Newsletter
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 […]
Read moreHow 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 […]
Read moreEverything 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 […]
Read moreHere’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 […]
Read moreTax 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 […]
Read moreTax 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… […]
Read moreWhat 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, […]
Read moreWhat 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 […]
Read moreHow to Claim Vehicle CCA Costs (Depreciation)
ON December 14, 2018Being able to claim certain goods and services as business expenses is a great option for business owners. Perhaps you have recently purchased a vehicle, or are simply contemplating doing so, and you would like to know how to write it off as a business expense. Unfortunately, you cannot. The purchase of a new or […]
Read moreWhat is a Personal Services Business?
ON December 7, 2018The number of people working from home has been growing steadily over the past few years and is expected to continue growing as we move into the future. As these single-person small businesses develop, their owners look to any advantages they can in order to turn a profit, save on taxes, and more. One popular […]
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