Tax Updates: new GST/HST regulations for digital economy businesses

Revenue Canada has introduced new GST/HST regulations for digital economy businesses as of July 1, 2021. Digital business such as music or video streaming services or mobile apps have not been previously required to charge Canada’s sales tax when making sales in Canada. It has now changed, and Canadians might have already noticed GST/HST charges […]

Residency requirement for directors of Ontario corporations has been removed

Overview Effective July 5, 2021, businesses incorporated under Ontario’s Business Corporations Act (OBCA) will no longer be required to have at least 25% of directors to be resident Canadians. Prior to that, the OBCA required that at least one forth of the directors of an Ontario corporation be residents of Canada, or where there were […]

All you need to know about Voluntary Disclosure to CRA

Overview Voluntary Disclosure Program (VDP) is a compliance measure that allows taxpayers to correct mistakes on their previously filed taxes such as disclosing information regarding unreported income, or to file an income tax return that should have been filed. For example, if you realized you forgot to report foreign assets and did not submit T1135 […]

Triple M Accounting Records 5-Star Rated Review on Clutch

Why is accounting important for your business? Accounting plays an important role in business operations because it helps you track income and expenditures, and ensure statutory compliance. Accounting also provides investors, management, and government with quantitative financial information which can be used in making business decisions. There are many reasons why accounting is important for […]

Home Office Expenses incurred during COVID-2019

Temporary Flat Rate VS Detailed Method If you were asked to work from home last year as a result of COVID-19, you may be wondering how you should claim a deduction for home office expense on your personal 2020 income tax return. Canada Revenue Agency (CRA) has simplified the process of claiming working from home […]