• Home
  • About Us
  • Bookkeeping
  • Payroll
  • Tax Returns
  • Blog
    • Referral
  • FAQ
  • Contact
  • Appointment

November 2, 2021 by Ina Turner

Getting Your 2021 Tax Payments On Track

Share on Facebook Share
Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share

If you’re newer to business and having trouble understanding what payments to make on your 2020 return, or are having trouble navigating CERB, CEBA, CEWs and TWS I calculations, Hands on Accounting is here to help.

Tax season is upon us- and navigating payments is tricky- if you’re a business owner who suspects you owe taxes for 2020, we’ll help you reduce your taxes payable (there’s still time left so; act quickly!).

In order to understand your government payments for the year, it’s important to look at the following possible sources of income on your 2020 return:

  • Employment income
  • Retirement income
  • Rental income
  • Contractors/ consultants
  • Incorporated business

We outline more details on the possible sources of income below.

Employment Income

Employment income is income you’ll report on your personal tax return for 2020.  This includes CERB, employment income, commissions and bonuses.

Retirement Income

If you received retirement income in 2020 (including pensions and investments), we help you calculate your return for The Canada Pension Plan and Old Age Security Fund.

Hands on Accounting also helps you sort out interest income and dividend income on your return.

Rental Income

If you received rental income this year, and are completing your rental return statement, we make life easier by doing the bookkeeping for you.

Please note; if you are currently without a statement complete to receive government funding, preparing a tax return will help you plan your future savings.

Contractors/Consultants

If you’re working as a self-employed contractor, running a business, or providing consulting work as an employer, everything is the same with the exception hiring employees.

Are you having experienced income loss this year received CEBA is grant as income 2020, and it’s important to keep a record of this for your 2020 return.

Keep in Mind that if you are receiving CEWs, or TEWs this is taxable too.

Business is a corporation

If you’re a corporation, you’ll likely qualify for business loans, refunds for CEWS, and TEWS 10% deduction.  If you don’t have a human resources department, Hands on Accounting helps you with the calculations including filing Sales Taxes Returns and Workers Compensations.

More about installments payments

Learn more about installment payments so that you’re running your business debt free and paying your personal taxes on time.

For further information, contact Ina for a virtual consultation.

Share on Facebook Share
Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share

Filed Under: Bookkeeping

HOURS

  • Monday to Thursday 10 a.m. to 8 p.m.
  • Saturday 12 noon to 5 p.m.
  • Open on Sundays during tax season

 

Contact Us

Box 51362 Cameron Rd PO
Burnaby, BC V3J 0C9
Phone: (604) 314-8395

Email: Click here

GET YOUR FREE SPREADSHEET!

Sign up below to get your free spreadsheet. You'll also get our latest blog posts via email.

© 2022 · Hands on Accounting