Articles

We're serious.Generally speaking, a free, dedicated parking spot provided to an employee by an employer is a taxable benefit to the employee.There are some exceptions to this rule. For example, if the parking spot is considered "scramble parking" (there are fewer...

In case you haven't noticed, the Canada Revenue Agency (CRA) has upped its audit game significantly.Facebook, Twitter, informants, and now, according to the Financial Post: "In July, using what is known as the “unnamed person requirement” (UPR) found in the Income Tax...

It happens often. You’re strapped for cash, so you hit up your brother/sister/mom/dad for a loan. It’s perfectly legal and perfectly normal.But what if the loan doesn’t come directly from that relative? What if that relative owns and controls a private corporation and...

You’ve written exams and hit the pavement, you've dealt with rejection, built momentum, hired staff, leased or purchased an office, put thousands upon thousands of kilometers on your car chasing clients, dealt with regulators and stakeholders. Finally, you’re starting...

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...

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...

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...

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...

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...

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...

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....