Category: Tax

Can You Make Money by Using the Quick Method of Accounting?

On By Toronto's Small Business AccountantIn Accounting, Tax

Small business owners in Ontario may not realize that the Quick Method of accounting for GST/HST can actually increase the bottom line of a small business... GST/HST registrants who elect to use the Quick Method collect GST/HST as usual; however, rather than claiming input tax credits (ITCs), the registrant would simply use a formula that …

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Did You Know There Are Certain Legal Fees You Can Deduct?

On By Toronto's Small Business AccountantIn Tax

Did you know that as an Individual in Canada you are able to deduct certain legal expenses?   Legal fees paid to collect, establish or increase the amount of support payments  The tax treatment of legal fees paid during a separation and divorce are generally complicated.  Most of the legal fees incurred are not deductible …

Continue reading Did You Know There Are Certain Legal Fees You Can Deduct?