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COVID-19 Provincial Tax Measures to Help Taxpayers

By |2021-10-24T09:53:14+00:00March 26th, 2020|Business, Taxes|

With everything that has been going on as a result of the COVID-19 pandemic, provincial governments have been acting quickly to put measures in place to help ease the financial burden on taxpayers.  COVID-19 Provincial Tax Measures Summary Many provinces are also offering utility and property tax payment deferrals. Check with your provider if this applies to you. Read about the Federal government tax measures in this post.  As these measures continue to change daily, please see these provincial websites for the latest information: BC Ministry of Finance Alberta Treasury Board and Finance Government of Ontario Click here for the latest [...]

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COVID-19 and Taxes: Important Updates

By |2021-10-24T09:53:14+00:00March 23rd, 2020|Business, Not for profit, Taxes|

It’s crazy times right now among this COVID-19 outbreak. We want to remind you that we are here for you at Virtual Heights Accounting. The government announced some significant economic measures to support Canadians during this COVID-19 crisis over the past few weeks. The full economic plan is covered here in detail: https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html  Here is a brief summary of measures that may be relevant to you.  Personal Tax Extension of payment deadlines for personal incomes taxes to September 1, 2020; Extension of filing deadlines for personal income tax (T1) returns to June 1, 2020 (we should still file if you have [...]

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I Haven’t Filed My Corporate Taxes in Three Years: What Should I Do?

By |2022-05-16T14:32:56+00:00March 15th, 2020|Accounting, Business, Not for profit, Taxes|

Sometimes life gets in the way. It prevents you from meeting your responsibilities as a business owner or the director of a charitable organization. It happens. If you are behind on your corporate taxes (or maybe you’ve never filed a corporate tax return), it’s always best to get caught up then try your best to stay on top of things.  The Canada Revenue Agency (CRA) has a number of programs available to help make getting caught up a little easier.  Voluntary Disclosure - Corporate Taxes The CRA Voluntary Disclosure Program provides an opportunity for taxpayers to correct a misfiled return or [...]

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Do I Have to Keep a Mileage Book?

By |2021-10-24T09:53:14+00:00March 1st, 2020|Business, Taxes|

Yes, you do! But please don't stop reading. There are important things you need to know about keeping track of your business mileage. If you have a vehicle you own personally but also use for business, you must keep a vehicle expense logbook (also known as a mileage book).  Why a Mileage Book is Important You can only deduct vehicle expenses for the portion of expenses that relate to your business.  Keeping track of all your trips (both personal and business) is the only way to know how to split vehicle costs (such as fuel, insurance, repairs, and maintenance) between business [...]

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