Accounting Blog for Businesses in Burlington, Oakville & Hamilton | SB Partners

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CRA Moves Businesses to Online Mail

Starting in spring 2025, the Canada Revenue Agency (CRA) will switch to delivering most business correspondence through its online portal, My Business Account, instead of by paper mail. This change will apply to all businesses that are registered …

What is the New Quickbooks Online-FINTRAC Requirement?

As a result of the new FINTRAC regulatory requirements, Intuit is updating certain elements within QuickBooks to ensure products are compliant. To meet FINTRAC guidelines and maintain regulatory compliance, QuickBooks now requires this information …

What Makes a Good Business Plan?

What is a Business Plan? A business plan is a financial document that outlines a business goal or opportunity that provides the user with sufficient information to assess its viability.

The Impact of HST on Insurance Premiums in Ontario

2015 Update Rules after Implementation of HST When Ontario joined the HST system on July 1, 2010, it substantially eliminated its PST on goods and services. However, it retained its PST of 8 percent on insurance premiums, as before. Automobile …

Verification of Suppliers’ GST/HST numbers for ITC claims is imperative

2015 Update GST/HST registration number can be validated on the CRA website online services for businesses GST/HST Registry: GST-HST verification. For example, a supplier may inadvertently provide the registration number of a related entity. In …

Capital Gains Increase Deferred

On Friday, January 31st, 2025, the Canadian government announced that taxpayers will not need to include the proposed increase in the capital gains inclusion rate in their 2024 tax filings.

Childhood Treasures - A Heads Up on Capital Gains

Snowdon, Wallis. ‘Best of the Best’ Wayne Gretzky Rookie Card Sells for Record $465K US. Digital image. CBC News. N.p., 5 Aug. 2016. Web. 25 Aug. 2016. Remember those trading cards that you had so much fun collecting? It might be time to dig those …

Employer Health Tax for Employers Changes as of January 1, 2014

Guide for Employers Employers have to pay Employer Health Tax (EHT) on the total Ontario remuneration paid to employees and former employees who: report for work at a permanent establishment of the employer in Ontario do not report for work at any …

Do You Have a Succession Plan for Your CFO/Controller?

In a meeting with financial professionals discussing CFO/Controller succession planning, a 2013 study by Financial Executives International Canada, the Canadian Financial Executives Research Foundation, and Robert Half was presented. The study …

Separating YOU From Your Business

In this blog we address what is probably the biggest value driver in any small to medium enterprise – you as the business owner.

Take stock of your business income at tax time

Business income is a type of earned income, and is classified as ordinary income for tax purposes. It can be offset with business expenses and business losses, and may be either positive or negative in any given year.

Understanding SR&ED

A Minute on SR&ED The Scientific Research and Experimental Development (SR&ED) Tax Incentive Program is a Canadian government initiative designed to encourage businesses to engage in research and development (R&D) activities. This program provides …

Tax Tips on Split Income (TOSI) and Passive Income (TOPI)

Tax on Split Income – TOSI Tax on split income (TOSI) applies to certain types of income received from a business. Have you paid a dividend from your corporation to a non-active family member and are concerned about whether it will be taxed at the …

Incorporation for Real Estate Agents in Ontario

Real estate agents in Ontario are finally able to operate their business using their own PREC and can now look forward to the following:

Vehicles Subject to the Luxury Tax

Who pays? The Luxury Tax will apply to registered and non-registered persons or vendors as follows. Where a non-registered person (consumer) purchases a specified vehicle, e.g. an automobile from a dealership, the Luxury Tax would be paid by the …

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