Tax News
Contractors Vs Employees
ON December 11, 2017Are you considered an employee or an independent contractor? There are implications for both, so it’s important to be sure in order to avoid any surprises come tax time if the Canadian Revenue Agency (CRA) decides that you are mistaken. Independent Contractors Are Attractive to Employers Employers see certain benefits in hiring independent contractors, as […]
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Tax Tips Traps – Winter 2017
ON December 5, 2017TAX TICKLERS BUSINESS LOSS OR PERSONAL VENTURE: Can I Deduct Losses Against Other Income? GUARANTEED INCOME SUPPLEMENT: Change in an Individual’s Circumstance CHARITY FILING AND COMPLIANCE OBLIGATIONS: The CRA Has Checklists to Help DYING WITHOUT A WILL: Who Can Manage the Deceased’s Tax Affairs? OPERATING A BUSINESS IN THE U.S.: The IRS is Targeting Smaller […]
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Tax Planning Tips: What Receipts Should I Keep?
ON November 20, 2017When someone mentions tax planning time, it often calls to mind the vision of someone preparing their return, with papers and receipts scattered all about, while fingers fly over the numbers on a calculator. Many of us think of this time of year as stressful and disorganized, but there is no reason for it to […]
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Even Barter Transactions Are Taxable
ON November 9, 2017When watching kids trade baseball cards on the playground, one probably doesn’t immediately think of it as a business transaction. After all, it’s a simple trade. Both children give and receive, and if one child gives away three cards to receive one that he truly desires, the trade is considered fair and equal, even if, […]
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Why You Need a Professional Accountant
ON October 18, 2017Do you enjoy doing your taxes? Many people would respond to that question with a rather emphatic “no.” For them, taxes are complicated, confusing, and frustrating. Imagine then, what it might be like to do taxes for your small business, with so much more to account for, and you might have at least one idea […]
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Do I Need to Register My Business?
ON October 10, 2017When starting out a new business venture, there are a great many things to consider. One such consideration is whether or not to register your business name. In most situations, you will actually be required to do so. A Legal Requirement in Most Cases In most cases, registering your business will not be an option; […]
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Make the Most Out of Your Taxes This Fall
ON September 25, 2017Who doesn’t like free money? One way to help you keep your hard-earned dough is to educate yourself on potential tax-deductible expenses. Simply put, deductibles are costs that can be used to lower the amount of income tax you have to pay come tax time. Chances are you’ve missed a few in the past that […]
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Tax Tips Traps – Summer 2017
ON September 14, 2017TAX TICKLERS TAX FOR PRIVATE CORPORATIONS: Major Changes Proposed EMPLOYEE DISCOUNTS ON MERCHANDISE: Change in CRA Policy DEATH BENEFITS: Tax-Free Employment Benefit RETIREMENT INCOME CALCULATOR: Ensure you are Financially Ready RETURN OF A GIFTED PROPERTY: Charitable Organizations Beware! VOLUNTARY DISCLOSURE PROGRAM: Proposed Tightening WITHHOLDINGS ON REMUNERATION TO NON-RESIDENT: Get your CRA Filings Correct PROFESSIONALS’ WORK […]
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Back to School Tax Tips 2017
ON August 17, 2017As the summer is winding down, students everywhere are gearing up for another school year. And for those of you heading back to college or university, this is also the time when financial stress can kick into overdrive. With the ever-increasing price tag of a post-secondary education, here are some tax tips for students to […]
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Steps To Avoid Tax-Return Identity Theft
ON August 8, 2017No one wants to fall victim to a phishing scam, especially one that involves the Canada Revenue Agency. In case you haven’t already heard, hackers are pretending to be from the CRA in a clever guise to get ahold of taxpayers’ personal information, like a credit card, bank account, passport, and social insurance numbers. If […]
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