How to calculate and account for vacation pay in Canada?
Ensure compliance by accurately calculating vacation pay based on the amount employees earn. Generally, Canadians are entitled to a minimum of…
How to handle tax treaties in Canadian accounting?
Implement a systematic review process to regularly assess existing tax treaty applications to ensure compliance and optimize benefits.…
How to handle payroll deductions in Canadian bookkeeping?
Ensure accurate deductions by consistently tracking statutory and voluntary amounts in each payroll cycle. Accurate calculation of federal and…
What are the reporting requirements for Canadian businesses with foreign subsidiaries?
Canadian businesses with international presence must file detailed financial and operational reports to satisfy regulatory requirements. These…
What are the reporting requirements for foreign property owned by Canadian businesses?
Canadian companies must accurately report their ownership of foreign property to comply with tax regulations and avoid penalties. Failure to…
What are the GST/HST implications of international sales from Canada?
Registering for Goods and Services Tax (GST) and Harmonized Sales Tax (HST) is essential for Canadian businesses engaging in international…
How to account for foreign investments in Canadian bookkeeping?
Adopt specific recognition and measurement procedures outlined by Canadian accounting standards when recording foreign investments. This…
What are the reporting requirements for foreign income in Canada?
If you earn income outside Canada, reporting it accurately to the Canada Revenue Agency (CRA) is essential to stay compliant with tax…
How to account for international travel expenses in Canadian bookkeeping?
Implementing a structured tracking system for international travel expenses ensures accurate reporting and compliance with Canadian accounting…
What are the tax implications of having foreign employees working for a Canadian company?
Understanding tax obligations for foreign employees working in Canada requires clear planning. Canadian companies should prioritize proper…