Mohammad Hossain, CPA, CGA Question Answer 1 Can I sell products to any geographical location? Yes 2 Do I need to create a corporation? Not necessary 3 If I want to create a corporation then should it be a federal corporation or a provincial corporation? It does not matter much. If you are a Federal…
Mohammad Hossain, CPA, CGA Name of the Company Name of the CompanyYou can choose a company name with just numbers. This is called a numbered company. An example is: 123456 Ontario Inc. This is just a legal name. If you want a separate trade name then you have to register this separately. Creation of…
Mohammad Hossain, CPA, CGA You are the only shareholder and you work for your company. Your company receives revenue from another company because you provide services to them. A good example is, you are a web-site developer who developed a website for Tundra Corp (suppose) and invoiced them $3,000. Tundra Corp. did not pay $3,000…
Mohammad Hossain, CPA, CGA If you are an Ontario employer and if you have annual payroll over one million dollars, then you have to pay Employer Health Tax (EHT). You have to file and pay your EHT on annual basis. Following are key steps you need to consider.If you are an Ontario employer and if…
RRSP is a huge topic to discuss. In this section, we just highlighted some key frequently asked questions. It is advised that contact a professional for your tailored RRSP solution. Question What is an RRSP? Answer RRSP stands for Registered Retirement Savings Plan. Suppose, in 2022, your total income is $80,000 and you contributed $10,000…
Mohammad Hossain, CPA, CGA If you worked from home, then you are eligible for tax credits under either of the following ways. A. Temporary flat rate method B. Detailed method Following are the brief explanations. A. Temporary Flat Rate Method Eligibility First check if you are eligible for work from home (WFH) credit. You…
Mohammad Hossain, CPA, CGA Open a CRA Payroll Account If you want to pay under a payroll system, then you must create a payroll program account with CRA. If you already have a CRA account number, then the payroll account number will be the same except the suffix would be RP0001. You may call CRA…