• Further to our blog of April 16, 2016, we wanted to keep you informed of the latest in a string of scams that use the identity of the CRA. Our clients and friends continue to report receiving threatening phone calls from individuals claiming to be an agent from the CRA.
  • It is quite well-known that medical expenses can be claimed as a tax credit, but what is less known is just how such a tax credit is generated. You are not alone if the details of these rules are mystifying. We constantly struggle to understand the myriad of rules in
  • Commencing in 2015, the Canada Revenue Agency has implemented changes to reporting foreign property on Form T1135. The changes include a simplified method for reporting foreign property rather than having to provide the detail of each property. A taxpayer qualifies to use the new simplified reporting method if they own
  • On February 15, 2016, Finance Minister Charles Sousa delivered the 2016 Ontario Budget. Please find below some highlights from that release that we thought would be beneficial for you to review. If you would like more detailed information, please visit the Government of Ontario’s web site: http://www.fin.gov.on.ca/en/budget/ontariobudgets/2016.   PERSONAL TAX
  • 1. Collect all your stuff in a shoebox – the older the better. You want her to spend all her time sorting through your receipts at $Only-Gawd-Knows-How-Much an hour.  What do you care if the whole process is inefficient? You’ve got money to burn! 2. Don’t open envelopes containing income
  • An important costing technique that can make your bookkeeping easier is job costing. But what, you may ask, is job costing? It is a costing technique where revenue and expenses are tracked by the specific job they relate to, instead of being grouped by function (e.g. supply purchase, travel expenses,
  • For individuals considering adoption or currently involved in the adoption process CRA offers an Adoption Tax Credit. Adoption period: begins at the earlier of : the time the eligible child’s adoption file is opened with a provincial or territorial ministry responsible for adoption (or an adoption agency licensed by  a
  • If you move to a new location, you may be eligible to deduct your moving expenses. The general rules are you may deduct moving expenses from your income if you meet the following three requirements: (1) You move your residence in order to earn wages or self-employment income in a
  • Something that has become popular in the past few years and we would certainly recommend, is obtaining online access to all the information held by CRA (Canada Revenue Agency) under your SIN number.  CRA calls this service “My Account” and it allows an individual access to almost anything relating to
  • Starting in January 2013, CRA requires tax returns to be filed electronically. This applies to both T1 individual income tax returns and T2 corporation income tax returns for 2012 and subsequent tax years. If the taxpayer does not comply, a penalty will be charged of $25 for each T1 personal
  • A registered retirement savings plan (RRSP) is an account you can set up to save money for the future. There are immediate tax benefits in the year that a contribution is made to the plan. Also, RRSP investments can grow and not be taxed until the funds are withdrawn, often
  • limited liability – separates your personal assets from business and limits legal liability exposure to business assets only. Becomes even stronger factor if consider expanding the operations and hiring more staff. allows for flexibility in choice of compensation: timing of income – instead of getting your income when it’s received,
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