Category: Accounting and Finance

Accounting and finance play an essential role in the management of any business. if you don’t control that money, you don’t control your business. 

 

Good accounting practices have a practical advantage: They keep your company in compliance with the law. Without good accounting you could violate any number of laws, such as not paying the right amount of taxes. The sloppiness of poor accounting can also cause you to overlook many minor details that collectively keep a business on the level, like carrying out facility improvements to comply with safety laws.

Additionally, if you ever find yourself under legal scrutiny – and many businesses eventually do – having poor financial records can create a lot of unnecessary trouble.

Things to know when leaving Canada

If someone is leaving Canada, he/she is deemed to be an emigrant of Canada for tax purposes. See more things to know when leaving Canada.

Tax requirements for non-residents of Canada earning rental income

Non-residents of Canada who earn certain types of Canadian source income may be taxed on this income in Canada. Those that earn income from rental properties are taxed on this income in a very specific manner. Some of basic steps to know tax requirements for non-residents of Canada earning rental income from Care: Once the […]

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 […]