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What is the Ontario Employer Health Tax

WEBWhat is the Employer Health Tax (EHT)? Introduced in 1990, the Employer Health Tax (EHT) plays an important role in Ontario's health care system and is a key …

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URL: https://t2inc.ca/en/blog/employer-health-tax-ontario

What is a Notice of Assessment and Why is it Important

WEBA Notice of Assessment is an official document issued by the federal or provincial tax authorities after reviewing a tax return filed by a taxpayer, whether an individual or a business. The Notice of Assessment serves as an official summary of your tax situation, including income taxes, tax credits, and contributions to government programs.

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How to handle a company during a crisis T2inc.ca

WEBCPA, M. TAX. As President of T2inc.ca and an entrepreneur at heart, I have founded many start-ups such as delve Labs and T2inc.ca. A former tax specialist at …

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The Benefits SMEs Miss Out on Without an Accountant T2inc

WEBCPA, M. TAX. As President of T2inc.ca and an entrepreneur at heart, I have founded many start-ups such as delve Labs and T2inc.ca. A former tax specialist at …

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Compilation Engagement: What Is it and How Does It Work

WEBA compilation engagement is an essential tool for maintaining accurate corporate financial records. Creating a compilation engagement involves collecting, organizing and presenting financial information in a structured and easy-to-understand manner. A compilation engagement allows companies to clearly assess their financial …

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Understanding Taxable Benefits Comprehensive Guide T2inc.ca

WEBDeclare taxable benefits: Employees must declare both cash and non-cash taxable benefits on their income tax returns. Taxable benefits documentation: Employer …

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Accountant vs. Tax Expert: What’s the Difference

WEBThe accountant’s role is to oversee the company’s books in order to determine their annual results and monthly balance sheets. Accountants can work directly for a given company …

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Ontario Foreign Tax Credit: What Should You Know

WEBThe Government of Canada enables every province and territory to invite a corporation to claim a foreign tax credit for foreign nonbusiness income. This tax credit allows the …

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How to Benefit from Tax Deductions for Business Investments

WEBThe basic rate of the investment tax credit is 4%. However, if the capital paid by the corporation for the previous year, including that of associated corporations, is less than …

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4 Financial Ratios to Assess Your Company's Performance T2inc.ca

WEBThe debt-to-equity ratio would therefore be: Debt-to-equity ratio = Total assets / Total liabilities. Debt-to-equity ratio = 150 000 $ / 300 000 $. Debt-to-equity ratio = 0.5 or 50 …

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How to Calculate Corporate Tax Rates in Quebec T2inc.ca

WEBDetermine your tax bracket based on your income. Quebec tax brackets include a special distinction for SMBs. Tax rates for the first $500,000 of "active" annual income …

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How to File T2 and CO-17 Corporate Income Tax Returns T2inc.ca

WEBCorporations in Quebec are required to file an income tax return. The federal government requires a corporation to comply with this rule if during the year it was in one of the following five situations. Firstly, a corporation must file an income tax return if it had an office in the province at a given time. Secondly, any insurance corporation

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Deductible Business Expenses in Canada T2inc.ca

WEBBe sure to keep detailed receipts and document the business purpose of each meal to comply with CRA requirements. Example: You go on a business trip and spend $500 on …

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What Business Expenses Are Tax Deductible in Quebec

WEBThese expenses are tax deductible up to 50%. Food and beverage purchases, whether for entertainment purposes or otherwise, are also 50% tax deductible. Taxes on meals, tips …

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Company Financial Analysis: Why Is It Important

WEBA financial analysis will not only help you understand your company's financial condition, helping you determine its creditworthiness, profitability and ability to generate wealth, but …

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Payroll Taxes for Employers in Quebec in 2021

WEBIn 2021, the contribution rates for employers are as follows: Total payroll of $1,000,000 or less: 1,65%. Total payroll of $1,000,000 to $6,500,000: 1.1755% + (0.4745% × …

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An Overview of Corporate Financial Statements in Canada

WEBFinancial statement definition. Simply put, a corporate financial statement is an annual statement of account. It is an accounting document that contains extensive information …

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Pay Stub Requirements Employers Must Include l T2inc

WEBSalary information. There is also important salary information that must be included on the pay stub: The number of hours paid at the normal rate. The amount of overtime paid. …

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