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Get the best guidance on how to deduct business-related driving expenses from your annual tax return.
The financial life of every freelancer is subdivided into quarterly estimated taxes. But in the holiday bustle, it’s easy to forget all about them. When the fourth quarter deadline comes, many people rush to make a payment without updating their income and end up with a surprise tax bill. Let’s talk about why you should re-estimate your quarterly taxes before the end of the year and changes that can affect your payments.
Fall is a time of reflection and slowing down, before things ramp up for the holiday season. So take an afternoon to set yourself and your business up for success! You’ll likely experience the payoff and feel more in control of your money before the December time crunch.
Mileage is our bread and butter, but it’s just one piece of the puzzle for drivers and admins — which is why our latest updates are all about efficiency. Here are some ways we improved our offerings so you can fly through your mileage tasks (and in some cases, be able to forget about them completely).
Tackling tedious mileage tasks rarely feels like a good use of time. And few mileage tasks take more precious minutes than approving drives for reimbursement — checking drive routes, calculating mileage in a spreadsheet, signing off on reimbursement amounts
If you or your team drive for work, you know that tracking mileage involves a gazillion small admin tasks that inevitably eat into your time. It’s not as simple as tracking a drive. You need to note all the details, verify the drive was indeed for work, and then make sure all the key players, from manager to accountant, have the right mileage records. Here at MileIQ, we worked hard to create a comprehensive toolkit for every leg of the journey — so tracking mileage becomes as simple as possible.
Many companies struggle to accurately manage mileage reimbursements when it comes to commutes. Manually subtracting commute mileage can result in one of two problematic outcomes: under-compensation or over-compensation of employees.
Everything you need to know about the 2024 CRA Deduction Limits and Mileage Rates
CRA forms and tax slips are available starting in February. Read on to find out what forms you need to file your tax return and when you can get started.
Learn more about how changes in the Canada income tax rate could affect your tax bill, and why it's important to know what tax bracket you're in.
If you have skills in high demand, you could start a consulting business. Find out what consultants do and how to become a marketable expert advisor.
Find out more about how the CRA handles payments and how to report concerns and tax scams.
Read on to find out how the roll-out of the changing Canada Pension Plan (CPP) enhancement could affect your income and retirement.
Learn more about how to retire early in Canada, including advice on investing in index funds and adopting a frugal lifestyle.
Learn about where technology is heading in 2019, and how upcoming changes might affect you and your small business.
Tax preparation fees can cost quite a bit but most of these costs are deductible if you're self-employed or if you get rental income.
The CRA Automobile Allowance rates for travel, moving and medical mean you can get tax relief for certain drives. Learn about the CRA requirements.
Tracking your mileage can lead to big-time tax relief. See how taxpayers of all kind can reduce their tax burden with mileage.
The automobile allowance rates and automobile benefits can have a major impact on your tax bill. Here's what you should know.
Canadians have several different options available for funding retirement. Here are the key retirement saving routes.
With so many tax software choices available in Canada, which tax software is suited to your specific needs? Read on to find out more.
As an entrepreneur, you've decided to start your own business. Here is a look at many grant programs to help small businesses their start in Canada.
Learn about self-employment tax rate, mileage, payment deadlines, and how to calculate deductions. Now is the time before their due date.
Are you one of thousands AirBnB hosts? Learn what Canadians need to know about reporting Airbnb income, and what expenses they can claim.
A social enterprise is a for-profit or non-profit organization that seeks to achieve a social mission, which is different from a charity.
Groupon Merchant for small business owners can be beneficial but it may have some downsides. Here's what you should know.
When buying a small business in Canada, learn how to get an accurate business valuation beforehand to ensure you're making a good decision.
Finding good people is challenging and luring employees is common practice. Read on to find out about the risks and how to prevent employee poaching.
As a business owner or self-employed individual, are disability insurance premiums are tax deductible. Learn more about how taxes treat insurance premiums.
Learn about the Canada Pension Plan, part of the Canadian government social safety net. Get tips on applications and pension plan calculators.
This article covers the different types of fixed assets you use in your business to increase sales and profits and lower expenses and costs.
How to determine the value of a small business for sale, purchase or investment. Learn what kind of formula professionals use in small business valuation.
Women-owned small businesses can qualify for SBA loans. Check out these Canadian small business loans and grants specifically aimed at women entrepreneurs.
Learn how to leverage Pinterest making it useful for growing your small business, promoting your brand and generating more sales.
Running a small business isn't easy. We explain how to make your business run smoothly and efficiently, so you can focus on your customers and your brand.
