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Featuring tips and information to support you and your small business.Get Paid Faster with QuickBooks Payments
The easier you make it for clients to pay, the quicker you’ll receive that payment. QuickBooks Payments adds a “pay now” button so your client can pay directly from their invoice. Clients can pay via credit card (Visa, Mastercard, Discover) or Apple Pay....
How to Set Up Recurring Invoices
If a client’s invoice is always the same amount every month/week/year, you can set up recurring invoices that will automatically be sent to your client. This will save you a lot of time so you don’t have to recreate the same invoice each time. If you have...
10 Reasons to File Your Tax Return On Time
The simplest way to ensure you keep receiving government benefits is to file your tax return on time. Even if you don’t have a tax balance owing, it is always advantageous to file a tax return. Filing a tax return is the first step to applying for various...
2022 Federal Budget
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Sales Invoice vs Sales Receipts in QuickBooks Online
For each sale you make either a sales invoice or sales receipt should be created. A sales invoice or sales receipt tracks your income and HST so this is vital information that affects your financial statements. You do not need to create both, it's one or the other. ...
Common-Law and Filing Your Taxes
Taxpayers in a common-law relationship should be aware of how their relationship status affects their income tax filing. To begin, let’s review the definition of living common-law according to the CRA: This person has been living with you in a conjugal relationship...
What’s the Difference Between a Tax Deduction and a Tax Credit?
Taxpayers often confuse the terms tax deduction and tax credit or think of the terms as being interchangeable. A tax deduction is not the same as a tax credit. Depending on the expense, it is considered either a tax deduction or a tax credit. An expense that is...
Why You Should Read your Notice of Assessment
Anytime you file an income tax return, you will receive a Notice of Assessment (NOA) from the Canada Revenue Agency (CRA). It serves as a confirmation of your completed return and contains important details about your return. We are most familiar with the NOA...
Staycation in Ontario and Receive a Tax Credit
If you’re itching for a break, the Ontario government has introduced a temporary tax credit on eligible accommodations for the period of January 1 to December 31, 2022. The Ontario Staycation Tax Credit provides a 20% personal income tax credit on accommodations...
Received COVID-19 pandemic benefits? Here’s what you need to know about your T4A slip
If you received COVID-19 income support from the federal government such as the Canada Canada Recovery Benefit (CRB), the Canada Recovery Sickness Benefit (CRSB), the Canada Recovery Caregiving Benefit (CRCB), or the Canada Lockdown Worker Benefit, you will receive a...