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Financial Tips For Real Estate Investors
By Fabio Campanella CPA, CA, CFP, CIM Way back in 2011 I wrote a column for the Toronto Star print edition (CLICK HERE for the full article). In it, I gave my top 5 financial recommendations for novice real estate investors. Even now, these are the same top...
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Yes, Your Bitcoin Profits are Taxable
So you’ve gone ahead and made some money trading Bitcoin (lucky you, most of my friends lost a ton). But now what? Do you report this on your tax return? And if so, how? Bitcoin, and any other digital currency (DC) for that matter, can be a tricky subject when it...
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Deducting Life Insurance Premiums in a Corporation
For various reasons a small business owner or incorporated professional may wish to enter into a life insurance contract via their corporation. But, are the premiums deductible for tax purposes? This depends, there are generally two scenarios in which premiums may be...
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New Accounting Services: Our Response Time is Shocking… And That’s Just a Shame
The Accounting Services Difference! When looking at bringing third-parties in to support your business, it’s critical to align yourselves with those who appreciate your business, your time and your money. If you are getting less than 100% dedicated focus from your...
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Fast, Professional, Responsive – A Get It Done Attitude
CMLLP - Our approach is to be responsive to our customers We are always shocked when our clients are surprised at the speed with which we get things done at Campanella McDonald LLP (CMLLP). We recently had one client contact us to help with back taxes and specifically...
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3 Signs of a CRA Scam
Have you received a threatening phone call from the CRA asking for money or threatening your arrest? Join the club! CRA scams are on the rise and there is no shortage of scam-artists looking to help you part ways with your money by employing deceptive tactics aimed at...
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3 Reasons to Incorporate Your Small Business
Running a small business isn’t easy and unless you’ve given entrepreneurship a go you really have no idea what entrepreneurs go through. At Campanella McDonald LLP we know entrepreneurs all too well. For starters, we are entrepreneurs ourselves having started our firm...
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Should High Schools Teach Personal Finance?
I’ll get to the point: YES. Back in 2012 I wrote a column for the Financial Post titled: “Why you should study personal finance, not Shakespeare” CLICK HERE for the full article. Now this wasn’t a stab at Shakespeare, drama, English literature etc. It was a call-out...
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3 Tax Efficient Investing Strategies
Do you invest money in a taxable account? If you do then an article I wrote for the Financial Post way back in 2011 is still relevant to you. In the article I explain three simple yet effective ways to improve the tax efficiency of your investment...
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CRA Audits and Your Social Media Accounts
Do you like posting your life to social media? Many Canadians do. But did you know that your social media accounts can be public and are fair game for Canada Revenue Agency (CRA) auditors? I bet you didn’t. In a Financial Post article dated October 25,...
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Next-gen ETFs ‘equalize the playing field for investors’
ETFs or Exchange Traded Funds are a booming investment vehicle in Canada. The sector has grown from a selection of a few funds tracking passive indexes to hundreds of funds with passive, active, and rules-based strategies. In a Globe and Mail article dated November...
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Video: Calculating HST – Long Method or Short Method which one is best for you
Video Transcript - Calculating HST - Long Method or Short Method which one is best for you Hi there, and welcome to the Campanella McDonald's Tax Tip video. Today we’re going to talk about some ways to save some time and money when calculating HST returns. Are you...
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Voluntary Disclosure and HST for Real Estate Investors Presentation
Here is the video transcript from the Voluntary Disclosure and HST for Real Estate Investors Presentation Presentation Speaker 1: We’re going to bring up JP. Apparently, JP and Fabio are going to run in from the side of the hall here. So John Paul – sorry, it’s not JP...
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Video – Tax Tip Tuesday: Pros and Cons of Corporations Sole-Proprietor and Partnerships
Watch the video on the Pros and Cons of Corporations, Sole-Proprietorships and Partnerships Here is the video transcript from "The Pros and Cons of Corporations, Sole-Proprietorships and Partnerships" John Paul: Hi there, and welcome to Campanella McDonald's Tax Tip...
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Did you know that in 2015 the Government came out with new deductible amounts for childcare?
It is important to know what your childcare qualifies for, here are a few pointers from Fabio and John Paul. Video Transcript from New Childcare Deductions/h3> John Paul: Hi there, and welcome to Campanella McDonald's Tax Tip video. Today, we're going to talk about...
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Have you heard about CRA’s Auto-fill my return service???
By giving your accountant access to this service you could avoid penalties for items such as missed income slips not reported or they may even find unused RRSP contributions. Check out what John Paul and Fabio have to say about this service as it may be a benefit to...
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5 Common Expenses for Real-Estate Investors
By: Fabio Campanella CPA, CA, CFP, CIM One of the most confusing aspects of investing in real estate are the myriad of tax rules that have developed over the years. Understanding what can and can’t be deducted against your taxable rental income is as important as any...
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The CRA’s annual Office Audit Letter Campaign
The Canada Revenue Agency (CRA) will soon be conducting its seventh annual Office Audit Letter Campaign. This campaign targets a specific group of taxpayers that have demonstrated specific tax behaviour. This year, CRA is targeting about 30,000 taxpayers who claim...
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How to distinguish between a CRA audit and a request for more information
Video Transcript from How to distinguish between a CRA audit and a request for more information John Paul: Hi there, and welcome to Campanella McDonald's Tax Tip video, where today we're going to talk about what letters you get in the mail regarding CRA audits or...
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How to receive a second chance from the CRA with their Voluntary Disclosure Program
Voluntary Disclosures Program What are you supposed to do when you discover that you’ve shorted the government some tax money? How about if you haven’t filed a tax return in years but you’ve been profitable the whole time? Or what if you’ve made an outright...
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Campanella McDonald LLP would like to introduce its newest associate: Patrick Ruiz
Patrick is a CA/CPA with a decade of experience in the public accounting, tax, and investment banking sectors. We are confident that his deep level of knowledge will be a major contributing factor to our firm's expansion. Video Transcript from Oakville Accountant...
read moreTax Tip Tuesday: Paying Yourself a Salary vs. Dividends
Hi everybody. Welcome to Campanella McDonald's first Tax Tip Tuesday video instalment. Today we're going to talk about salaries versus dividends. So, a general rule of thumb for most small business owners is to take a salary that's large enough to max out CPP and RSP...
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