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Unraveling the Impact of Canada’s Underground Economy on Taxes
The Canadian underground economy, often hidden from plain sight, has a considerable and lasting impact on the tax system and the nation's financial landscape. This shadow economy comprises unreported income and transactions that evade taxes and government regulations. While it may appear harmless to some, it carries far-reaching consequences for individuals, businesses, and the Canadian economy as a whole. In this blog, we will delve into the scope of the Canadian underground economy, its impact on taxes, and the benefits missed when income is not reported. We will also discuss how MiAccounting, a top accounting firm in Canada, assists Canadians in staying compliant and reporting their taxes accurately. Lastly, we will conclude with a call to action for all Canadians...
Accounting for Construction Businesses: Do’s and Don’ts
Construction businesses require efficient and accurate accounting practices to ensure financial success. In this blog, we will discuss some dos and don'ts to help construction businesses navigate the complex world of accounting. At MiAccounting, we offer tailored financial solutions for construction businesses, including cloud accounting services, payroll management, and accounting best practices to help businesses thrive. Do's: Keep accurate records - Accurate record-keeping is essential for construction businesses. It's crucial to keep track of all financial transactions and store them in a secure location. MiAccounting can help you set up an efficient bookkeeping system to track all financial transactions accurately. Hire a professional accountant - A professional accountant can provide expert guidance on accounting best practices and ensure that you...
Reporting Income & HST Rules for Canadian Self-Employed or Corporations Providing Services Outside Canada
Hello everyone! In this post, I'll be breaking down the process of reporting income and understanding HST rules for Canadian self-employed individuals or Canadian-controlled private corporations (CCPCs) operating small businesses and providing services outside of Canada. With the assistance of MiAccounting and the power of cloud accounting software, you can navigate this process effortlessly and accurately. Hello everyone! Today, I'd like to explain how Canadian self-employed individuals or Canadian-controlled private corporations (CCPCs) that operate small businesses and provide services outside of Canada need to report their income and the rules surrounding the Harmonized Sales Tax (HST). With the help of MiAccounting and cloud accounting software, you can navigate this process with ease and accuracy. Reporting Income for International Services As a self-employed...
Streamline Your Business with Cloud Accounting
In today's business world, cloud accounting has revolutionized the way small businesses handle financial accounting operations. MiAccounting is a team of specialist cloud accountants that provides cloud accounting services using the latest cloud technology and online accounting software, such as Xero and QuickBooks, to businesses throughout Canada. MiAccounting understands that managing finances can be a daunting task, especially for small business owners who have limited time and resources. With cloud accounting, businesses can streamline their accounting processes, reducing costs and freeing up valuable time to focus on what they do best – growing their business. What is Cloud Accounting? Cloud accounting is a term used to describe the use of cloud-based accounting software to manage financial operations. The software is hosted on...
Managing Unwanted Subscriptions
In today's digital world, subscription services have become increasingly popular, offering convenience and ease. From streaming services to meal delivery kits, online subscriptions are convenient, but they come with monthly recurring charges that can add up over time. This is where MIAccounting's bookkeeping technology comes in, as it can help identify recurring monthly subscriptions and cancel the ones that are no longer needed, resulting in cost savings over time. One significant benefit is the ability to manage subscriptions proactively to ensuring customers don't pay for services they don't use. Many subscription services offer free trials, and when the trial period ends, individuals and businesses often forget to cancel, resulting in recurring monthly charges. With MIAccounting's bookkeeping technology, subscriptions can be...
Running a Successful Restaurant
Running a successful restaurant is not only about serving great food, but also about having a solid understanding of accounting principles. As a Canadian restaurant owner, it's essential to be familiar with the country's accounting laws and regulations to keep your business financially stable. This blog will provide an overview of various accounting aspects that are crucial to Canadian restaurant owners, such as paying servers tips on paychecks, payroll, bookkeeping, HST, CRA rules, tax filing, leasehold improvements, and financing. Paying Servers Tips on Paychecks: When it comes to paying servers tips on paychecks, Canadian restaurant owners must ensure they follow the guidelines set by the Canada Revenue Agency (CRA). Tips and gratuities are considered taxable income, and servers must report them...
10 Crucial tips for Canadian E-Commerce Companies
The pandemic has drastically accelerated the shift towards digitization in every aspect of our lives, including shopping. The e-commerce sector has experienced unprecedented growth and is a prime opportunity for Canadian start-ups. The low start-up costs, the ability to access a wider marketplace, and the ease of online shopping make it an attractive venture. However, the e-commerce industry is also highly competitive and demands careful planning and execution for success. Here are ten tips for Canadian e-commerce companies to maximize their chances of success. As the e-commerce industry experiences unprecedented growth, Canadian start-ups need to navigate a complex landscape to succeed. At MiAccounting, we understand the intricacies of e-commerce and offer expert accounting and bookkeeping services to help businesses thrive...
Why Canadian Nonprofits Should Consider Outsourcing Their Accounting
Nonprofits play a critical role in Canadian society, helping to address some of the most pressing issues affecting the country's most vulnerable populations. Despite their significant impact, however, nonprofits face a range of challenges in today's rapidly changing world. To stay relevant and effective, nonprofit leaders must adopt new strategies and approaches, such as virtual fundraising, social media engagement, and donor retention programs. However, this can be difficult when financial management tasks consume so much of their time and energy. To be successful, nonprofits must maintain accurate financial data to comply with Canada Revenue Agency (CRA) rules and regulations. This means that financial management is a critical component of nonprofit operations. Unfortunately, nonprofit leaders often find themselves bogged down in...
Real Estate Rentals in Canada
If you're a Canadian who owns a rental property, you may be wondering about the tax implications of rental income. The Canada Revenue Agency (CRA) has specific rules that landlords must follow to properly report rental income and expenses on their tax returns. In this blog, we'll explore these rules and provide tips for maximizing your rental income while minimizing your tax liability. Rental Income in Canada: Understanding the Basics Rental income is defined as any money you earn from renting out a property. This includes rent payments, security deposits, and any other fees charged to tenants. Landlords must report rental income on their tax returns, and the amount of tax owed will depend on several factors, including the amount of...
Subcontractors vs. Payroll
As a startup, deciding whether to hire people as subcontractors or employees can be challenging. Both options have their benefits and drawbacks, so it's important to evaluate them carefully before making any decisions. In this blog, we will breakdown what Canadian small businesses need to know when evaluating hiring people as subcontractors vs. payroll, including CRA rules and tax implications. Subcontractors vs. Employees Subcontractors, also known as independent contractors, work on a project-by-project basis and are responsible for their own taxes and benefits. They typically have more control over their work than employees do. In contrast, employees are subject to the company's rules and regulations, receive benefits, and have their taxes withheld by the company. CRA Rules for Subcontractors The Canada Revenue Agency...
Starting a New Corporation?
Starting a New Corporation? Here's What You Need to Know About Tax and Accounting Starting a new corporation in Canada can be an exciting and challenging experience for any entrepreneur. Whether you are starting a new business or transitioning from a sole proprietorship or partnership, there are several critical tax and accounting considerations that you need to keep in mind. Choosing the Right Business Structure Choosing the right business structure is critical for new corporations in Canada. The type of business structure you choose can impact everything from tax implications to the level of personal liability you may face. There are three common business structures in Canada: Federal Corporations: These corporations are created under federal legislation and have the right to operate...
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Categorize for Tax Time
If you're like a lot of small businesses, you've got a jumble of receipts and other paperwork that you need to categorize for tax time.
