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If You Run a Small Business Then the CRA Is Looking to Audit You
As legend goes, Willie Sutton, the notorious bank robber, was asked by a reporter why he robbed banks. His answer was simple, “because that’s where the money is.”Sounds obvious, right?Well, it looks like the CRA has caught on to that logic. Albeit, not with banks, but...
How are stock options taxed?
The federal government recently announced potential changes to how stock options will be taxed in 2020, but as long as you’re not raking in millions per year, you should be fine. Canadian Finance Minister, Bill Morneau said in June that they’re working towards a...
Five Things Physicians Should Look for in an Accounting Firm
Ontario doctors need to choose their accounting firm with care. Let’s face it - doctor’s have way better things to do than to pour over the Canadian Income tax act. Outsourcing this task literally frees up time to save lives. Physician taxes in Ontario are as complex...
If You’re Running a Sole-Proprietorship, You Could Be Paying Up To 300% More Tax Than Necessary
You're running a successful business. You're making money. You're re-investing in inventory, capital assets, and retirement savings.Everything is going great. That is, until you file your tax return.Entrepreneurship is fraught with ups, downs, and all sorts of...
Should You Use A Corporation To Hold Your Rental Properties?
Our clients who purchase rental properties often ask us the best way to hold them: under a corporation or under their name. Which is best depends on both the kind of property and your tax situation.A Canadian corporation is a separate legal entity that is treated as a...
What to Do If You Haven’t Filed Your Tax Returns
Life gets busy, and sometimes forgetting to file your tax returns can happen. However, not filing can become a serious problem, which means it’s necessary to take action immediately. The Canadian Revenue Agency will eventually prepare a tax return based on the...
Are All Accountants Equal?
Asking if all accountants are equal is like asking if all apples are equal.If you closed your eyes at the grocery store and picked random apples, would you end up with all exactly the same? No. Some would be bigger, some would be lumpy and some would have wormholes....
What To Look For In An Accounting Firm
The most crucial criteria when looking for an accountant firm is to find one that’s a good fit for you.That doesn’t mean the best one, the one that wins all the awards, or is the biggest, but the one that has the most clients similar to yourself. You want the...
Is Age Just A Number When It Comes To Choosing An Accountant?
Let’s say you’re 45 years old, you have two kids, you own a small business, and you’re searching for a new accountant. You’ve found two, both of whom you get on with and who have the same general qualifications. But one is 25 years old and one is 70 years old. Whom do...
Are My Accountant’s Errors My Problem?
Ever wonder if you’re on the hook if your accountant screws up? The short answer is no — the accountant’s errors are the accountant's problem. Any judge in an audit will recognize who was at fault and won’t hold you, the client, liable for a professional’s mistake. At...
Financial Planning Tips For All Risk-Levels
Not everyone has the soul of a bungee jumper. Most of us have kids to feed, mortgages to pay and retirement to think of. When we create a full financial and tax plan for our clients, we do so while strongly considering their risk level. Often, our clients can be...
How To Pay Yourself From Your Corporation: Dividends Versus Salary
Congrats! You’ve made the move from sole proprietor to CEO of your very own corporation. Or perhaps you started out your small business incorporated, to begin with. Either way, here you are — with a company of your very own. You no longer have to rely on a biweekly...
How to Financially Structure Your Business and Build Personal Wealth
After working 60 - 70 hours a week for years, you were finally able to pay yourself a decent salary and leave a healthy portion of profit in the business for reinvestment. It’s an exciting new level for your business! You bootstrapped the startup with your personal...
What the Heck is Tax Planning?
As much as we're sure you love the CRA, we know you love money in your pocket more. That’s where tax planning comes in. Tax planning is pretty much exactly what it sounds — it’s how accountants arrange your business and personal matters to reduce and defer your...
Why Portfolio Turnover Is Important From a Tax Perspective
We're back with more tips on investing in stocks in a taxable account. This week, Fab explains what portfolio turnover is and why it's important from a tax perspective. Watch this week's Weekly Tax Planning Tip video to check it out... Transcript:Hey...
How To Compensate Your Investment Advisor
In this week's Weekly Tax Planning Tip video, Fabio explains why it's smarter from a tax perspective, all things being equal, to compensate your advisor via fees. Check out the video to learn why... Transcript:Hey everybody, Fabio Campanella here from...
The Rules of Replacement
Replacement rules... what are they and when do they apply? Clients come to us misinformed on this topic all the time so we're clearing it up for you in this week's Weekly Tax Planning Tip Video. Enjoy... Transcript:Hey there, today we're going to talk...
Holding Companies: What Are They and When Should You Use Them?
In this week’s Weekly Tax Planning Tip video, JP breaks down the benefits of using a holding company - when we use them and why. If you’re looking to safeguard the assets of your operating company, you’ll want to check this out… Transcript: Hey there. So...
Important Tax Return Due Dates for Self-Employed Canadians
The tax deadline is fast approaching for Canadians but good news if you're self-employed - you've still got time! That's right, in this week's Weekly Tax Planning Tip video Fab breaks down the due dates for self-employed Canadian's tax returns. Check it...
Understanding The HST Quick Method and How It Could Mean Automatic Tax Savings
Something we look at all the time for our clients and for those coming on with us is the HST Quick Method and the potential for automatic tax savings. In this week's Weekly Tax Planning Tip video we explain exactly how it can work for your small...
2 Triggers to Stay Clear of That Could Prompt a CRA Tax Audit
Audit. This is probably one of the most feared words in a small business owner’s vocabulary. A Canada Revenue Agency (CRA) audit can be one of the most stressful, frustrating, and costly things a small business can ever deal with. But what triggers an audit? The truth...
Private Investments: How You Can Spot The Potential Investment Scam
In this week's Weekly Tax Planning Tip video we're sharing 3 tips to spot potential investment scams if you're considering private investments.You can also check out the Financial Post article we wrote on this if you want to dive in further. Click here to...