The Government of Canada’s new financial year begins on April 1st and by convention the public gets to see the government’s budget mid-March. There are two circumstances that are likely to set this budget apart. First, it’s the first budget on the heels of an election victory, an election in which spending promises were made.…
Be on high alert during #TaxSeason and all year round. Here are some tips to protect yourself and your family from fraud: Keep Your Personals to Yourself Didn’t we hear the words “don’t talk to strangers” our entire lives? If you don’t know who you’re communicating with, and you’ve never met them in person,…
Books and records are required to be kept in a way that will ensure the reliability and readability of the information recorded. The Canada Revenue Agency recognizes either of the following as records: 1. traditional books and records (including supporting source documents) produced and retained in paper format; and 2. books and records produced and…
Why is cloud accounting good for business? The use of traditional accounting software is typically regarded as a tedious and time-consuming process, which takes the excitement away from core business operations. Thus, in recent years we have seen a major marketplace movement towards cloud-based accounting software in efforts to streamline the accounting processes. A few…
The U.S. and Canada implemented an agreement to scan passports and share the information to track the time snowbirds spend in the U.S. Currently the number of days allowed is generally 182 days in a single year and less if they meet the “substantial presence test”. A new bill, currently before congress, would allow Canadians…
Prior to the 2016 federal budget there was a perceived abuse that certain corporate groups were benefiting from a multiplication of the small business deduction. To curb this behavior the budget introduced certain measures that aim to, amongst other things, prohibit a corporation from claiming the small business deduction on income received from certain private…
The 2016 Federal Budget was released on Tuesday. Many changes and additions to the budget were expected, and many were certainly not. The Federal Budget can affect you, your business, and your family. With many of the tax changes, you need to know which ones to stay on top of. We have outlined many of the…
Since the equalization system began, these are the Federal payment dollars that have gone out to the various provinces. Do you notice? • Quebec has received $198 Billion (half of the total payments) • Alberta has received under $1 Billion According to Gary Lamphier, between 2000 and 2014, on a net basis, Alberta’s individual…
With digital currency, such as Bitcoins, gaining in popularity as a form of financial currency, it’s important to understand the implication it has on income tax. The CRA has released a Bulletin addressing some of these concerns; in essence, it reminds stakeholders that tax rules apply when digital currency is used. The full release is…
Are you one of the majority of business owners who have chosen a December year end for their corporate tax year? As you are probably aware this is a hectic time of year for accounting firms! A December year end for most Canadian corporations means taxes are due at the end of March and filing…