News & Information
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.
Cash is king is a common expression in business. Surprisingly though, few owners or managers take the steps needed to manage their cash flow. By ignoring it, they will sometimes find an empty bank account and nothing to pay their bills with.
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.
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
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.
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.
As the holiday season approaches, and with all of the news of late about the ongoing COVID-19 pandemic as well as the FLU season, we thought it would be good to pass along some ideas on how to stay safe while supporting small businesses.
Maintaining good financial management is crucial to a firm’s survival. Timely and informed decisions are much easier when responding to changing conditions in today’s business world.
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:
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.
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.