Tax News

Tax season is just around the corner. And even though April is still a few months away, it’s never too early to get a head start on filing your taxes. If you have already finished preparing your return and realize you owe the Canadian Revenue Agency (CRA), there are a number of tax payment solutions […]

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TAX TICKLERS …..…………………….. 1 PRINCIPAL RESIDENCE EXEMPTION…………………………… 1 EMPLOYMENT EXPENSES ..……… 2 MEAL REIMBURSEMENTS ……….. 2 TAXPAYER RELIEF …………….….. 3 PAYROLL ADVANCES ……..………. 3 OBJECTIONS ……………………..…. 3 CRA STRATEGIES ON OFFSHORE TAX EVASION ……………………….. 4 TAX TICKLERS…some quick points to consider… A review of the Income Tax Act is to be completed by June 30, 2017. The […]

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Marriage comes with tons of great benefits, including some nifty tax breaks. And while a romantic getaway for two sounds far more appealing than a visit to your accountant, the latter could save the both of you some serious cash down the road. So, if you are married or common law partners, here are some […]

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Now that the New Year is here, many people are picking their resolutions. Getting healthier, losing weight, quitting smoking—these are all great ideas for sure. But now that 2016 is in the books, this is also the time of year folks are starting to plan for the upcoming tax season. If you are hoping to […]

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Tax Tips Traps Year End PDF Version Personal Considerations For EVERYONE 1) Certain expenditures made by individuals by December 31, 2016 will be eligible for 2016 tax deductions or credits including: moving expenses, child care expenses, charitable donations, political contributions, medical expenses, alimony, eligible employment expenses, union, professional, or like dues, carrying charges and interest […]

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It’s that time of year again—secret Santas, office parties, and Christmas goodies found on every desk. The holiday season is in full swing, making it the perfect opportunity to show your staff how thoughtful you are by getting them some gifts. But as many small business go, spreading the holiday cheer can get pricey, fast. […]

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Thinking about making the switch to QuickBooks? Well, it’s about time. This user-friendly accounting software is the perfect companion to make your accounting and tax preparation tasks a whole lot easier. Still not sure if QuickBooks is the right fit for your small business? Here are some reasons that just might convince you to get […]

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Running a small business can be particularly stressful during tax season. On top of tracking sales, managing your employees, and keeping your clients happy, you have to sort through a mountain of paper, numbers, and forms. With so much on your plate, there’s a chance you can miss out on some possible tax deductions that […]

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In the summer of 2016, CRA commenced a project to examine taxpayers holding expensive properties in Vancouver where only low amounts of income were reported. The goal of the project was to identify unreported worldwide income, property “flipping”, underreporting of capital gains on sales, and underreporting GST on sales of new homes […]

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Canadians are a giving lot, opening our wallets and our hearts whenever we can. And why not? Donating to charity is not only a great way to get more involved in the community, but also helps us feel terrific. And if that wasn’t incentive enough, your donation can also generate a nifty tax break. Planning […]

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