Blog - Page 8 of 12 - FinTech College of Business And Technology

Paying Yourself When Incorporated – Salaries vs. Dividends – Corporate Accounting

Canada Revenue Agency | June 12, 2021

Salaries vs. Dividends – Corporate Accounting Small business owners often want to find out, if they should be taking dividends from their corporation or paying themselves a salary. There are…

Corporate Tax – Active Income vs. Passive Income

Canada Revenue Agency | May 26, 2021

Active Income Active Business Income (ABI) is income that is generated from a business source and includes any income incidental to your business. For example, if you own a Canadian…

Bookkeeper’s Guide – Creating an Audit Trail

Canada Revenue Agency | May 17, 2021

Keep ALL Your Receipts for an Audit Trail A legitimate business receipt for CRA purposes must contain: Sales under $30 Name of the business Their address Their phone number The transaction date…

Income Tax Brackets – T1(Personal) – 2021

Canada Revenue Agency | May 8, 2021

Income Tax Brackets – T1(Personal) – 2021

QuickBooks Desktop – Keyboard Shortcuts

Enterprise | April 18, 2021

QuickBooks Desktop – Keyboard Shortcuts

Temporary Wage Subsidy PD27 form and T4 Summaries

Income Tax | February 24, 2021

Prior to the introduction of the CEWS, the federal government had introduced the Temporary Wage Subsidy (TWS) which provided employers a subsidy of up to 10% of employee remuneration paid,…

Important update to correct T4 filings – QuickBooks Desktop

Uncategorized | February 18, 2021

A new release an update to correct how amounts are autofilled in boxes 57-60 on the T4. This new update is targeted for release on February 18th. What happened? Earlier…

Learn Canadian Payroll and Taxes

payroll | February 12, 2021

Establishing a business and expanding a business are two different aspects! You might feel that you achieved your goal when you are planning to develop your business internationally. So, you…

T4 Auto-Fill functionality for Codes 57 – 60 (QuickBooks Desktop)

Canada Revenue Agency | February 2, 2021

Update to January 2021 Payroll Tax Table What had happened? As communicated in my last email, the January 2021 payroll tax table update did not auto-fill new T4 boxes 57-60 for…

What is the $400 claim?

Income Tax | January 30, 2021

CRA allows all employees, who worked from home because of COVID-19 in 2020, to claim up to $400 in employment expenses as a flat rate. This amount is a tax…