Summer is a good time to kick off growth with your small business. Here are 7 ideas you can use to boost foot traffic to your business during the summer.
This article covers how and when to claim a Capital Cost Allowance or CCA, which is a depreciation deduction that Canadians can claim on a business asset.
Bankruptcy is an important financial decision you may have to make one day. Here's what to know about the pros and cons before you declare bankruptcy.
Conflicts in the workplace aren't always easy to resolve. Read this article to find out about best practices for conflict mediation and resolving disputes.
Here's how to create a successful customer loyalty program once you've launched the company and started generating revenue from your customers.
No matter what type of business you own, you operate under some degree of risk. Fortunately, insurance options exist to help protect small businesses.
Accounting is the financial foundation of a business. Read this article to learn about accounting best practices and software apps for your small business.
This article reviews the best marketing automation tools that can grow your social media following and create effective e-mail campaigns for small business.
If you lease a car for business purposes, your lease payments are tax deductible. Learn the benefits of leasing a car and how to deduct a car lease payment.
Cultivating a social media strategy can help engage with potential customers and boost sales. Learn the best social media strategies for small business.
From registering your business to setting up an emergency fund, this article covers what you need to know when going from employed to self-employed.
Thinking of starting a family as a self-employed Canadian? Learn more about Canada's Employment Insurance Program to qualify for maternity leave benefits.
Self-Employed workers can deduct mileage to reduce their tax bill. Learn about the CRA rules so you can save at tax time.
Driving a company car comes with costs and deductible expenses. Read on to find out what tax you have to pay, and what expenses you can claim in 2018.
Are you an employee or self employed? Know the factors the CRA considers for categories of employment and how it impacts your taxes.
These home office alternatives for freelancers and self-employed could be the place to grow your business. See if this is right for you.
You can boost self-employed income with these 5 tips. It all boils down to earning more, spending less and taking advantage of taxes.
These self-employed productivity tips will help you finish assignments, meet deadlines and grow your business. Best of all, they're all easy-to-follow.
These invoicing tips for freelancers will help you get you paid sooner. Less time playing bill collector means more time focused on growing your business.
The sole proprietor process in Canada doesn't have to be confusing. Here's how to register and start working as a sole proprietor.
The self-employed can claim multiple deductions from the CRA. Here's what you need to know before filing your taxes.
It's difficult to find great employees who will add value to your business. Here are proven tips to find employees for your small business.
This article explains the difference between T4 and T4A tax slips. Self-employed or receipt of pension or scholarship income during the year should be reported on CRA tax slip T4A.
Expert tips for staying productive and sane while working from home.
If you are self-employed, you could qualify for working tax credits if your working income is low. Learn more about the CRA Working Income Tax Benefit WITB.
Canadian residents must declare all business income for tax purposes. Here is essential information you need to know before filing your taxes with the CRA.
If you're self-employed, the CRA lets you claim the expense of a home office to lower your tax bill. Here are rules for deducting your business-use-of-home expenses.
If you're a business owner, be sure to know the difference between hiring employees and contractors because being an employer has tax implications.
Calculate business mileage in 2018 in order to lower your taxable income. Here's what you need to know to comply with the CRA.
We've come up with a list of the best travel jobs that will allow you to explore the world while you work, no matter what your skills may be.
If you have children under the age of 18, you're eligible for the Canada Child Benefit (CCB). Find out more how this cash boost for parents works.
If you use office space at home, you can deduct expenses to lower your taxes. Learn the tax deductions for home-based businesses and any changes in 2019.
How to determine if you need to file your income tax return this year, and figure out your residency status as a Canadian living abroad.
How do you know if messages or calls from the CRA are genuine? Find out how to contact the CRA and what to do if you get a phone call demanding payment.
Canada's inheritance tax laws are complicated. Much depends on the status of the deceased's estate. Check out our information on income tax on inheritance.
Taxable income for corporations is filed at the federal and provincial and territorial levels. Read about corporate tax deductions, tax brackets, and more.
Here are the 2019 Canadian federal tax rates and brackets. You can also find the Provincial tax rates and brackets in this post.
Here are 5 year-end accounting tips to ensure your books are in tip-top shape before the current fiscal year closes.
If you drive for work, you may be eligible to claim a vehicle expense deduction. But only if you keep an accurate mileage log to back up your claims.
Use the correct documentation to support CRA tax claims and apply mileage deductions. Here's the evidence you need for a vehicle’s business use.
CRA Income Tax Return Adjustments can be a pain but done correctly, can also save you a lot of money and hassle. Here's how to do it.
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