by Roberto Belingueres | Jan 11, 2021 | Articles & Publications, Taxes
Federal Tax Bracket Rates for 2021 The following are the federal tax rates for 2021 according to the Canada Revenue Agency (CRA): 15% on the first $49,020 of taxable income, and 20.5% on the portion of taxable income over $49,020 up to $98,040 and 26% on the portion...
by Roberto Belingueres | Jan 10, 2021 | Articles & Publications, Blog, Taxes
RRSP Contribution Limits: How Much Can You Deposit? Contributions to registered retirement savings plans (RRSPs) reduce the amount of income tax you pay, but there are limits on how much you can deposit each year. Registered retirement savings plans (RRSPs) encourage...
by Roberto Belingueres | Jan 5, 2021 | Audit
“Audit” can be a very scary word to any business owner, especially a small business owner. This is because when the CRA audits your business tax returns, you have to collect all of your past financial documents and explain, in detail, the intricacies of your business....
by Roberto Belingueres | Jan 5, 2021 | Audit
Due to the COVID-19 pandemic, this year has posed significant challenges for all of us, this includes auditors and the clients they serve. As a result, auditing faces new unforeseen challenges: Internal Control Risks As many businesses have moved to virtual work, they...
by Roberto Belingueres | Jan 5, 2021 | Audit
When you need a business loan, creditors will ask to see your Audited Financial Statement, this is so they can assess the risk of them losing their money on your business opportunity. It is important that Audited Financial Statement is prepared correctly as it...
by Roberto Belingueres | Jan 5, 2021 | Audit
Small businesses regularly amass expenses connected to employee travel, meals, customer relations, and other necessary items. The Canada Revenue Agency (CRA) provides an extensive list of acceptable business expenses. According to the law, businesses are required to...
