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If You Run a Small Business Then the CRA Is Looking to Audit You

If You Run a Small Business Then the CRA Is Looking to Audit You

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...
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...
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...
Should You Use A Corporation To Hold Your Rental Properties?

Should You Use A Corporation To Hold Your Rental Properties?

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...
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...