Tax Tidbits

• Taxpayers can register for the CRA’s My Account and get immediate access rather than waiting for a security code by mail.
• A portion of the federal carbon tax will be returned to Canadian-controlled private corporations (CCPCs) with fewer than 500 employees who file their 2023 tax return by July 15, 2024. The automatic rebate, based on the number of employees, will be paid to CCPCs in AB, SK, MB, ON, NB, NS, PEI and NL without needing an application.

Tax Tidbits

• The 2024 RRSP contribution limit is $31,560, requiring earned income in 2023 of at least $175,333. The 2025 limit will be $32,490 (requiring earned income in 2024 of at least $180,500).
• The annual TFSA contribution limit for 2024 is $7,000.

As a business owner in St. Catharines, Ontario, you're likely familiar with the multitude of tasks that demand your attention daily. One decision that can significantly impact your business's success is whether to incorporate accounting services. While having professional accountants handle your financial affairs brings numerous advantages, it's essential to consider the pros and cons before making a decision. In this blog, we will explore the benefits and potential drawbacks of incorporating accounting services, empowering you to make an informed choice for your business.

Running a business involves navigating a complex landscape of challenges and opportunities. As a business owner in St. Catharines, Ontario, you understand the importance of making informed decisions to drive growth and success. That's where business advisory services come into play. In this blog, we will delve into the role of business advisors and how their expertise can help you overcome obstacles and propel your business forward. If you're looking for the guidance and support necessary to thrive in today's competitive market, keep reading!

Running a business requires juggling numerous responsibilities, and managing the financial aspects is undoubtedly one of the most crucial tasks. Effective accounting practices not only ensure accurate record-keeping but also provide valuable insights into the financial health of your business. In this blog, we will explore the transformative power of accounting services and how they can elevate your business to new heights. So, if you're a business owner in St. Catharines, Ontario, looking to take your company to the next level, keep reading

Starting a business of your choice can be exciting as you finally get to do something you love and make all the big decisions. However, many entrepreneurs spend more time thinking about the product or service and less time managing cash flow which could have a detrimental effect on the business.

The Darren Bruce, CPA, Professional Corporation team wishes you the happiest of holidays this season. May the New Year be filled with joy, health, and prosperity!

Filing taxes is the responsibility of every employee and employer to stay in good books with the CRA. If filed correctly and promptly, it can result in quick refunds. It’s also beneficial to work with a professional to gain further savings.

Preparing and filing taxes can be a challenge if you’re unfamiliar with how things work, so it’s best to hire a tax professional that can guide you through the process and provide optimum solutions. These tax-efficient strategies are tailored to help you save time and money.

The business and tax environment has become increasingly complex. Most business owners cannot maintain the expertise necessary to ensure compliance in all tax disciplines.

While accounting and tax preparation are processes that most people can handle themselves, there are a lot of rules that they need to know in order to complete it correctly. If people do not get through it correctly, they could end up paying a lot more in taxes, fines, penalties and interest.

Thanks for stopping by our blog. If you’re looking for more information about Darren Bruce, CPA, Professional Corporation, you’ve come to the right place.

Season’s Greetings from Darren Bruce, CPA, Professional Corporation. We wish you and yours a wonderful holiday season and a happy, healthy, and prosperous New Year 2022!

I’m Darren Bruce, the proud owner of Darren Bruce, CPA, Professional Corporation. I look forward to sharing my story. I hope that you will enjoy getting to know me better.

We are delighted to announce the launch of our new website!

New Website Coming Soon!