A business proposal is a document sent to a potential client from a supplier or business. If you are running a business or looking to pitch to one, coming up with a good proposal is essential. Some key steps include an efficient summary of your plan, stating a clear problem and proposing an effective solution, and summarizing your qualifications, pricing options and clear terms and conditions. This is a lot to take on alone, and our professionals at Dely & Associates have experience in writing various types of business proposals. We are familiar with all the steps that need to be taken, and can assist with any proposal you might need.
Instalments are payments that are made throughout the year to over taxes you would normally owe on your personal or corporate tax return. You will have to pay these taxes in certain cases, such as your net tax owing over $3,000 (or $1,800 if you live in Quebec). These installment due dates are March 15 th , June 15 th , September 15 th and December 15 th ; near the end of every quarter of the year. This process may be confusing or overwhelming if you do not know how much money you owe. Our experts at Dely & Associates can calculate installment estimates for you to make the payments less daunting.
Capital gains or loss are defined as selling capital property. The Government of Canada defines this by the following criteria:
- You exchange one property for another.
- You give property (other than cash) as a gift.
- Shares or other securities in your name are converted.
- You settle or cancel a debt owed to you.
- You transfer certain property to a trust.
- Your property is expropriated.
- Your property is stolen.
- Your property is destroyed.
- An option that you hold to buy or sell property expires.
- A corporation redeems or cancels shares or other securities that you hold (you will usually be considered to have received a dividend, the amount of which will be shown on a T5 slip).
- You change all or part of the property’s use
- You leave Canada
- The owner dies
Calculating capital gain involves subtracting the total of your property’s Adjusted Cost Base (ACB) and any outlays and expenses added or incurred to sell your property. Calculating capital gain can be further explained or assisted by our experienced staff at Dely & Associates.
A registered retirement savings plans (RRSP) is a means of retirement savings and investing for employees or the self-employed in Canada. Pre-tax money is placed into the savings plan and can increase completely tax free until it is withdrawn. When withdrawn it may be taxed at a smaller rate depending on the situation. A tax-free savings account (TFSA) allows you to set aside any money invested in legitimate and eligible investments, and have that money grow tax free, alongside any earned interest and capital gains. Combining both will allow you to save a substantial amount of money in a completely tax-sheltered environment. If you want to get estimates on potential RRSP and TFSA gains or savings, contact our experts at Dely & Associates.
The Government of Canada’s Home Buyers’ Plan (HBP) allows you to withdraw from your registered retirement savings plan for the purpose of buying or building a qualifying home (a home that exists or is currently being built) for either yourself or a relative that qualifies as a person with a disability. You must pay back the funds within a 15-year period, and must own a single RRSP (group RRSP’s do not qualify). If you need assistance going through the process of registering for an RRSP and/or HBP, or need help with a 15- year payment plan for the funds owed, our professional accountants at Dely & Associates can assist you with any of these needs.
Another benefit of having a registered retirement savings plan is the ability to also register for a lifelong learning plan (LLP). Withdrawing up to $10,000 per calendar year from your RRSP allows you to finance your own training or education for yourself or your spouse or common-law partner. This LLP cannot contribute to financing the training or education of your child, or that of your spouse or common-law partner’s child. To qualify for an LLP, you must also be a Canadian citizen, and enroll in a qualifying educational program or training program at a legitimate institution. To see if you qualify for an LLP or if you need help with a financial plan for an LLP, our experts at Dely & Associates can assist you in all steps of the process.
Like all sales taxes, if you buy a newly built house, you will need to pay GST or HST on top of the base price. Whether you pay GST or HST depends on what province you live in, and your final tax rate. However, regardless of what province you live in, you can qualify for one of two housing rebates. For GST, the rebate can be equivalent to 36% of the GST, and have value up to homes with a fair market value of $350,000 or less. For HST provinces, the rebate can cover 36% of the federal component (GST) of the task, with possible additional rebates for the HST. Whether you need rebates for a GST or HST province, Dely & Associates have experienced staff that can find the rebates you’re entitled to.
A notice of assessment (or NOA) by the Canadian Revenue Agency is an annual statement that informs a taxpayer the amount of tax income that he/she owes. This includes information such as the amount of their tax refund, tax credit and the amount of tax that has already been paid over the year prior to tax season. An NOA also lists deductions from an individual’s total income, and total non-refundable federal tax credits. Any correction of errors made by the NOA need to be filed within 90 days of receiving the notice. If you need assistance going through payments to find what refunds you are entitled to, what income you owe, or any errors that have been made, our professionals at Dely & Associates are more than capable of assisting with any documents the CRA provides.
Why hire Dely & Associates?
Need help with accounting services for your business? Let the experts at Dely & Associates help you.
- To eliminate errors while saving you time, money, and stress.
- To assist with all finance-related work.
- To retain a trustworthy source of support.
- To help you make better business decisions.
- To give you guidance while planning for the future.
- To save you tax.
- To help you avoid audits.
- To facilitate CRA compliance.
