Canada Pension Plan (CPP) Changes: What You Need to Know About CPP Enhancement
The Canada Pension Plan (CPP) has been undergoing changes since 2019, with further changes taking place in 2024. This CPP enhancement was designed to increase retirement income for working Canadians and their families by gradually increasing CPP contribution amounts. Key Components of the CPP Enhancement The CPP enhancement applies solely to people who have worked and […]
How to Customize Your Quickbooks Online Setup | Quickbooks Online Optimization Support for Business Owners
What is QuickBooks Online? QuickBooks Online (QBO) is an accounting software platform created to help business owners easily and efficiently manage bookkeeping, accounting, and administrative processes. It helps to provide reliable and meaningful reporting and information that helps you make better business decisions. As an online, cloud-based tool, QuickBooks Online allows you to access important […]
Canadian Interest Rates Q3 2024: July 1 to September 30, 2024
The Canada Revenue Agency (CRA) has announced prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to both individuals and corporations. These rates are in effect from July 1 to September 30, 2024. Income Tax Interest Rates Q3 2024 The interest rate […]
Managing GST on Real Property Purchases: A Practical Guide for Businesses
Understanding how the Goods and Services Tax (GST) impacts real estate transactions is essential for business owners who are investing in real property. Real Property and GST: What You Need to Know Land and any permanent structures that are attached to it, such as residential and commercial buildings, are considered real property for tax purposes. […]
Navigating Canada’s 2024 Federal Budget: What You Need to Know
On April 16, 2024, Canada’s Deputy Prime Minister and Minister of Finance, Chrystia Freeland, unveiled the 2024 Federal Budget, titled “Fairness for Every Generation,” in Ottawa. This budget is focused on three key pillars: building more affordable homes, reducing the cost of living, and fostering inclusive economic growth. Here’s a breakdown of the significant tax […]
Alberta Budget 2024: A Comprehensive Overview for Businesses and Families
The newly released Alberta Budget for 2024 aims to place a strong emphasis on healthcare, education, family assistance, and community safety. Investing in Jobs and the Economy A number of initiatives are introduced in Budget 2024 for companies and the economy. With a $5,000 refundable tax credit, the Alberta is Calling attraction bonus seeks to draw […]
Simple Profit Improvement Strategies for Your Business | The Power of One
If increasing profit is one of your business goals, there are simple strategies you can implement to help you get there. The Power of One is a profit improvement tactic that helps you increase profit by adjusting specific metrics by as little as 1% or a factor of one. Simple Profit Improvement Strategies: The Power […]
2024 Canadian and Albertan Tax Brackets and Rates
What Are Tax Brackets? The Canada Revenue Agency collects federal income taxes using a marginal tax rate system. A different tax rate is applicable to each level of income, and these levels are called tax brackets. Tax brackets are structured so that low-income Canadians pay a lower percentage in taxes than high-income Canadians. Changes are […]
How to Generate More Cash and Achieve Greater Profit for Your Business
As a business owner, you know that maintaining and improving your financial health is key to the success of your business. Whether you’re looking to minimize your personal and business taxes or increase your profits, working with an advisor who specializes in profit improvement strategies can be a game-changer. If you’re looking to increase your […]
EI Premium Reduction Program – What You Need to Know
With the Government of Canada’s Employment Insurance (EI) Premium Reduction Program, you can both increase your bottom line and improve employee welfare. In addition to protecting unemployed individuals, Service Canada’s Employment Insurance program provides benefits to employees who face various life challenges and changes including illness, injury, or the joyous arrival of a new family […]