FEW IMPORTANT TIPS AS YOU GATHER 2018 DOCUMENTS
As you gather all of your slips and receipts to bring to us, it is important to ensure you gather 2018 documents in case of a CRA review/audit. We have provided some useful tips below to ensure you gather 2018 documents sufficient: Donation slips: For each donation made, get or request an official tax receipt. The […]
TAX PLANNING TIP FOR YEAR END: ASSET PURCHASES
The following tax planning tip for year end can save you money no matter if your business is operating through a proprietorship, partnership or corporation,. If you’re planning to purchase capital assets in the near future, consider doing so before the end of your fiscal year. (This applies more to business with the year end […]
KEY FACTS YOU SHOULD KNOW ABOUT T4 SLIPS
Employment income is included on a T4 for the year in which it is received, not earned. If a payment is made in January 2012 for wages earned in December 2011, this amount will be reported on the 2012 T4, not on the 2011. Below are the Key Facts you should know about T4 Slips […]
TRANSFERRING CAPITAL LOSSES TO A SPOUSE – YEAR END TAX PLANNING TIP
Here we are with another Year end tax planning tip for you. Capital losses can be transferred to a spouse or common-law partner by selling the loss shares, and having your spouse purchase those shares within 30 days. You are denied the superficial loss, but the loss amount is used to increase the cost basis of […]
When to Incorporate your Proprietorship?
In our opinion, you should incorporate your proprietorship once it has proven to be a viable business and once it has begun to generate cash in excess of your living requirements, so that you can take advantage of the tax deferral opportunity available in a corporation. Once you have satisfied the above two criteria and incorporate, you will then also […]
DONATING CAPITAL PROPERTY?
When you are donating capital property, there is a disposition for tax purposes, which may result in a capital gain. The fair market value (FMV) of the property donated is used as the proceeds of disposition, and as the amount of the donation. In some circumstances it may be helpful to designate the proceeds amount […]
TAXATION OF BITCOIN AND OTHER CRYPTOCURRENCIES
The meteoric rise, and subsequent tailspin, in the price of bitcoin has incited rampant investment in cryptocurrencies. Over 1,400 coins or tokens are now in “circulation”. Often lost in the resplendence and chicness of buying and selling cryptocurrencies are paving way for taxation of cryptocurrencies . TAXATION OF CRYPTOCURRENCIES At a basic level, cryptocurrencies (or […]
Qualities of a Good Accountant
Calgary Accounting An accountant’s work needs a certain level of level-headedness. They have an oriented environment where small mistakes can harm the business, how decisions will be made, and the overall financial health of the company. In this article, we will talk about the qualities of a good accountant. 1. Client-centric An accountant must understand […]
Starting a new Business? Here is what you need to know
Starting a new Business? Here is what you need to know. The Canada Revenue Agency provides a Checklist for Small Businesses to help you understand each stage of your business cycle. Find out more here. Feel free to contact us and book a free consultation today.
Tax-free savings account. A smart way to save.
We wanted to discuss a few quick facts about the Tax-Free Savings Account (TFSA). The annual TFSA dollar limit for the year 2019 is $6,000. Q) Can I take advantage of TFSA? A) TFSA is available to all Canadians, 18 years and older. Q) What is the main benefit of having a TFSA versus a regular savings account? […]
