Basic vs Full-Service Bookkeeping: What Differs in Canada
The cost difference between basic and full-service bookkeeping comes down to scope, and no official source publishes a fee for either. Prices…
T4 and ROE Reporting Rules for Canadian Employers
T4 slips are due on or before the last day of February following the year they cover, and an ROE has to be issued within 5 calendar days of an…
WSIB Bookkeeping Rules for Ontario Employers
WSIB bookkeeping comes down to two jobs. You report your payroll and pay premiums on schedule, and you report a workplace injury within three…
How Stock Options Are Taxed for Canadian Employees
Stock options are taxed as employment income, and the tax usually hits in the year you buy the shares, not when you receive the options. The…
Bookkeeping for Employee Loans in Canada
Employee loans at no interest, or at less than the CRA’s prescribed rate, create a taxable benefit for the employee. The prescribed rate…
Company Vehicle Tax Rules for Employees and Owners
Company vehicle tax comes down to who is using the car. If your employer hands you a car and you drive it for personal trips, the CRA treats…
Payroll Record Keeping Rules for Canadian Employers
How long do you have to hold on to payroll records? Six years from the end of the last tax year they relate to. Payroll record keeping works…
Bookkeeping for a Canadian Business With US Customers
Bookkeeping for a Canadian business with US customers comes down to three things: record every US sale in Canadian dollars, keep proof of…
How to Calculate and Account for Vacation Pay
Vacation pay in Canada is at least 4% of an employee’s gross wages for the first years of service, rising to 6% after a set number of…
Tax Treaties in Canadian Accounting, Step by Step
Handling tax treaties in Canadian accounting mostly means keeping proof. Who got paid, where they live, and why you withheld less than the…