Swift Calgary Accounting and Business Solutions

(403) 978-9139 (403) 708-3297

DONATING CAPITAL PROPERTY?

When capital property is donated, 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 to be an amount less than FMV. If any “advantage” was

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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 the tax consequences. At a basic level, cryptocurrencies (or “crypto”) are property for purposes of the Income Tax Act (Canada). As such, dispositions of crypto ordinarily

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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 the industry, sector and the client in detail. Having an

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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? A) Any interest, dividends and capital gains earned in a

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TFSA vs RRSP – What you need to know!

TFSA – Tax Free Savings Account – is an account that does not apply taxes on any contributions, interest earned, dividends, or capital gains, and can be withdrawn tax free RRSP – Registered Retirement Savings Plan –  is a retirement savings plan that you establish, that is registered by CRA, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce

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Corporate Tax Accounting Services