• 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 Also, RRSP investments can grow and not be taxed until the funds are withdrawn, often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,
  • One often reads or hears about year end tax loss selling and the deadline to execute these kinds of trades that comes along each December.  Here’s what it’s all about. Taxpayers who have taxable capital gains in the current year from selling securities or who own mutual funds or income
  • Normally you would think of a GPS system as a useful tool in your own vehicle to get you where you are going. GPS systems have become very sophisticated and are now being used within business operations, but not in a way you would traditionally expect. In a company where
  • Don't be late
    If you are entitled to a refund, the earlier you file, the earlier you will get your money back from the Canada Revenue Agency (“the CRA”). The CRA is getting pretty quick at processing returns as they come in, but they are faster earlier in the tax season than they are later
* = required field