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Jan 21 2019

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New Tax Breaks for Equipment Purchases

If your business is considering purchasing office equipment, vehicles, computers, practically any capital asset – we have fantastic news! The Department of Finance announced that as of November 20, 2018 tax depreciation rates have TRIPLED from the previous rates. If you think that’s a nice perk, check this out! As

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Dec 18 2018

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CRA – The Dark Side

Is it really surprising that many fall victim to fake CRA collection calls? You know,the ones demanding payment or the CRA will either arrest you or launch a lawsuit against you – even repossess your home. With over 30 years of dealing with the CRA, their “Dark Side” has become

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Nov 14 2018

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Bookkeeping – Working Smart

Bookkeeping is not just entering transactions, reconciling your bank statement and saying, “I’m done!” Bookkeeping lays the foundation for everything that is extracted from your financial data, and business owners deserve data they can trust. Good bookkeeping does require work, but working smart now saves time, money and headaches later.

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Oct 17 2018

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TFSAs – Do You Have Room?

In November 2016, we blogged about Tax Free Savings Accounts. Since inception, CRA has been auditing TFSA accounts and this has resulted in penalties to taxpayers who have unknowingly over-contributed. How can you be sure you have room for your TFSA contributions? Here are some tips. Understand TFSA Withdrawals Let’s

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Aug 28 2018

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Why Your Retirement Plan Needs a “Checkup”

Let’s face it, your annual physical may not be your idea of a good time. However, regular visits to a GP can help you assess your health, review what’s happening in your life, and guide you in making healthy choices and lifestyle changes with the goal of being as healthy

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Jun 20 2018

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Do You Need a Financial Advisor?

Costco, Superstore and Wal-Mart have got us used to the efficiency and convenience of one stop shopping. However, should this same concept be applied to your financial needs? Not necessarily. At Scarrow Yurman & Co. we do our best to attend to the tax needs of our clients. We go

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May 22 2018

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Passwords Made Easy

Are you up to your eyeballs in passwords that you can’t keep straight? Do you reset your passwords more often than your alarm clock? Then this blog is for you! We recently heard of a password solution that impressed us so much – we just had to share. The key

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Apr 16 2018

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Tax Credits vs Tax Deductions – What’s the Difference?

Although these two terms are used interchangeably, when you’re discussing tax credits and tax deductions you’re not comparing apples to apples. They are very different and knowing the differences is helpful. Tax we owe in any given year is not based solely on our income but is also affected by

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Mar 21 2018

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Personal Tax Season – Overcome Stress By Being Prepared

“By failing to prepare, you are preparing to fail.” With this sobering advice in mind, we have prepared some tips to help you get organized and avoid unnecessary stress this personal tax season. TIP #1 – Mark your calendar. Know your deadline. For individuals, the deadline is April 30, 2018.

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Feb 14 2018

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Tax Credit Changes – 2017

CRA giveth and CRA taketh away. Actually, more “taketh” than anything! As you run around getting all your tax slips in order, we wanted you to be aware that the CRA has nixed some tax credits and modified some current ones for 2017. Here are a few key changes: The

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Jan 02 2018

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Cloud-based Bookkeeping Software – A Word of Caution

Over the years we’ve learned that: A “server” doesn’t always refer to the person at your favourite restaurant; A “router” isn’t simply a power-tool; and a “floppy” doesn’t merely describe your best sun hat! Perhaps now you’ve heard the latest “techy” phrase “the Cloud” and you’re wondering: What is this

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Nov 08 2017

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Registered Education Savings Plan (RESP): Withdrawals

So, you did your homework and started a RESP for your child. Bravo! However, now junior is grown up and ready to go off to University – YIKES! Where did the time go? Certainly, time can seem as fleeting as our money. Below are some tips to ensure the RESP

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