Growth Space
4328 Crabapple Cres. SW T6X 1W5 Edmonton, AB, Canada

Each year many Canadians hate to approach the tax time and worry about receiving a hefty tax bill after everything is submitted and filed. Fortunately, there are many tax deductions available to Canadians most probably you haven’t even heard about! https://atgrowthspace.com/5-tax-deductibles-to-increase-re/ The accountants at Growth Space would like to enhance your knowledge to save money every year. Here are 5 expenses you probably didn’t know were tax-deductible:...Continue reading

Financial Support for Students! - Students, who do not qualify for Canada Emergency Response Benefit or Employment Insurance, may receive financial support of up to $2000! Please share/forward to Students who would benefit from this program. https://atgrowthspace.com/canada-emergency-student-benefit/ If you have any questions, Send a Message to us, we will help you out with this! Can you apply for Canada Emergency Student Benefit (CESB)?...Continue reading

As a business owner, you care about only one thing, how much profit you are making! In doing so your efforts are concentrated on mainly two areas, that’s increasing revenue and decreasing expenses. Here, as an accountant, we’re going to discuss the third factor, managing taxes, for increasing your take-home profit. So, let’s dive deep into the four largest expenses that you can deduct on the tax return that helps you to manage the taxes, therefore, increasing your net ...Continue reading

Eid Mubarak!!! Stay Safe, Happy and Blessed!!!

Canada Emergency Business Account (CEBA) - You can get interest-free loans of up to $40,000, if your small business revenues have been temporarily reduced due to COVID-19! You will be forgiven 25% (up to $10,000), if you repay the balance of the loan on or before December 31, 2022. Who can apply for Canada Emergency Business Account (CEBA)? A Canadian business that is in operation as of March 1, 2020.... That has a federal tax registration. Total employment income paid in 2019 was between Cdn.$20,000 and Cdn.$1,500,000. Has an active business chequing/operating account with the bank/financial institution, which is its primary financial institution. This account was opened on or prior to March 1, 2020 and doesn't have anything in arrears by 90 days or more as at March 1, 2020. Has not previously used the Program and will not apply for it at any other financial institution. Has the intention to continue to operate its business or to resume operations. Agrees to participate in post-funding surveys conducted by the Government of Canada or any of its agents. How can you apply for the CEBA? Talk to your bank/financial institution to apply for this loan. What are the restrictions on fund usage? Only be used to pay non-deferrable operating expenses including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service, May not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation. Who are excluded from the CEBA? A government organization or body, or an entity owned by a government organization or body; A union, charitable, religious or fraternal organization or an entity owned by such an organization. If it is, it is a registered T2 or T3010 corporation that generates a portion of its revenue from the sales of goods or services; An entity owned by any Federal Member of Parliament or Senator; An entity that promotes violence, incite hatred or discriminate on the basis of sex, gender identity or expression, sexual orientation, colour, race, ethnic or national origin, religion, age, or mental or physical disability, contrary to applicable laws.