What's New
Unlocking the Key to Vibrant Neighborhoods: The Vacant Home Tax
What is it? And when is it due? By February 29th, 2024, all residential property owners in Toronto are required to declare the occupancy status of their properties. This new law is called the Vacant Home Tax, a new tax law introduced in 2021 to put pressure on the owners of vacant homes to either […]
Unlocking the Door to Homeownership: Understanding the First Home Savings Account
Introducing the First Home Savings Account, CRA’s latest tax-deductible account that can save you fortunes annually, while setting you up for the purchase of your first home. Why should you invest in an FHSA account? What are its benefits? How much can you contribute to your FHSA’s? Who is eligible? What happens to your FHSA […]
Quick Method for Filing HST/GST Returns
Have you been spending way too much time filing your HST/GST returns? CRA has a solution for all small business owners! To start off, what is an HST/GST return/credit? Canada’s Revenue Agency says that “The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free quarterly payment that helps individuals and families with low […]
Self Employed vs Employee
There are several factors to consider when determining the difference between a self-employed individual and an employee. This determination can affect an individual’s entitlement to Employment Insurance (EI), as well as how a worker will be treated under the Canada Pension Plan and the Income Tax Act. In the case of an employer-employee relationship, employers […]
Business Spotlight
Welcome back to our blog! In this month’s edition, we’re excited to share the story behind Senathi & Associates Professional Corporation and its Inception! Senathi & Associates Professional Corporation, founded by owner Logan Senathirasa, is a small-medium sized accounting & audit firm serving clients across the GTA. Senathi & Associates provides a range of services: […]