How to Pay your Business Taxes Online?
Businesses can pay their Taxes to Canada Revenue Agency (CRA) via Online Banking to make it faster and easier to manage taxes. Paying Taxes digitally is beneficial as it ensures that your information is safe and easier to access online at any given time. Canada Revenue Agency (CRA) takes up to 5 business days from…
Balbir Saini
Temporary 10% Wage Subsidy
The Temporary 10% Wage Subsidy is a Three-Month Tax Program (March 18, 2020-June 19, 2020) that’s part of Canada’s Covid-19 Economic Response Plan. It aims at avoiding mass layoff by the employers and to encourage rehiring. Temporary 10% Wage Subsidy allows ‘Eligible Employers’ to claim an amount equal to 10% of the Remuneration paid to…
New Wage Boost for Essential Workers
The New Wage Boost for Essential Workers is a financial support program for low-income part time and seasonal workers (with income less than $2500 per month) in the essential service sectors. Such workers are now eligible to claim the $2,000 Canada Emergency Response Benefit (CERB). Essential low-income frontline workers in Hospitals, Nursing Homes, Food Supply…
Canada Emergency Response Benefit (CERB)
Canada Emergency Response Benefit (CERB) is Government of Canada’s initiative to support affected employed class across Canada with $2,000 per month during the Covid-19 pandemic. This benefit is part of Canada’s Covid-19 Economic Relief Plan. CERB is taxable and given out partly in installments of $500 per week. The eligibility criteria (with recent relaxations) for…
Canada Small Business Financing Program (CSBFP)
The Canada Small Business Financing Program (CSBFP) is a part of the Canada Small Business Financing Act created to improve access to Business Loans at competitive Interest Rates for Entrepreneurs to establish a start-up or improve their small businesses. “Business Loans at Competitive Interest Rates” Who is eligible? Businesses that qualify for Canada Small Business Finances…
Canada Emergency Business Account (CEBA)
Canada Emergency Business Account is a $25 Billion Relief Fund created by Government of Canada to provide ‘Access to Credit’ to the struggling Businesses and Not-for-Profits in order to support them with cash flow as a part of Canada’s Covid-19 Economic Relief Plan. Canada Emergency Business Account provides an Interest-Free Loan of $40,000 to qualifying…
What is T4 Slip, issued by Employer?
‘T’ stands for Tax Slip and ‘4’ is number assigned by Canada Revenue Agency to classify Employment Income. T4 slip provides detail of your annual income and deductions. T4 slip is issued by your employer and sent to Canada Revenue Agency and a copy is provided to you. You have to report your employment income…
Fraud Alert – Tax Collection Calls
I would like to share very important information with you. Some people are receiving fraudulent tax collection calls. The caller pretends to be calling on behalf of Canada Revenue Agency and uses very harsh language to collect tax including threat to arrest. If you face similar situation, don’t panic and can take the following action:-…
Tax tips for Post-Secondary Students
Government has tax credits, deductions, and benefits to help students. All you have to do is file your income tax and benefit return and claim them. Here is list of what you can claim: Eligible tuition fees – An eligible tuition fee is a fee you paid to attend your post-secondary educational institution for the…
Good profits but no money in Bank? Why?
Small business owners wonder they work hard, make good profit but there is no money in the bank and have to struggle to meet day to day expenses. The answer is they are short of working capital. Working capital is the money required to fund accounts receivables, inventory and operating expenses minus credit from vendors….