Accounts In Line Inc.
1446 Don Mills Rd, Unit 280 M3B 3N3 Toronto, ON, Canada

We offer bookkeeping and personal tax services to clients across Canada. Call us if you have any questions!

My advice would be to have a business plan before going in blind. Find a mentor to teach you what you don't know.

The tax deadline is still June 1st but there will not be penalties or interest charged until September 1st. Note that if the return is not assessed in time, benefits for July to September 2020 will be based on your 2018 tax return. Once it is filed, it is possible that CRA will make adjustments based on the updated income information.

Canadians... Trudeau’s April 24 Announcement Summary for Businesses / NPO’s /Charities Canada Emergency Commercial Rent Assistance... - Lower rent by 75% for small businesses that have been strongly affected by COVID - 19 for April, May, and June - The government will cover 50% of the reduction with the property owner covering the rest - Eligible small business must be strongly affected by COVID-19 and be paying under $50k per month - Non-Profits and Charitable Organizations are also eligible - Rent relief for larger businesses will be coming shortly - Details will be coming shortly as to how this will work or be refunded - Although all provinces and the federal government have come to an agreement, it is uncertain if this still need to be passed through legislation

If you have questions about the CERB or the CEWS that aren’t specific to your particular situation, like eligibility and how to apply, we encourage you to call ...our general information line at 1-833-966-2099 as wait times are shorter. For specific information such as My Business Account access, payment requirements, or GST and corporate income tax filing information, call the CRA’s Business Enquiries line at 1-800-959-5525. CERB: http://ow.ly/w97R50zmVVI CEWS: http://ow.ly/3MBm50zmVVJ

On April 16th, the Federal government expanded the eligibility requirements for the previously announced Canada Emergency Business Account (CEBA) and announced its intent to introduce the Canada Emergency Commercial Rent Assistance (CECRA) program for small businesses. Businesses that paid between $20,000 and $1.5 million in total payroll in 2019 are now eligible for the government-guaranteed, $40,000 CEBA loans which are accessed through Canada’s major financial institution...s. This is an expansion from the previously announced payroll expense range of $50,000 to $1 million. The CECRA program was also announced, which aims to provide loans, including forgivable loans, to commercial property owners who will then lower or forgo the rent of small businesses for the months of April, May and June. Other than the name and the intent of the program, no parameters were announced and details are expected following a meeting with the Federal government and the Premiers of Canada this week.

On April 15th, the Federal government announced expanded access to the Canada Emergency Response Benefit (CERB). Seasonal workers, those who have recently exhausted their EI regular benefits and individuals who make less than $1,000 a month due to reduced work hours will now qualify for the CERB. The Federal government is also proposing a temporary wage boost to the salaries of workers deemed essential in the fight against COVID-19 and who make less than $2,500 per month. A l...ist of eligible essential workers and the application process will be released soon. During the address, Prime Minister Justin Trudeau also mentioned that additional measures to assist post-secondary students and businesses having trouble paying commercial rent will be released shortly. Additional details to come.

Just released the official guide to all government programs. #taxes #subsidy #cra

If you want to take advantage of any of the government programs... make sure that your income tax 2018 is filed, even better, your 2019. And don’t forget to sign up for My Account with CRA. Takes a few days for them to mail you your code so get on that right away! https://www.canada.ca//registration-process-access-cra-log

Canadian Emergency Response Benefit (CERB) Fact Sheet Who can apply for the CERB?...Continue reading

Quickbooks Online Pricing is increasing as of October 1st. Don't be surprised when your October bill is higher. We thank @quickbooksca for all the effort they put into improving the software!

This is a great example why you should only write off business expenses.

Did you pay tax last month? Congratulations! It means your business is profitable

I am excited that today is the last day of tax season. I am taking tomorrow off to relax and regroup!

If you file your taxes, you may actually have a refund waiting for you!

Did you pay rent or property taxes last year? Make sure that you claim in on your taxes, you may be eligible for a tax credit.

Planning on buying your first home? You can withdraw $$$ from your RRSP for your downpayment.

Make sure to use a professional to prepare your taxes!

Do you have investment income? Did you know you can deduct interest and fees that you paid to earn the income?

Don't forget to claim the interest you paid on your student loans. If you don't need the deduction, CRA allows you to carry it forward for up to 5 years. This means that you can claim it on future tax returns.

Haven't done your taxes yet? Contact us to book an appointment.

If you sell your principal residence, you still need to report it on your tax return.