This is the story of Backstop Bob. Backstop Bob owns and operates Backstop Bob’s Baseball Emporium. Backstop Bob sells baseball bats. He thinks that he has been very successful.
Every month, Bob reviews his financial statements with his accountant. Each month, he is told that he is making money. At the end of the year, he […]
There are three different variations that are accepted business meals. In the first variation, a meeting is held between two or more individuals to discuss business topics. A perfect example of this type of business meal would be if you and a potential customer went to a restaurant to discuss doing business together. Another example […]
Business owners understand the importance of keeping records up-to-date. Unfortunately, pa-perwork has a habit of piling up – quickly!
PADGETT BUSINESS SERVICES now offers a solution – PADGETT CONNECT
PADGETT CONNECT is an easy-to-use business software applications package that is customized for your business. You don’t need to be a com-puter whiz or an accountant to use […]
A tax return must be filed if you have to pay income taxes. A tax return must also be filed if you have not repaid all amounts withdrawn from your RRSP unde the Home Buyers’ Plan or the
Lifelong Learning Plan.
Other situations may warrant the filing of a tax return. They are:
You want to claim a […]
Since January 2011, self-employed Canadians will be able to voluntarily access Employment Insurance (EI) special benefits. There are four types of EI special benefits:
Maternity benefits (15 weeks maximum) available to birth mothers. It covers the periods surrounding birth. A claim can be submitted up to 8 weeks before the expected date of birth;
Parental / adoptive […]
Normally, you would start your retirement pension the month after you reach 65. However, you can begin the CPP as early as your 60th birthday or as late as your 70th.
The amount of the pen-sion is adjusted by 0.5{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39} for each month that you start to receive your pension ei-ther before or after your 65th […]
Improper input tax credit (ITC) documentation is one of the main reasons for GST/HST reassessments. Proper invoices to support ITCs are required by Canada Revenue Agency auditors. For example, the input tax credit may be disallowed if only the credit card slip is provided rather than the actual invoice.
The supplier’s GST/HST registration number should be […]