Accrual method of accounting

Most businesses have to report income and expenses using accrual method of accounting for income tax purpose. Under accrual method of accounting, you:

Who has to pay CPP contributions

Everyone in Canada between age 18 and 70 has to pay into Canada Pension Plan (CPP) (QPP in Quebec) on pensionable earnings. You and your employer each pay half of the contributions. If you are self-employed, you pay both portions.

A list of expenses not eligible for medical expense tax credit

The following expenses are not eligible for medical expense tax credit although many people may claim them on their income tax returns incorrectly: athletic or fitness club fees;  health programs; over-the-counter medications, vitamins, and supplements, even if prescribed by a medical practitioner;  organic food; birth control devices (non-prescription);  blood pressure monitors;  personal response systems such as…

Payroll remittance due dates

For new or regular remitters, the payroll remittance is due on or before the 15th day of the month after the month the source deduction is made. If your remittance due date is a Saturday, a Sunday, or a public holiday, your remittance is due on the next business day.