Tax News
What to Watch Out for When Filling Out Your Return
ON April 12, 2019Taxes are serious business, but small business owners and those who are self-employed often have their hands full with day-to day tasks, so end up starting to fill out their tax forms just before they are due. This is never a good idea for individuals, and even less so for businesses. In order to maximize […]
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How to Claim Your Vehicle Capital Car Allowance Costs
ON March 28, 2019If you have purchased a new vehicle, or are thinking about buying one, and you are unsure how to claim the CCA costs on your Canadian Income Tax, then keep reading because there are some things that you need to know. First off, the new (or used) vehicle cannot be written off directly as a […]
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How Long Does It Take to Get Your Tax Refund in Canada?
ON March 26, 2019It seems like it was tax time just a few months ago, yet here we are again. It’s the time of year when so many people wait as long as possible to submit their taxes, but once they have done so, they can hardly wait to receive their refund. So just how long does […]
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Everything You Need to Know About Input Tax Credits
ON February 22, 2019Have questions about Input Tax Credits (ITCs)? If you are not sure what they are, or what qualifies and what doesn’t, keep reading. Input Tax Credits are the total of all GST/ HST that you paid on legitimate tax expenses, or the allowable portion of the amount paid. Canada Revenue Agency documents often refer to […]
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Here’s a Handy Checklist to Help You Do Your Taxes
ON February 13, 2019Getting prepared to do your taxes may be stressful for some, as they run through the list of everything they need for the third or fourth time, checking that they haven’t accidentally misplaced documents or simply forgotten to include something. After all, no one wants to miss out on any potential refund that they could […]
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2018 T1 Personal Income Tax Preparation Checklist
ON February 11, 2019My 2018 T1 Personal Income Tax Checklist is available now! This list is not meant to be fully comprehensive but will help you to identify, collect, and collate your information that you will need to provide me in order to complete your tax return. As always,everybody’s individual tax situation is unique and I will likely […]
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Tax Tips and Traps 125, 2019 – 1st Quarter
ON February 11, 2019In this edition: TAX TICKLERS CHILDCARE COSTS: Art, Sport and Educational Camps TRAVEL EXPENSES: Home to Work Site HACKED CUSTOMER DATA: Federal Reporting Requirements ACCELERATED DEPRECIATION: Federal Fall Economic Update Changes FEDERAL CARBON TAX: Costs and Rebates CANADA PENSION PLAN (CPP) CHANGES: Costs and Benefits are Increasing TAX TICKLERS… some quick points to consider… For […]
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Tax Tips and Traps 124, 2018 – 4th Quarter
ON February 11, 2019In This Edition: TAX TICKLERS RETAINING EMPLOYMENT INSURANCE (EI) BENEFITS: Starting Part-Time Work DIRECTOR’S LIABILITY: Helping Out Family TAX ON SPLIT INCOME (TOSI): Can I Take a Salary Instead of a Dividend? ACTIVE BUSINESS VS. PROPERTY INCOME: Music Royalties CONTRACTOR VS. EMPLOYEE: Agreement on Contractor Status Is Not Enough DIVORCE SETTLEMENT: Family Business TAX TICKLERS… […]
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What Impacts My Take Home Pay?
ON January 14, 2019So, you have just started a new job and, having negotiated a good salary for yourself, you are anxious to see just how much you will be taking home with each paycheck. Most people tend not to know exactly what their earnings will be until that first payday, when they see what deductions are made, […]
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What You Need to Know About GST/HST
ON January 9, 2019If you run a business in Canada, you may have some questions about the GST/ HST and you wouldn’t be alone if so. Below is a collection of some of the more common questions, and some answers to help you out. Do I Need to Charge the GST/ HST? The short answer is yes. You […]
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