Articles

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

The 2013 budgets released in the Spring of 2013 brought a few changes that will affect your taxes this year and perhaps put more money in your pocket. First-Time Donor’s Super Credit If you or your spouse hasn’t claimed the charitable deduction tax credit in the past 5 years, you’re eligible for this one-time tax … Read more

You’re probably aware of the March 3, 2014 deadline for RRSP contributions to apply the deduction against your 2013 taxes, but are you aware that December 31 is also a significant date when it comes to your RRSPs? Be sure you don’t have any non-qualified investments in your RRSP If you have a self-directed RRSP, … Read more

That’s right! 2003. File For Your 2003 Taxpayer Relief Before December 31, 2013 It may be hard to remember what happened 10 years ago, but there may actually be money you’re leaving on the table that you’ve forgotten about. You have until the end of this year to make a request to the Canada Revenue … Read more

Bumper crop could increase demand for small-scale farm equipment and crop inputs. With the year coming to a close farmers have much to be thankful for as shown by a recent Statistics Canada release showing some great results from this year’s harvest. Statistics Canada reported an increase of farm cash receipts over operating costs brought … Read more

For this week’s blog post we want to highlight some tips from another great financial blog for small businesses. Kashoo, Simple Cloud Accounting, polled their community for tips and tricks that will help you dominate your fiscal year-end. Here’s a highlight of some of the tips from their blog post. Reconcile your accounts You can … Read more

Before your year-end is the time to plan for potential tax losses. If you have a losing position you can use that to offset capital gains. You must first apply a capital loss against a capital gain in the current year. Any excess can be applied against capital gains in the past 3 years or … Read more