Tax on Split Income (TOSI), another name for income splitting, is a tax planning strategy used in Canada to lower your overall tax liability. It means shifting income to relatives with lower tax rates. To take advantage of their lower marginal tax rates, the plan is to transfer money to other family members. What is
Is Bookkeeping and Accounting the same thing? Bookkeeping and accounting are two essential functions in the financial management of any business or organization. While these terms are often used interchangeably, bookkeeping and accounting are distinct processes with different roles and responsibilities. Bookkeeping is the process of recording and organizing financial transactions. It involves maintaining accurate
What is a CPA? In business and finance industry, the designation CPA, stands for Certified Public Accountant. This credential signifies expertise and credibility and is highly respected. They’re specially trained and licensed to handle a variety of accounting tasks, from preparing taxes to auditing financial statements. But what exactly does it take to become a
In response to the unprecedented shift towards remote work prompted by the COVID-19 pandemic, the Canada Revenue Agency (CRA) has introduced new guidelines regarding tax deductions for Canadians who have been working from home. These work from home expenses and tax deduction guidelines aim to provide relief to individuals who have incurred additional expenses due
As of January 1, 2024, authorities have instituted significant changes in the Canadian Pension Plan (CPP) landscape, mandating employers to deduct a second additional Canada Pension Plan (CPP2) on earnings exceeding the annual maximum pensionable earnings. The Canada Revenue Agency’s (CRA) requirements must be strictly followed to effect this revolutionary change. Learn more about the
In the world of healthcare, precision and accuracy are first and foremost. Healthcare professionals work diligently to diagnose and treat patients with precision, but what about the financial health of your practice? Managing your finances with the same level of precision is equally important. That’s where expert accounting services for doctors and healthcare professionals, like those
