e-Courier Secure Portal

Our Blog

News & Information

We are pleased to provide a variety of resources on accounting, taxation and other related subjects that we hope will be helpful to both individuals and businesses.

Details Your Accountant Needs To File Your Business Tax Return

details Details Your Accountant Needs

Take control of your small business taxes by gathering your information in advance. By being organized, you will help your accountant save you time and money when you file. Follow these points:

Continue reading
  491 Hits

Claim your investment fees on your tax return

deductions

When preparing your taxes, a deduction that is often overlooked is carrying charges and interest expenses. These charges are costs you incur to earn income from an investment, but only expenses for non-registered accounts will qualify.

Continue reading
  307 Hits

Tax Implications of Shareholder Loans

shloan

Shareholder loans refer to loans made by shareholders of a corporation to the corporation. The tax implications of such loans will vary depending on the jurisdiction, but usually, they are not considered taxable income to the shareholder.

Continue reading
  270 Hits

Using An RRSP as a Tax-Planning Tool

rrspmon

An RRSP is more than simply an account for retirement savings. Yes, it’s a must-have when saving for retirement, but the Registered Retirement Savings Plan (RRSP) is an effective tax-planning tool.

Continue reading
  227 Hits

Preparing Your Records For the 2022 Tax Season

receipts1

Through proper planning, simplifying the process of filing your tax returns for 2022 is easily done. By taking the time to prepare your records, you can speed up the process of receiving a refund and reduce the cost of services provided by your accountant or tax preparer to meet the tax filing deadline.  

Continue reading
  254 Hits

How to Stay Ahead of the CRA

accounting

Small business owners and the self-employed start every year from groups like the semi-retired, up-and-coming entrepreneurs and those just wanting to follow their dreams. As you start down the road, don’t make the mistake of not staying in line with the Canada Revenue Agency (CRA).

Here are some important tips to follow:

Continue reading
  459 Hits

The 2022 tax filing season starts in February

taxes 2022 tax filing season

The 2022 tax filing season starts in February. The filing deadline is May 2nd, as April 30th falls on a Saturday. The deadline is June 15th for self-employed individuals or anyone with a spouse/partner who is self-employed.

Continue reading
  433 Hits

Keep more of your money by Income Splitting

incomesplitting Save your money

Keep more of your money by Income Splitting

Earning more than your spouse can create a situation where moving some of your income can reduce your combined taxes. Consider using these methods

Continue reading
  433 Hits

Seven Things to be aware of when filing your taxes

6-tips Seven Tips to be Aware Of This Tax Season

Use our Tax Information Checklist

To start gathering your income tax details, click here to download our checklist. This will help you organize your information to bring into our office.

Continue reading
  409 Hits

You Might be Self-Employed If...

self-employed Are you self-employed?

No doubt you have heard someone say, “I’m self-employed.” What do you think of when you do?

Continue reading
  386 Hits

Can I save Money on My Accounting Fees?

fees2

If you would love to say goodbye to high accounting fees, the great news is that saving money in this area is often quite easy for many business owners. The number one rule is ensuring your records are complete and organized.

Continue reading
  309 Hits

How do you pay yourself? Dividends Or Salary?

dividend1

Paying yourself as a small business owner is an important decision. Determining how you do it will be very important concerning finances and taxes.

Continue reading
  382 Hits

Business & Personal Accounting Tips at Christmas

christmas stress a smart person consults their accountant so that they're prepared

This season is one of the most important times of the year when thinking about finances. People are either out or shopping online, and businesses everywhere generally hire more people. Even in these COVID-aware times, parties can happen, and presents are usually given. In spite of all the hustle and bustle, smart people will consult their accountant so that they're prepared. Here are some tips for the holidays.

Continue reading
  460 Hits

Are Medical Expenses Tax Deductible in Canada?

medical1

With the end of the year fast approaching, we thought it would be timely to discuss the medical expense deduction on your tax return.

Continue reading
  292 Hits

The Importance of reporting ALL income from information slips

Many people assume that if they fail to include an information slip with their income tax return, the Canada Revenue Agency ("CRA") will simply adjust the return to report the income and adjust the income tax accordingly. This is half correct! The other half of the equation is a little-known penalty the CRA imposes for repeated failure to report in...

Continue reading
  537 Hits

A Tax Audit - What you Should Know

taxaudit Tax Audit - What you should know

From time to time, the Canada Revenue Agency (CRA) audits tax returns and claims for rebates to ensure they comply with the country’s taxation laws. The objective is to ensure that taxpayers meet their obligations and receive amounts to which they are legally entitled.

Continue reading
  421 Hits

Changing Compilation Engagement Standards QnA

audit2 Changing Compilation Engagement Standards QnA

Who are users, and what is the Basis of Accounting?

A “user” includes anyone who would receive the compiled financial statements. Users may be shareholders, investors, creditors and lenders, government, regulators, suppliers etc.

Continue reading
  366 Hits

Changing Compilation Engagement Standards

audit Compilation Engagement Standards

In Canada, accounting firms are letting their clients know about the new requirement for compilation engagements. This new standard is titled the ‘Compilation Engagement Report.’ This report will contain your company’s compiled financial details.

In Canada, accounting firms are letting their clients know about the new requirement for compilation engagements. This new standard is titled the ‘Compilation Engagement Report.’ This report will contain your company’s compiled financial details.

Continue reading
  314 Hits

Deducting Vehicle Expenses as a Self-Employed Person

autos Deducting Vehicle Expenses

If you are self-employed, you may claim automotive expenses while conducting business.
If you use your car for personal and business travel, only expenses for business can be deducted. If you use it exclusively for business, you can expense all costs.

