undoubtedly comes as a relief for many entrepreneurs struggling to keep their businesses afloat during these challenging…

Business

Impact of Immigration on the Canadian Economy.

09/29/202309/29/2023 cpb No Comments

Despite claims that immigration drives wages down by 4%, Canadian immigration chooses applicants with positive human capital to bring to our country. As a result, immigrants bring economic benefits to the Canadian economy. Immigrants fill areas of chronic labour shortage for skilled jobs that keep our economy vibrant. In addition, data collected from Statistics Canada…

Update

Canada extending small business emergency loan repayment deadline.

09/15/202309/15/2023 cpb No Comments

We are disappointed with Prime Minister Justin Trudeau’s recent announcement on Thursday, regarding Canada’s extension of the repayment period for emergency loans provided to small businesses during the COVID-19 pandemic. After consistent calls from businesses, the Liberals have decided to extend the repayment deadline for Canada Emergency Business Account (CEBA) loans by one year, despite…

Update

Canada Sales Taxes: GST, PST, RST, and HST

09/11/202309/15/2023 cpb No Comments

Canadian governments (Federal, Provincial, and Municipal) charge you taxes for different reasons. Some of the most well-known taxes are the following: I explain Sales Tax in this article. When you purchase a good or service you need to pay an extra percentage on top of the original price to the merchant or service provider. The merchant in…

Tax Tips

Canada’s First Home Savings Account (FHSA): A Tax-Free Way to Save for Your First Home

08/09/202308/09/2023 cpb No Comments

Canada’s tax-free First Home Savings Account (FHSA) is a tax-exempt savings account designed for residents to save for purchasing a home. Similar to RRSP and TFSA, the FHSA is a registered savings account that can hold a variety of investment securities, including equity investments like stocks, fixed-income investments (bonds and GICs), as well as other…

Tax Tips, Update

The Duties and Importance of a Professional Bookkeeper

08/04/202308/04/2023 cpb No Comments

A professional bookkeeper specializes in maintaining accurate and organized financial records for businesses and organizations. They record financial transactions, track expenses and income, reconcile bank statements, and ensure that financial data is properly categorized and documented. Bookkeepers are crucial for helping businesses maintain their financial health, make informed decisions, and comply with accounting and tax…

Bookkeeping