December 22, 2017
Parents quite often make loans to their adult children to help them purchase a car, a home, or for other reasons. A loan is different from a gift. The
December 14, 2017
On January 1st, 2017, the LCGE increased to $835,716 of capital gains realized by an individual on qualified small business corporation shares. The LC
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Parents quite often make loans to their adult children to help them purchase a car, a home, or for other reasons. A loan is different from a gift. The parent can charge interest so that the loan will … Read More
On January 1st, 2017, the LCGE increased to $835,716 of capital gains realized by an individual on qualified small business corporation shares. The LCGE has been indexed to inflation for the years fol… Read More
Estate planners often suggest that the RRSP/RRIF holder designate a beneficiary of the plan. There are many advantages: Probate fees can be avoided because the funds transfer direct to the beneficiary… Read More
A tax return must be filed if: -You have to pay income taxes for the year; -You have not repaid all amounts withdrawn from your RRSP under the Life Long Learning Plan; -You have to pay CPP because you… Read More
Most business owners know that hiring the right talent is one of the best ways to ensure the company’s success. However, small business hiring budgets tend to be limited, making it necessary for… Read More
Preparing income tax returns as a small business can be challenging. Tax laws change continuously, and keeping up with all of these filing requirements can be daunting for the busy business owner. In … Read More
Did you know that GST/HST must be remitted on a taxable benefit unless the benefit is tax exempt or zero-rated, for example the benefit on low-interest loans? An example of a tax benefit that is not e… Read More
It is always a good idea in business to pay attention to the important details. Important details are often cluttered up with a thousand other unimportant details. The following ten tips are designed … Read More
You’re a business owner or manager and you may not have a lot of extra time on your hands. The bookkeeping is done by someone else and you have an accountant in place to look after your financial af… Read More
Believe it or not, one of the most important facets in operating your business is your banking relationship. Making the right decision in your banks will affect many details in the everyday running of… Read More
As an accountant I have often met with the frustration of clients over the fact that their financial statements do not reflect the “true value” of their companies. As a business owner myself, I sh… Read More
Congratulations on even having to answer this question. If you are in this position, you have done a number of things correctly. First, you have been able to successfully start a business and develop … Read More
The most popular tax tool available to taxpayers is investing in a registered retirement saving plan (RRSP). Contributions to RRSP’s are tax deductible and the income earned within the plan grows ta… Read More
There are several areas that are included in estate planning. Here is a brief list of some of them: – You should have a will that includes your desires and tax considerations. -You should consid… Read More
If you pay the following expenses by December 31, 2016 they will be eligible for the deductions of credits: – Childcare expenses – Political donations – Tuition fees – Deductib… Read More
In previous blogs we described the proprietorship and the corporation. To recap, there are three ways you can organize a business – a proprietorship, a partnership or a corporation. In this blo… Read More
The lifetime capital gains exemption deduction, if you dispose of shares in a qualified small business corporation, is $824,176, or $1,000,000 for a qualified farm property or qualified fishing proper… Read More
In a previous blog we described the corporation. To recap, there are three ways you can organize a business – a proprietorship, a partnership or a corporation. In this blog we will do our best t… Read More
There are three ways you can organize a business – a proprietorship, a partnership or a corporation. In this blog we review the setup of a corporation. A corporation is a separate legal entity f… Read More
Regardless of the size of your business, you are likely to accumulate a lot of financial records as you operate. Because you may need to refer to these documents for financial planning, collection or … Read More
– Consider a Registered Education Savings Plan (RESP) for your children. – Set up a Tax Free Savings Account (TFSA). – Review your December income tax installment. – Make a low… Read More
You can use your 2016 capital losses to reduce your current year’s income taxes by applying such losses against your 2016 capital gains. You must, however, be careful of the superficial loss rules p… Read More
Whether you are just starting your small business or you are looking for a way to expand in a new market, finding the right sources of financing is essential to your success. However, unless you are i… Read More
Owning and operating a seasonal business presents challenges that are not encountered by owners of traditional businesses. One of the most notable issues involves fluctuations in cash flow. During the… Read More
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