Business

Personal tax rates vary in Canada according to the income of an individual. People with lower incomes pay lower rates, while higher-income individuals to pay higher rates. The amount of taxable income is the total income less the allowable deductions and exemptions. This amount is then used to calculate taxes owed. Foreign tax credits are calculated by each source country/jurisdiction Foreign tax credits are tax breaks for Canadian residents who earn income outside of their home country. The credit can be up to 15% of the foreign taxes withheld. However, the credit cannot exceed the total amount of Canadian tax…

Corporate taxes in Canada are regulated by the Canada Revenue Agency. The net tax rate for corporations is fifteen percent, after general tax reductions. Smaller companies, however, pay a lower rate. A business that has fewer than 500 employees is taxed at nine percent. Despite these relatively low rates, many businesses still struggle to make ends meet. Branch tax A corporation that runs a branch in Canada is subject to corporate tax, even if it is not a resident. Under the Income Tax Regulations, all payments received by a non-resident entity must be withheld and remitted to the Canada Revenue…

Bookkeeping is the process of keeping records of financial transactions for a business. It is an integral part of the accounting process in a business or other organization. It involves preparing source documents for all business transactions, events, and operations. Bookkeepers prepare and maintain financial statements to track business growth and profitability. It helps businesses measure growth and profitability Business owners need to measure growth and profitability to ensure that they are making the best decisions for their businesses. Using an income statement to measure growth and profitability is one of the best ways to do this. It will give…