It is important to note that driving to and from the office is not deductible.

Business-related driving includes:

Continue reading
  372 Hits

What Advertising Costs Can My Business Deduct?

advertisin_20220626-150611_1

While in the past, small business owners mostly looked to print, television or radio, flyers or attending a trade conference to get their message out, today, advertising opportunities have become almost limitless.

The older types of advertising were, and still are, difficult to gauge the direct effect of their use, and they were costly. Except for time, today, many advertising methods don’t cost anything.

Continue reading
  389 Hits

Are Gifts Deductible Expenses?

gifts Tax Deductions for Gift Giving

Giving gifts to clients can be a valuable method of building goodwill and loyalty. It’s one way to distinguish yourself from your competitors. Gifts are usually given during holiday seasons, for birthdays, significant transactions or simply as a thank you. When you buy a gift for use in business, you need to know if it qualifies as a tax deduction.

Continue reading
  384 Hits

What Does a CPA Do After Tax Season? Plenty!

aftertax After Tax Season... Now What?

Having survived tax season, thousands of CPAs flock to beach resorts for 11 months of relaxation, cocktails and resting on their laurels. OK, not quite.

Continue reading
  382 Hits

I Can't Afford to Pay the Taxes Owed? What Can I Do?

late Pay the Taxes Owed

If you can't afford to pay the taxes owing, you should file your tax return by the deadline to avoid any late-filing penalty. Once you have submitted the return, call the Canada Revenue Agency (CRA) regarding the payment that is due. Under some circumstances, interest and penalties can be waived. More information can be found here.

Continue reading
  411 Hits

Protect yourself against fraud

scam Slam the scam

Tax season scams involve fraudsters who try to dupe you into believing they represent the Canada Revenue Agency (CRA). These dishonest communications try to trick you into sending either payment for an outstanding amount or personal details about you they can use to commit fraud.
Here are a few examples of the scam messages you might receive by email, a phone call or by text:

Continue reading
  373 Hits

Do you qualify for the Disability Tax Credit?

Disability Tax Credit Disability Tax Credit Form T2201

The Government of Canada offers a variety of tax benefits to people with disabilities. These benefits are provided under the assumption that people with disabilities will have unavoidable, additional expenses that other taxpayers do not face. The Disability Tax Credit (DTC) is intended to act as a fairness measure for people with disabilities and their families.

Continue reading
  405 Hits

RRSP or TFSA? Which One is Best?

choose Which plan is best?

Continuing on with the discussion about TFSA's and RRSP's, we consider which one is best.

There is no single answer. It is not an either-or situation. Both plans have tax advantages, but some are greater than others, so it depends on your financial situation. You can use both plans if you have the capital to do so.

Continue reading
  413 Hits

Tax-Free Savings Account (TFSA) and the Registered Retirement Savings Plan (RRSP)

RRSP-TFSA RRSP or TFSA?

Chances are you’ve heard about the Tax-Free Savings Account (TFSA) and the Registered Retirement Savings Plan (RRSP). These accounts work harmoniously to enhance your finances through tax deductions, no tax, or other benefits. The sooner you open these accounts, the sooner they can help you towards your life’s goals.

It’s important to know the particular benefits of these accounts for various goals you may have.

Continue reading
  388 Hits

Advanced Planning Helps Simplify The Tax Process

prepared Be Prepared for Tax Season

As the new year starts, simplifying your tax filing process can be easily done by planning. When you take the time to prepare, it can speed up the process of receiving a refund, not to mention reducing the cost of services provided by your CPA as they get things done to meet the tax filing deadline.  

Continue reading
  445 Hits

UNPAID AND BACK TAXES

penalty UNPAID AND BACK TAXES

When trying to rectify the past, volunteering the details may help you avoid penalties, interest and the most important thing, criminal prosecution.

Continue reading
  494 Hits

Do I Need Both Personal and Business Tax Returns?

Personal & Business Tax Returns Personal & Business Tax Returns

That depends on whether your business is incorporated or not. 

If you are incorporated, you will have to submit a T2 Corporate Tax Return for your company. That only covers your company; you will also have to file a T1 personal tax return.

Continue reading
  534 Hits

Do you do your own taxes?

Taxes A CPA is your best bet

Do you consider yourself a DIY type of person?

How about the office worker who can help their neighbour with a computer problem or can cook a gourmet meal for a group of 10 at the drop of a hat? All this, in addition to being able to keep his workplace organized. You probably know people like that who display genius in many areas, on demand. Good for them; they can be treasures when you need a friend as they can sometimes save you money.

We don’t want to downplay the importance of such a helpful person, but some things in life require the skills of a trained professional. Does the phrase, “A Man Who Is His Own Lawyer Has a Fool for a Client” come to mind? Evaluating complex legal issues requires specific expertise.

Continue reading
  489 Hits

Tax Planning - Start Now to Create Wealth

Engaging in tax planning from the beginning of the year means that you can enjoy the benefits at tax time.

Tax planning is the broad concept of tax efficiency. Tax efficiency considers the larger financial picture incorporating individual age, goals, tolerance for risk and investment timeline. By incorporating tax planning, you uphold long-term wealth creation and protect your capital.

The beginning of the year is the best time to start to plan for tax savings. But, unfortunately, last-minute tax planning leads to lower returns and bad investments.

To understand the various tax-saving opportunities and ensure that you are headed in the most appropriate direction, consult with a professional and take suitable action to reap the benefits.

  498 Hits