Please note the following important dates are estimates only. Please confirm your deadlines directly with your professional advisor. March 15, 2022 - February payroll remittances due March 30, 2022 - Trust filings due March 31, 2022 - Fiscal year end…
The Voluntary Disclosure program (VDP) is a program offered by the Canada Revenue Agency (CRA) that allows taxpayer to come forward and correct errors or omissions on their tax return or to disclose any previously unreported income without facing penalties…
Prepaid expenses are a type of asset that represent payment made by a business for goods or services that will be received in the future. Essentially, it is an expense that is paid for in advance of the benefit being…
Acquire tax smarts Contrary to popular belief, the Canada Revenue Agency, or the CRA, does not create tax law, nor are they the final and absolute word when it comes to the interpretation of any given tax statute. Rather the…
In Canada, employees receive various types of benefits as part of their compensation package. These benefits can be taxable or non-taxable, depending on the type of benefit and the circumstances of the employee. Taxable benefits are those that are subject…
The MacDonald case has left its mark on the risks associated with a pipeline transaction and the interpretation of the text of section 84(2) of the Act. Section 84(2) S 84(2) of the Act discusses the dividend treatment of funds…
A personal directive is a legal document that allows individuals to plan ahead and make decisions about their healthcare, personal care, and financial affairs in the event they become unable to make these decisions for themselves due to illness or…
Bookkeeping is an important but time-consuming task that businesses must do to keep their financial records up-to-date. Having up-to-date financial statements can help business owners make the right financial decisions. However, with advancements in technology, businesses how have options to…
Section 86 of the Canadian Income Tax Act deals with the tax consequences of certain types of corporate reorganizations, specifically, when a shareholder exchanges shares of one corporation for shares of another corporation, or when a corporation transfers its assts…
A business valuation is often required to determine the value of individual assets or an entire business. The approach used to value a business will depend on what is being valued. The most common reasons for business valuation are to…