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How To Access the Temporary Wage Subsidy For Employers

How To Access the Temporary Wage Subsidy For Employers

By: Fabio Campanella CPA, CA, CFP, CIM Hello all employers. Recently the Government of Canada announced a “Temporary Wage Subsidy for Employers.” This subsidy is designed to help businesses meet their payroll needs by providing a subsidy equal to 10% of the...

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My Portfolio is Down! Are There Any Tax Benefits?

My Portfolio is Down! Are There Any Tax Benefits?

By: Fabio Campanella CPA, CA, CFP, CIM The S&P/TSX Composite Index, Canada’s benchmark stock index, is currently down to the tune of 30% + from its highs this year. The pain in the stock market is not isolated to Canada, for the most part, every major stock index...

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COVID-19’s Massive Impact on Small Business

COVID-19’s Massive Impact on Small Business

By: Fabio Campanella CPA, CA, CFP, CIM It’s no secret, this pandemic is affecting more than our health. According to Goldman Sachs, small businesses in the US are feeling the impact of the measures taken to halt the spread of COVID-19. We can only assume that Canadian...

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COVID-19 Economic Response – What You Need To Know:

COVID-19 Economic Response – What You Need To Know:

Below is a more detailed summary of the points most relevant to our clients: INDIVIDUALS AND TRUSTS Tax Return due date deferred to June 1, 2020 However, if you expect a refund or other benefit (i.e. GST/HST, GIS, etc.) file ASAP! Tax payment deferral: Taxes that...

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Are Your Interest Payments Tax Deductible?

Are Your Interest Payments Tax Deductible?

By: Fabio Campanella CPA, CA, CFP, CIM Knowing when you can or can’t deduct interest for tax purposes can get tricky. Often, taxpayers (and their accountants) get it wrong. This can lead to hefty penalties and interest from tax reassessments, along with surprise tax...

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How are stock options taxed?

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...

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Five Things Physicians Should Look for in an Accounting Firm

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...

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What to Do If You Haven’t Filed Your Tax Returns

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...

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Are All Accountants Equal?

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....

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What To Look For In An Accounting Firm

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...

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Is Age Just A Number When It Comes To Choosing An Accountant?

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...

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Are My Accountant’s Errors My Problem?

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...

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