Last updated: Feb. 2, 2014
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 … Read more
Last updated: Jan. 29, 2014
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 … Read more
Last updated: Jan. 22, 2014
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 … Read more
Last updated: Jan. 15, 2014
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 … Read more
Last updated: Jan. 8, 2014
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 … Read more
Last updated: Dec. 20, 2013
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 … Read more
Last updated: Dec. 11, 2013
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 … Read more
Last updated: Dec. 10, 2013
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 … Read more
Last updated: Nov. 27, 2013
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 … Read more