Rethink CPA Professional Corporation
95 Mural Street, Suite 600 L4B 3G2 Richmond Hill, ON, Canada

Rule of thumb: If your home office expenses are greater than $400, use the detailed method to maximize your claim #taxtime #taxtips #covid_19 #taxreturn #taxrefund #canada

Small expenses do add up! It is important to keep track of all your expenses at all times, in order to have a full picture of your finances. Consider using cloud accounting software such as Quickbooks Online to stay organized. #markhambusiness #richmondhillbusiness #quickbooks #quickbooksonline #budgeting #expenses #expensestracker #incomestatement #cloudaccounting #cloudaccountingsoftware #cpacanada #smallbusinessowner #smallbusiness #smallbusinesstips #smallbusinesstoronto

RRSP Home Buyers' Plan is a great source of down payment for first-time home buyers: 1Can borrow up to $35,000 each ($70,000 for a couple) tax-free from your RRSP account 2Funds must be in your RRSP account for at least 90 days before withdrawal 3Withdrawal has to be made within 30 days of taking title of the home... 4Funds to be repaid in 15 years, with first payment due two years after withdrawal Not only is the withdrawal tax-free if the conditions are met, the RRSP contribution itself is tax-deductible, which also increases your down payment if it generates a tax refund on your personal tax return. #rethinkcpa #jkwanmortgage #firsttimehomebuyer #rrsp #homebuyerplan #homebuyertips #homebuyingtips #homebuyer #homebuyingprocess #homebuying101 #gtarealestate #gtarealtor

Do non-residents pay tax on RENTAL INCOME in ? Find out in our new blog! Link below https://rethinkcpa.ca/non-resident-earning-rental-income-i/ Stay tuned for next week’s post on non-residents BUYING property in Canada:... What is the foreign buyers tax? Should I invest personally or in a corporation? Can I obtain a mortgage if I don’t live in the country? Have questions about #realestatetax ? Leave a comment below! . . . #rethinkcpa #holisticaccounting #virtualcpa #realestateinvestor #accountingtips #mortgageagent #torontorealestate #torontorealestateagents #overseasinvestors #investinginrealestate #sellingrealestate #taxsavings #canadianrealestate #multiplestreamsofincome #brrrrstrategy #torontoproperties #canadianinvestors #torontomarket #vancouverrealestate #knowmore #10x #financialgrowth #financialfreedom #financialgoals #investingabroad #propertyinvestors #biggerpockets #biggerpockets #rentalproperty

NON-RESIDENT buying, renting or selling #realestate in ? Learn about the tax tips and traps in our new blog series. Link below... https://rethinkcpa.ca/non-resident-selling-real-estate-in-/ . . . #rethinkcpa #holisticaccounting #realestateinvestor #realestateinvesting #realestatetoronto #taxtips #accountingtips #virtualcpafirm #torontoaccountant #realestatestrategy #houseflip #torontorealestate #torontorealtor #torontorealestateagent #torontorealestatebroker #mortgageagent #learning #financialtips #knowmore #freeconsultations #trustedprofessionals #movingout #sellingrealestate #realestatetax #realestatetips #taxstrategy #taxsavings #overseasinvestors #investinginrealestate

A big win for Ontario real estate agents! Realtors can now incorporate and operate their business through a PREC. A PREC can help realtors: 1Defer and save tax... 2Split income with family 3Optimize their investment strategy 4Save tax when the business is sold Wondering if a PREC is right for you? Message us for a free consultation. . . . #rethinkcpa #holisticaccounting#realestateinvestor #realestateinvesting #realestateinvestors #realestatetoronto #taxtips #accountingtips #smallbusinessaccountant #virtualcpafirm #smallbizowners #cloudaccounting #torontoaccountant #cratips#realestatestrategy #torontorealestate #torontorealtor#torontorealestateagent #torontorealestatebroker#mortgageagent #realestateagents #gtarealestate #gtarealestateagent #learning #financialtips #knowmore#freeconsultations#trustedprofessionals

