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How to create the “My CRA Account” (2 ways)
The CRA My Account is a secure online portal provided by the Canada Revenue Agency (CRA) where individuals can manage their tax-related affairs and benefits information. It offers various services such as viewing tax returns, notices of assessment, benefit payments, and managing direct deposits. Having a CRA My Account is beneficial for accessing services like…
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Who has to file an income tax and benefit return?
In Canada, tax filing requirements vary depending on the individual’s financial circumstances and responsibilities. Here’s a summary of the different types of tax returns mandated by the Canadian Revenue Agency (CRA): Filing these returns is essential to ensure compliance with tax laws and to accurately report financial activities. Who should file a tax return in…
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What You Should Know About the Canada Child Benefit (CCB)?
The Canada Child Benefit (CCB) is a crucial financial aid program in Canada, supporting families with children under 18. Administered by the Canada Revenue Agency (CRA), it requires specific criteria and documentation for accurate processing: Eligibility Requirements: Application Process: Required Documentation: How does the Canada child benefit work? The Canada Child Benefit (CCB) operates on…
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Incorporate Your Business in Canada -Federal and Provincial incorporation
Thinking about incorporating your business in Canada? It’s a strategic move for many reasons, including limited liability, planning opportunities, and tax advantages. Here are the details you need to know about corporations: Advantages of Incorporating Your Business 1 Limited Liability: Incorporating your business provides a crucial layer of protection by separating your personal assets from…
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Introduction: Unraveling the Mysteries of Bookkeeping and 15 Tips for Better Small Business Bookkeeping
Welcome to the fascinating world of bookkeeping, where numbers tell stories, and financial clarity reigns supreme. In this introduction, we embark on a journey to unravel the mysteries of bookkeeping, shedding light on its significance, principles, and practical applications. 1.Understanding the Essence of Bookkeeping: At its core, bookkeeping is the systematic recording, organizing, and summarizing…
