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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 […]

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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 […]

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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 […]

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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: […]

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UBER: Reporting Income, and Filing Taxes

Uber has become an incredibly popular source of self-employment for many Canadians. The flexibility and reliability provided by the group provides a simple yet high-return income that accommodates the varying circumstances of Canadian families and their lifestyles. A common misconception by many Canadian drivers is that Uber income does not need to be reported for […]

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