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We are pleased to provide a variety of resources on accounting, taxation, and other related subjects that we think you will find helpful to both individuals and businesses.

Browse through the Quick Tools resource menu then, if you have a question that isn’t answered, we can help to clarify your situation.

Simply contact us by email or give us a call at 905-252-6796. We would be happy to meet with you for a free, no-obligation consultation to discuss your unique situation.

Disclaimer:
The content provided in this blog is for general informational purposes only and is not intended as professional accounting, tax, or financial advice. While efforts are made to ensure the accuracy and timeliness of the content, errors or omissions may occur. The content does not constitute a client-advisor relationship. Readers should consult with a Chartered Professional Accountants or other financial professional for advice tailored to their specific needs. We are not liable for any actions one might take based on the information provided in this blog.

On The Death of a TFSA Holder - What Happens?

When a Tax-Free Savings Account (TFSA) holder passes away, the handling of the account depends on whether the account has a named successor holder or a designated beneficiary. Here’s a breakdown of the main scenarios:

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Tracking Loans to or From Shareholders

When advances or loans are made to shareholders this should be recorded in a general ledger account set up for this purpose. If a loan is made for which the interest would be tax deductible for the shareholder, it is important to track this loan separately from other advances or loans.

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Can You Reduce or Avoid the Capital Gains Tax?

In Canada, capital gains are taxed when you sell an investment or property for more than its purchase price. However, there are several strategies to reduce or avoid capital gains tax. Here’s how you can manage it:

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Can Incorporating be a Good Sole Proprietors?

Deciding whether a sole proprietor should incorporate in Canada depends on various factors, including tax considerations, liability protection, business growth plans, and administrative responsibilities. Here are some key points to help make that decision:

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The Importance of a Balance Sheet Business

An up-to-date business balance sheet is a critical financial statement that provides a snapshot of a company's financial position at a specific point in time. It lists the company's assets, liabilities, and shareholders' equity. Here are several scenarios where having an up-to-date balance sheet is particularly beneficial:

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What is the easiest accounting procedure for a small business to set up and use?

For small businesses in Canada, simplicity and efficiency are key when choosing an accounting procedure.

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2024 Income Tax Installment Pointers

Tax instalments are payments you make throughout the year to cover the taxes you normally pay in one lump sum on April 30th of the following year. You pay these instalments during the year while you are earning the income, similar to how an employer deducts tax directly from each pay period.

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Bookkeeper vs. Accountant - What Do I Need?

Bookkeepers and accountants may overlap in their tasks, yet they possess distinct skill sets. Here's what you need to know:

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When Saving, Should I use a TFSA or RRSP?

The choice between a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP) depends on various factors, including your financial goals, current income, and retirement plans. Here are some key considerations for both:

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Prepare for Canada's Income Tax at Year-End

As tax laws and regulations change, it's crucial to consult with a tax professional or check the latest resources for the most up-to-date information.

Here are some common steps individuals may take at the end of the tax year:

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Best Practices in Record-Keeping for Small Business

Effective record-keeping is crucial for the success of any small business. Proper records not only help you track your financial performance but also ensure compliance with tax regulations and provide valuable insights for making informed business decisions. Here are some best practices for record-keeping in a small business:

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How Can I Minimize Taxes of a Deceased Taxpayer?

Minimizing taxes for a deceased taxpayer's estate in Canada involves careful planning and following specific strategies. The goal is to reduce the tax liability of the estate and maximize the assets passed on to beneficiaries. Here are some steps to consider:

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Gifting a Capital Property is a Disposition in Canada

In Canada, gifting a capital property is considered a disposition for tax purposes. When you gift a capital property to someone, it is treated as if you have sold the property at its fair market value (FMV) at the time of the gift. This means that you may be subject to capital gains tax on any accrued gains in the property's value up to the date of the gift, even though you didn't receive any cash in return.

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Are Gifts or Inheritances Taxable in Canada?

In Canada, gifts and inheritances are generally not taxable to the recipient. However, there are some important nuances and exceptions to consider:

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Low-Income Individuals & The Disability Tax Credit

For low-income individuals in Canada, claiming the Disability Tax Credit (DTC) can provide additional financial benefits through refundable tax credits and other programs. Here are some key points to consider:

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Accounting Professionals Do Take Holidays

Once tax season is over, tax preparers, bookkeepers, and accountants head to beach resorts for 6 months of relaxation and resting on their laurels... Well, OK, not really, but here are some common things they do undertake:

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Save Tax with a First Home Savings Account

First Home Savings Accounts, or FHSAs combine the concept of Tax-Free Savings Accounts and Registered Retirement Savings Plans. For people aged 18 and older, like an RRSP, contributors receive a tax deduction on contributions and TFSA-like tax-free withdrawals when using the savings to buy a home. Further, any investment gains earned in the account are tax-sheltered.

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Start Early and Plan for The 2023 Tax Season

As the 2022 tax year is behind us, it is a good idea to start early and plan for 2023. Here are some suggestions on how you can save money on your Canadian income tax for this year:

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Manage Your Cash Flow with 5 Quick Tips

A cash flow projection can act like an early warning system for any period. A leading cause of business failure is a lack of cash flow management, but by taking some simple steps in managing it, you will find it can improve your business outcome.

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You Can Reduce the Cost of Accounting Fees

Reducing the fees associated with the work your accountant does is possible! The great news is that savings are often quite easy to achieve for many owners. If you were only to do one thing, it would be to ensure your records are complete and organized. There are other ways to save as well.

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Is Selling my Principal Residence Exempt from Tax

Hello Everyone, today I would like to inform you of an update regarding the sale of one’s principal residence. As you may already be aware, the sale of one’s principal residence in Canada is exempt from capital gain tax, because of this there generally hasn't been a reason to report the sale, but the rules have changed for the 2016 return and onward.

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