SCARROW YURMAN & CO - Professional Accounting Firm

Jun 14 2013

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Adoption Tax Credit

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

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May 17 2013

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Moving Expenses Deduction

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

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Apr 03 2013

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Obtaining Online Access to Accounts at Canada Revenue

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

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Mar 08 2013

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Mandatory Requirements For Efiling Personal & Corporate Tax Returns

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

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Feb 07 2013

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How RRSP Contributions Work

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 Also, RRSP investments can grow and not be taxed until the funds are withdrawn, often

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Jan 09 2013

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Incorporation Of The Business; The Advantages

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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Dec 10 2012

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Year End Tax Loss Selling

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

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Nov 23 2012

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A Business Use For GPS Systems

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

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Mar 20 2012

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The Top Four Reasons To File Your Personal Tax Return On Time

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

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