As a taxpayer and Canadian citizen, you may sometimes go through tough financial times and be unable to pay taxes owed come tax season. CRA form RC376 is one document you may have to fill out to achieve this. The Canada Revenue Agency (CRA) allows indiv...
One of the first rules of starting a small business is to learn how to save money.
However, with...
Taxes are due to be paid to the CRA by April 30 each year. This is true for everyone from individuals to small business owners. However, there is somewhat of a grace period that runs to June 15 that comes with interest charges. With help from our team a...
It’s no secret that part of running any business is finding ways to maximize your revenue as you minimize your expenses. This is especially critical when running a small business because the revenue might not outweigh the expenses by very much each mont...
Doing your taxes can be a frustrating and tedious process. Knowing how much you have to pay and getting that amount right can feel like a guessing game. Furthermore, you would hate to short-change the government then have to pay a considerably larger ta...
When running a business, you have enough on your plate. Particularly for small business owners in Toronto, managing the bookkeeping and taxes is overwhelming. The penalties you incur when neglecting or mismanaging finances cripple operations. Luckily, w...
As a small business owner, there’s probably a long list of projects, plans, and goals you’re waiting to embark on until you’re more established. You think you should delay until your bottom line is secure before overextending into a new marketing strate...
When you run a small business, there are many everyday operations that you’re not specialized in. This can include things like hiring employees, accounting and payroll, and others. We believe that you can do all these things and do them well.
Just because taxes happen every year, it doesn’t make it any easier to get the paperwork together in time to file. Even when you meet the deadline, you may wonder if you’re filing correctly or over or underpaying–especially if you have a complicated tax...
No matter how good your intentions to get your taxes filed this year, life can come at you fast. Unpredictable events happen, and sometimes taxes aren’t your top priority. While not filing taxes is a serious issue, experienced tax professionals can help...
Doing payroll for your small business in Canada isn’t always simple, but doesn’t have to be hard if you follow some necessary steps to set it up. While working with a professional payroll assistance company is the best way to ensure your payroll is corr...
Many small business owners tend to take the DIY approach when it comes to their organization’s needs. After all, that scrappy mentality is probably why your company has thrived in the first place.
However, tax preparation is one thing you may wan...
It’s the end of the year and tax season is rapidly approaching. 2020 brought the COVID-19 pandemic and a whole new circumstance that none of us have ever seen, which will also bring new tax implications. In addition to the pandemic, personal tax plannin...
We here at Leonard Tam of Toronto, Ontario believe it’s always a good idea to start preparing for tax season early.
You may wonder, why use tax services when I can handle my taxes myself?
We’re glad you asked.
Nearly all businesses in Canada are considered small businesses, making them the foundation of Canada’s economy. To function most optimally, small business tax deductions and preparations are essential for Toronto businesses’ financial soundness.
There’s a lot to do when owning a business, including financial planning, paying taxes, bookkeeping and more. You may find yourself in situations where you must deal with the CRA, which can be stressful. Instead, work with me, Leonard Tam, CPA in Toront...
Let’s face it: there’s no simple part about starting and running a small business in Canada. Whether you’re a one-person team or are slowly expanding your operation, challenges and opportunities are likely ample. But setting up payroll for your small bu...
As a top tax planning company in Toronto, our team helps individuals and businesses prepare and file their yearly taxes. A common problem we see is that many people don’t start getting organize...
If you’re considering the possibility of hiring an outsourced Chief Financial Officer (CFO), you’ve come to the right place. At Leonard Tam, we’re dedicated to helping your business achieve not only financial stability, but financial profits and success...
As a Toronto tax advisor, we know that clients often have the same queries and concerns about tax refunds. To help you understand more about how tax refunds work and how long the process typically takes, here are the answers to the most commonly asked q...
As you may already have heard, the Canadian federal government has extended the 2020 tax filing deadline to June 1. According to the Canada Revenue Agency, the original filing date of April 30 was due to the COVID-19 pandemic currently wreaking havoc on...
