The COVID-19 pandemic is imposing unprecedented strains on our economy and on our personal financial situations. The federal government continues to modify its programs that offer targeted support for individuals, businesses and other organizations. If you have received any of these benefits, there may be personal and corporate tax implications to you. Here is an […]
Tax Tips For Buying a Second Home in Ontario
A vacation home has been a lifelong goal of yours, and you’re finally in the financial position to invest in that beach house, ski chalet, or international getaway you’ve been dreaming of. But hold on – you’ve thought about the costs that occur after you purchase the property too, right? Before you jump into buying […]
Tax Free Savings Accounts & Annual Contribution Tips
Like most Canadians you work hard for your money and like most Canadians you want to keep a savings account to accumulate funds over time. Your intentions may be to save for a rainy day, a home renovation, a vacation or even retirement. How can you do so and curb your savings from paying taxes? […]
RRSPs: Getting started the right way!
Have you started saving for your golden years yet? It’s never too early or late to start! Not every Canadian citizen has a pension plan set up with their employer and if you’ve never thought about an RRSP you should strongly consider having that discussion with your accountant today. One of the most common questions […]
Hiring an Accountant for Your Bookkeeping Purposes has Benefits
As a new business owner do you cringe when you see that little envelope from the CRA show up at your place of business? Then keep on reading! As a new small business owner there’s an unspoken rule that all entrepreneurs are the wearer of many hats. Many factors attribute to this philosophy especially in […]
Income Tax Fraud
Make sure you hire the right person or company to prepare your income tax return. According to the Canada Revenue Agency (CRA), 28 million people file income tax returns each year and of that number, 50% use tax preparers. […]
Year-End Tax Strategies
It’s never too early to start planning your year-end tax strategies. For many businesses, the month of October signals that the end of the fiscal year is not far away. Realizing that December 31 is fast approaching should prompt you, as an owner-manager, to review your year-to-date corporate and personal data and start putting your […]
Zappers: Electronic Sales Suppression Legislation in Canada
New federal legislation is now in place to punish users of electronic sales suppression software. […]
Finalizing Your Income Taxes in Canada: Use Your Deductions
Keep complete records and make use of all your eligible deductions. Yes, it’s time to start thinking about income taxes again. The Holidays are over and the credit card statements are starting to come in so you’re probably thinking about money anyway. […]