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Part 3: How to build a personal financial plan

By Fabio Campanella CPA, CA, CFP, CIM Any business worth its weight in salt has a plan. But what about your personal affairs? In a surprising poll conducted by CIBC in 2017 46% of respondents stated that they do not have a financial plan in place for...

Part 2: How to build a personal financial plan

Part 1: How to build a personal financial plan

Deducting Auto Expenses for the Real-Estate Investor

By Fabio Campanella CPA, CA, CFP, CIM Real-estate investors are some of our favourite clients. In fact, we deal with hundreds of real estate investors on an annual basis ranging from novice investors to seasoned pros. One of the common questions we get relates to the...

Deducting auto expenses for businesses

By Fabio Campanella CPA, CA, CFP, CIM Like anything with the Canada Revenue Agency, the application of the rules related to deducting auto expenses are anything but straight forward. This article will be of interest to anyone who is self-employed and operating either...

How are property fix and flips taxed?

By Fabio Campanella CPA, CA, CFP, CIM Property Fix and Flips: What You Need to Know So, you’ve purchased a property, renovated it, and flipped it for a profit. How do you report this on your tax return? Well, it depends… The housing market in Canada, particularly in...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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,...

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...

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...

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...

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...

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...

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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