Bestax Insights
Stay informed with practical insights, guidance and updates on accounting, tax and business matters affecting Canadian businesses.
Expert-written · Canada-focused · Free to read
Explore clear, practical guidance on Canadian accounting, tax, payroll, business setup and compliance from the Bestax team, to help you make confident business decisions.
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To read a balance sheet, you look at three things in order: what a business owns (assets), what it owes (liabilities), and what is left over for the owners (equity). If the top number (total assets) e
Self-employed taxes in Canada are the income tax and Canada Pension Plan contributions you pay on the profit from your own business, reported on your personal tax return using Form T2125 . If you earn
Canada's departure tax in 2026 is not a flat exit fee, it is a capital gains tax triggered when you stop being a tax resident, calculated as if you sold most of your worldwide property on the day you
Manitoba Budget 2026 removes the 7% provincial retail sales tax from a much wider range of food and beverages sold at grocery stores, and this expanded exemption takes effect on July 1, 2026. It build
To write a business plan in Canada, you describe your business idea, your market, your team, your operations and your finances in one clear document, then use it to guide decisions and secure funding.
Net income in Canada is the money you have left after subtracting specific deductions, such as RRSP contributions, child care costs, and union dues, from your total income. On your Canadian tax return
Rental income in Canada is taxed as ordinary income at your marginal federal and provincial tax rates after you subtract eligible expenses, so what you actually pay depends on your total income and th
Line 10100 on your Canadian tax return is where you report your total employment income for the year, your salary, wages, tips, commissions, bonuses, gratuities, and honoraria. For most people, it is
There is no universal winner in the salary-versus-dividends debate. Depending on your province, income, retirement goals and corporation’s tax position, the better approach may be salary, dividends or
If your books have ever refused to balance, you already understand the quiet logic behind double-entry accounting . Every dollar that moves through your business comes from somewhere and goes somewher
The Disability Tax Credit (DTC) is a non‑refundable federal tax credit for Canadians with severe and prolonged impairments in physical or mental functions. Its purpose is to reduce income tax payable,
If you're a GST/HST-registered business in Canada, you're likely paying sales tax on dozens of purchases every month, including software subscriptions, office rent, professional fees, vehicle expenses
