Last updated: Aug. 2, 2013 
As any savvy investor knows, with careful year-round tax planning one’s investment portfolio can be a great source of tax savings. Income deferral vehicles such as the RRSP can be used to delay triggering taxes until a point in time when taxable income is lower. In addition to investing in an … Read more

Last updated: Jul. 31, 2013 
Did you know that the structure that you choose for your business can have a dramatic impact on your tax situation? Many businesses start out as sole proprietorships and that makes sense especially in those early years when you might be losing money. However, it’s important to note that incorporating your … Read more

Last updated: Jul. 19, 2013 
In a previous blog post, we outlined some of the advantages of the accrual accounting system for your business. Today, we’d like to give you some tips to make the transition to accrual accounting easy and successful. Set Up Chart of Accounts One of the first steps in making the move … Read more

Last updated: Jul. 17, 2013 
Farms, unlike many other businesses in Canada, can still use the cash method of accounting. Even so, many farms find the accrual accounting system a more useful business tool. The main difference between these accounting systems is the point in time at which you account for each income or expense item. … Read more

Last updated: Jul. 15, 2013 
There are a number of withdrawal options available to you as well as financial planning strategies that can maximize the income you receive from your RRSPs in retirement. Your RRSP Income Options Withdraw funds and pay tax on the full amount Transfer RRSP to RRIF Purchase a fixed term or life … Read more

Last updated: Jul. 10, 2013 
Canada Revenue Agency (CRA) has announced some changes aimed at reducing the red tape associated with small business tax filing and other related procedures. Here are the highlights: Allow businesses to submit payroll enquiries through the My Business Account enquiries service Allow businesses to update business banking and direct deposit information … Read more

Last updated: Jul. 2, 2013 
Ever found yourself facing a CRA audit or disputing your income tax notice of assessment? Were you worried about being “blacklisted” if you spoke up or filed a complaint? Well, this recent announcement by the Canada Revenue Agency may just give you some additional peace of mind.  The government has added … Read more

Last updated: Jun. 28, 2013 
As of July 1, the Canadian federal government will allow for the voluntary deferral of the Old Age Security (OAS) pension for up to five years. The pension will be adjusted based on an actuarially neutral basis which means that, on average, you will receive the same lifetime OAS pension whether you … Read more