-
The Pros And Cons Of Contributing To Your RRSPs
- January 28, 2019
- Posted by: jKk0R2ucBD
- Category: Business, Taxes
No Comments
We are smack dab in the middle of “RRSP Season”. The first 60 days of the year is a time when Canadians have the opportunity to contribute to their registered retirement savings plans and have those contributions deducted from their previous year’s incomes. The general consensus is that early-year RRSP contributions help to get a bigger tax refund.
In addition, adding to your RRSP total puts you in a better financial position for retirement. Of course, this also heavily depends on just how much you regularly contribute to your RRSPs. With that said, you may not want to run off to your bank just yet. There are a few pros and cons to weigh when considering your reasons for contributing to your RRSPs by March 1st, which is the deadline for tax year 2018.
You want to get a big refund.
PRO: Who wouldn’t want a big injection of cash in their bank accounts? Most Canadians have big plans for their tax returns each year. Some wish to renovate rooms of their homes, others have vacation aspirations and then there are those who really could use the extra dough to pay off some debts. A sizeable tax return … Read the rest
-
Why Is It So Important To Get An ITIN?
- January 14, 2019
- Posted by: jKk0R2ucBD
- Category: Business, Taxes
Welcome to the first Platinum Bookkeeping and Tax blog entry of 2019! This year, we are renewing our commitment to blogging in order to ensure that you are kept up to date on a wide variety of issues that are important to you and your business. Among them are the importance of bookkeeping for your small business, accounting tips and tricks and how to obtain financing to grow your company.
However, with 2019 now underway, it’s important for business owners to be reminded that we are about to embark on a very important part of the year – income tax season. As a Canadian, you do have until the end of April to file your income tax return, however, the filing deadline for United States federal income tax returns for non-residents is on June 15th.
That is, unless you were an employee and received wages subject to U.S. income tax withholding, in which case it is April 15th. If you have any properties or income-based dealings of any kind down south, you’re going to need an ITIN when filing your U.S. tax return.
What is an ITIN?
ITIN stands for individual taxpayer identification number. It is … Read the rest
-
Four Things to Consider Before Starting a Business
- April 28, 2018
- Posted by: Asif Rahemtulla
- Category: Bookkeeping, Business
You have talent and a great idea. Now you’re ready to start your own business. Congratulations! There are a lot of great reasons to be your own boss, including making your own schedule, designing your own business plans, and expanding at a comfortable pace.
Before you get ready to open your doors, however, you need to make sure you’ve thought through all the logistics that new business ownership brings.
1 / Fees
Starting up a business comes with some fees that you need to factor into your budget. Things like registering your business with the government, obtaining a local business license, website development and hosting fees, monthly bank account and credit card charges, and leasing physical storefront space all come with associated costs. It’s important to be aware all your start-up and recurring fees, so that you aren’t taken by surprise.
2 / Accounts and Credit
It makes life so much easier if you have separate bank accounts and credit cards for your business. Using your personal accounts for business purposes (which is a BIG NO-NO) muddies the waters and can create an audit nightmare. Many banks have low fees for small businesses or entrepreneurs, and the hassle it will … Read the rest