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 consecutive business or rental losses or who are employees claiming employment expenses on line 229 of their tax…


ETFs (Exchange Traded Funds) are now as “big” as hedge funds, find out why that’s important for the everyday investor

Chalk one up for the little guy. Why you ask? Well ETFs (which stands for Exchange Traded Funds) have reached a new milestone: they are now as “big” as hedge funds. According to ETFGI (a consultancy specializing on ETFs) the ETF industry has achieved the 3-trillion dollar mark for assets under management. This is up…


Common Business Expenses

Common Business Deductions: Current as of October 2015 Advertising As long as you’re advertising to a Canadian market, you can deduct the full cost, unless you’re using a foreign broadcaster (there are special rules for this). When advertising in a periodical, the issue you’re advertising in has to be at least 80% original content (of…


Holding Companies

Using a Holding Company: Dividends paid between connected Canadian corporations do not usually attract tax. This is just one beautiful advantage of a holding company. When your assets build up, your business gets riskier, and you need legal methods to ease the tax burden, a holding company could be the answer. First, your small business…

Financial documents in folders

Keeping Records

Doing business in Canada means filing a lot of information with the CRA. Sometimes you will be called upon to prove your claims with records and supporting documentation. Keep the stress down and make life a lot easier by understanding what the CRA will look for and by keeping accurate records. What the CRA is…