Articles

Hindsight is 20/20, so they say. Most small business owners can agree with that, particularly on the small business accounting front. Ask any small business owner what they wish they knew about accounting before they started their venture and you’ll feel like a young swab hunkering down over beers with a grizzled sea captain eager … Read more

Many small business corporations, including farm corporations, use life insurance as a way to protect assets. 
 Premiums for permanent insurance on an organization’s principals aren’t deductible, so it would make sense that the proceeds are not taxable. 
 A policy’s net proceeds, which are the payout less the adjusted cost base of the policy, … Read more

You likely developed a business plan when you started your business. If you applied for a start-up loan or other funding you would have had to present a business loan. However, when was the last time you looked at your business plan? Keep your business plan close at hand and refer to it often to … Read more

In 1945, the Canadian tax return package was only 3 pages. Today, the T1 General is 4 pages, plus there’s a 4 page worksheet, 13 schedules and depending on your province of residence, an additional 2 to 5 pages for provincial taxes and credits. That’s up to 26 pages in the 2013 tax return package! … Read more

Does the success of your farm or business have the unwelcome consequence of a large tax bill to pay on your taxes for 2013? Are you concerned about personal liability from the risks of your business? Perhaps you’re asking yourself, “Is now the time to incorporate my business?” There are 3 main forms of business … Read more

Do you have your papers and records ready for your 2013 tax return? It can be a hectic time getting ready and it’s easy to miss something. Use the following information to help you get through this tax season and ensure you receive all the credits and deductions you’re entitled to. A few weeks ago … Read more

Proceeds of Insurance Tax Free to Shareholders Insurance can be complicated, but introducing tax implications related to corporate life insurance plans raises the complication factor enormously. There are 4 types of life insurance:
 Group term life insurance may be offered by a company or partnership for life and accidental death and dismemberment (AD&D) coverage to … Read more

Starting last year with 2012 tax returns, CRA mandated that all tax preparers electronically file all T1 (Individual) and T2 (Corporate) tax returns. The number of electronic filed tax returns continues to grow and now accounts for 76% of all T1 returns filed. Some Stats on Efiles Category 2012 Tax Year % change from 2011 … Read more

It’s Tax Season! Are You Ready? Tax preparers are gearing up for tax season and booking appointments to complete 2013 taxes. Do you have all of your bookkeeping and records ready? Here’s a checklist of documents and information you’ll need when you meet with your tax preparer. Individual Slips and Receipts 2012 tax returns and … Read more

We’re 2 weeks into the new year. How are you doing on your New Year’s Resolutions? Health is a common theme in many New Year’s resolutions, but have you made a resolution this year to improve your financial health? Here are 4 tips that you can follow to improve your financial health in 2014. 1. … Read more