Ontario real estate agents you asked and we delivered. Our blog on PRECs is now up. 1 How much should I earn before incorporating? 2How can I use a PREC to grow my #realestate portfolio?... 3What are the tax implications? To learn more, follow the link below https://rethinkcpa.ca/personal-real-estate-corporation-pre/ . . . #rethinkcpa #holisticaccounting #realestateinvestor #realestateinvesting #realestatetoronto #taxtips #accountingtips #realestateeducation #smallbizowners #financialindependence #torontoaccountant #cratips #realestatestrategy #financialadvice #financialplanning #torontorealestate #torontorealtor #torontorealestateagent #torontorealestatebroker #mortgageagent #learning #financialtips #canadianrealestate #torontomarket #multiplestreamsofincome #torontoproperties #knowmore #financialmarkets

On a of 1 to 10, how much do you enjoy bookkeeping duties as a business owner? Do you find yourself: 1 spending too much on bookkeeping rather than growing your business... 2 with and of paperwork/receipts taking up valuable space 3 having difficulty projecting flow due to the lack of timely and accurate financial reports We have a solution for that: Cloud accounting! Stay tuned for an upcoming blog post: 5 Reasons to Switch to Cloud Accounting #rethinkcpa #holisticaccounting #smallbizowner #torontoaccountant #cloudaccounting #virtualaccountant #smallbusinesssupport #smallbusinessowner #smallbusinesstips #smallbusinesstoronto #smallbusinessaccounting #smallbusinessaccountant #cpaontario #virtualcpa #gtasmallbusiness

Working from due to COVID? Here’s the latest update on claiming expenses: PRE-COVID: Employees and self-employed individuals could claim expenses only if they were contractual required to maintain a home office where they performed their duties during >50% of the year OR regularly met customers. IN LIGHT OF COVID: CRA may provide a special concession where this criteria is required to be met only during the part of 2020 where covid measures were in place, rather than t...he entire year. This means that even if you worked from home for a small part of the year, you may be entitled to claim expenses. Until the CRA provides further clarification on its position, it is important for employees and business owners to keep track of expenses and maintain receipts. Don’t forgot to follow us for the latest updates. (Photo credit: @tomita_ken) . . . #rethinkcpa #holisticaccounting #smallbusiness #smallbusinessowner #smallbusinesstips #taxtips #workfromhome #workfromhomelife #knowmore #trustedprofessionals #torontoaccountant #freeconsultation #selfemployed #selfemployedtax #taxseason2020 #virtualcpa #taxtiptuesday #cloudaccounting #financialtips #taxplanning #workforyourself #wfhtips #smallbiz #smallbiztips #smallbusinessaccounting #cpa #accountantforentrepreneurs #virtualaccountant #virtualcfo

Many people have been asking about tax instalments, so we thought we would answer here. Individuals who are self-employed or earn rental income may receive a reminder notice from CRA to make tax instalments. However, if you expect your income to be significantly lower than prior years, you have the option to reduce your instalment payments based on your estimated income.... Caution: If your estimate is too low, CRA may impose penalties and interest. Do you have a burning tax question? Comment below or PM us.

Last week for business owners to apply for CEBA! Apply for an interest-free loan of up to $40,000 by August 31, 2020. Payment deadline for individual tax returns (including self-employed) is further extended to September 30, 2020. Penalties and interest will not be charged if the return is filed and payments are made by this date. This also applies to the June 15 and September 15, 2020 instalment payments. Payment deadline for corporate and trust tax returns that wo...uld have otherwise been due in June, July, or August 2020 is extended to September 30, 2020. Penalties and interest will not be charged if the return is filed and payments are made by this date. This also applies to instalment payments that were due after March 18, 2020. Have questions Contact us for a free consultation. #smallbusinesstoronto #smallbusinesssupportingsmallbusiness #COVID19Canada