Last updated: Jun. 18, 2014
There are CRA hot buttons that are red flags for a tax audit. However, you and your tax specialist could also be completely above board and follow every rule in the Income Tax Act and CRA could still contact you for an audit. Tax audits can be random or triggered by … Read more
Last updated: Jun. 4, 2014
If one thing is for certain it’s that small business owners don’t mind saving money. After all, when you’re running your own shop, every cent counts. While some expenditures are absolutely vital to success, there are plenty of areas in which small business owners can cinch the belt. Here are 5 … Read more
Last updated: May. 14, 2014
Has CRA come calling? You may have been chosen by CRA for a tax audit because certain expenses look high or your reported income seems too low. It could just be the industry you are in is a target or perhaps CRA is auditing a friend, family member or supplier and … Read more
Last updated: May. 7, 2014
April 30 is behind you. You filed your business taxes. It sucked… but you got through it. Go ahead: Big exhale. Now let’s make sure you won’t have to go through the same chaos, stress, and anxiety when tax season rolls around next year. Instead of playing the “out … Read more
Last updated: Apr. 30, 2014
It’s April 30 and tax season is coming to an end. Did you make it? There is a short reprieve this year due to a system outage at Canada Revenue Agency resulting in an extension to May 5. If you’re worried about a large tax amount owing it’s still better to … Read more
Last updated: Apr. 23, 2014
The deadline for individual tax returns for 2013 taxes is now May 5, 2014. The Canada Revenue Agency (CRA) extended the tax filing deadline 5 days to compensate for down time from the Heartbleed bug. CRA had turned off online services, including e-filing, due to security concerns related to the … Read more
Last updated: Apr. 16, 2014
If you or a family member is over 65 you could benefit from the Ontario Healthy Homes Renovation Tax Credit or the B.C. Seniors’ Home Renovation Tax Credit. These credits assist individuals 65 and over to make improvements to make their home safer and more accessible. Both credits are refundable tax … Read more
Last updated: Apr. 9, 2014
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 … Read more
Last updated: Mar. 26, 2014
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 … Read more