Here are 8 great tax saving tips: Tax Savings Tip #1: Keep complete records Be diligent about your record keeping to avoid lost receipts that can mean missing out on […]
CPP death benefit The CPP death benefit is a one-time, lump-sum payment to the estate of the deceased contributor. The CPP death benefit can be paid to: The Estate of the […]
If you would like to spend less time organizing your records and more time growing your business, you should automate your document retention with Receipt Bank. Receipt Bank is a […]
An advantage to being self-employed is that you don’t pay into Employment Insurance (EI) like employees do. However, a program was introduced in 2010 which allows self-employed individuals to opt […]
If you are starting a new business in Canada or are operating one already, then this article is for you. Types of business structures The type of structure you choose […]
An RESP is an education savings account that is registered with the Government of Canada that helps you save for a child’s or grandchild’s post-secondary education. With an RESP, you […]
If you are in a much higher income tax bracket then your spouse and have investments outside of an RRSP or TFSA then a spousal loan could reduce your taxes. […]
If you have apprentices working for you, then you should be taking advantage of the apprenticeship job creation tax credit. (Apprentice Tax Credit) An investment tax credit can be claimed […]
A taxpayer can claim deductible medical costs paid for themselves as well as for their spouse, common-law partner and dependents. A dependent can include; the taxpayer or their spouse/common law […]
Eventually investors move from the “saving-years” to the “drawing-years”, when they want to start drawing retirement income from their portfolios. This can be confusing. For many the natural inclination is […]
We are often asked, “Should I own my vehicle in my company or personally?” The following facts can help us determine the answer to the question of vehicle ownership: 1) […]
If you are considering a direct beneficiary designation for either a Registered Retirement Savings Plan (RRSP) or a Registered Retirement Income Fund (RRIF), you should be aware of some negative […]
Regardless of the reason, if you have unreported T-slip income of $500 or more from any T-slips in your current year tax return, don’t wait for CRA to catch it. […]
Being audited is a difficult experience that can be both scary and costly. When being audited the professional and legal fees can amount to thousands of dollars quickly, so we […]
What if you knew the impact of an important decision before you made it? Could you and your business benefit from this “what if” strategic planning? You would be able […]
If one of your New Year’s resolutions was to save more money, then the Tax-Free Savings Account (TFSA) may be a good option for you to use. Learn more about the TFSA rules and limits.
If you are late filing your corporate tax return by more than three years, any overpayment is considered statute barred under the Canadian Income Tax Act (Section 164(1)). This means […]
There are many benefits that KWB receives as a member of the Quickbooks ProAdvisor program and can pass along to you. Read about what they are, including some potential cost savings for you.
Depending on the location of your permanent home, you may qualify for the Northern Residents Deduction on your personal income tax return. The steps to determine if you qualify for […]
The Canada Revenue Agency (CRA) made a major change to the Principal Residence Exemption that affected Canadians when filing their 2016 tax returns. Regardless of whether the sale is exempt […]
You may not always understand what your banker is seeing or what they are asking for, but the good news is that both your banker and you want to see the business succeed. Here is more info on the 9 simple things that will help you become a more successful borrower.
Proposals from the Department of Finance on July 18, 2017 included changes to the taxation of split income. The most common form of split income is income from a dividend […]
An allowable business investment loss can arise in many ways: 1) Through a disposition of shares in a small business corporation 2) Through a disposition of debt owed to you […]
Triplog is a great tool if you are tired of tracking your mileage every time you get in the car. Especially if you aren’t claiming mileage as an expense because […]
Most of us daydream about receiving a surprise notification that we have suddenly received some unexpected money Although it may not qualify as a windfall, there is a chance that […]
One of the reasons we really like and recommend QuickBooks Online (QBO) is that like us, Intuit is always looking for new ways to help business owners improve their business. […]