Whether you’re starting a new business or have been in business for a while, you know how much of your time and mind space day-to-day operations occupy. You are constantly pulled in different directions, and you’re usually called away from what you’re m...
Navigating the world of small business is time-consuming, stressful, and sometimes overwhelming. More than anything, though, it’s rewarding or you wouldn’t put your heart and soul into it. We’ve yet to meet the business owner excited to do their tax ret...
Good leadership recognizes a good work culture, but even the best can miss signs that might induce excellent employee to leave. As awareness is the key, there are signs to watch for. What might a good leader be overlooking?
1 Fail...
Let maturity be a prime asset to your starting a new business. While some young entrepreneurs like Mark Zuckerberg are enormously successful, older entrepreneurs, statistically, have a higher rate of success. We don’t hear about the young failures. Ther...
Filing and paying taxes for small businesses is a legal responsibility and not a pleasure. Business owners should be aware of preparing for the deadline all year in order to take the stress out of tax season.
Filing and Paying on Time
When it comes time to file your annual tax return with the CRA, you'll notice there are lots of similarities between personal tax returns and business tax returns. However, comparing the two by the same scale will give you a good idea of how differ...
INDEPENDENCE
So many people are lured by the promise of independence and its advantages in owning an independent business. Of course, such a step might require leaving rewarding employment in a strong company by assuming ...
You have the choice of one or the other, or a mixed income.
From the basis of a registered business corporation, you must decide how to pay yourself: a business salary, payment in dividends, or a mix of both. It is important to kn...
You are confident of your relationship with your brother-in-law, high school buddy or the maid-of-honor in your wedding party. Looking for a new business venture, of course you want people that you not only can trust but are personally compatible with. ...
No matter where you run a business in Canada, if you sell a product you have the obligation to collect sales tax. Ignoring that crucial step in doing business can lead to serious legal complications with your sales tax returns filing. This could potenti...
First, we all know that we must be responsible for filing our returns on time to the Canada Revenue Agency, for we all must be accountable both as persons and as business owners. It’s in our own best interest to avoid penalties, for ...
10 Simple Ways to Health and Sanity
Industry, business and finance have become so demanding in our work lives that everyone is feeling enormous pressures to perform seven days a week with no rest. Furthermore,...
Taking the leap to start a new business venture is not a decision to be taken lightly. Most people fail to ask themselves the difficult questions before making that move. The strength of the answers may mean success or failure. So, what makes you cut ou...
Finding someone to balance your books isn’t just about taking some of the workload off your shoulders. Professional bookkeeping services ensure you stay on top of all your tax obligations, and, a good accountant will help your business save money. They ...
Marketing makes the success or failure of a product. Marketing principles are tried and true, developed for decades by scientific research; there is no guessing game. The evidence speaks for itself. Any product can be a success with effective techniques...
The last thing you need is a letter from Canada Revenue Agency informing you that you are being audited. In the year 2017, more than 35,000 of such letters were issued to businesses, and almost 55% of such letters targeted small to medium-sized business...
It's exciting to start a business ... And that's scary. One of the best ways to boost the excitement and shrink the fear is to take the time to ensure that you are fully prepared for what is to come.
While it's hard to plan for any possibilities ...
At Leonard Tam, we specialize in helping small business owners with their financial needs. What exactly does that mean for you? Here are the answers to some of the most common questions potential clients ask us.
Are there any business siz...
How can you Declare Expenses in Income Tax without showing receipts!!
Receipts work as evidence for our business expenses and the Canada Revenue Agency may decide to reduce the number of expenses you have deducted. All of our cla...
When it comes to sales tax returns and small business consulting, you don't want to go it alone. Instead, you want the guidance of an experienced consulting business to help steer your business in the right direction and help you avoid the traditional p...
Tax law can be incredibly complicated, especially for businesses. The last thing you want is to file your taxes with errors in them. In doing your taxes yourself, you also run the risk of missing out on valuable deductions and credits for ...
