Monthly Archives: February 2021

Please note the following important dates are estimates only.  Please confirm your deadlines directly with your professional advisor. March 15, 2021       – February payroll remittances due March 30, 2021       – Trust filings due March 31, 2021       – Fiscal year end December 31st tax payments due March 31, 2021       – Fiscal Year end September 30th tax…

CRA has a Voluntary Disclosures Program (VDP) that grants relief on a case-by-case basis to taxpayers and registrants who voluntarily come forward to fix errors or omissions in their tax filings before CRA knows or contacts them about it. A taxpayer can request to receive a prosecution relief, and in some cases penalty relief and…

Pre-paid expenses are a type of assets on the balance sheet that results from a business making advanced payments for goods or services to be received in the future. Prepaid expenses are usually recorded as current assets and the value of the prepaid expenses is expensed over time as the goods or services are utilized…

By Fahad Suleman, CPA Benefits: An employee has received a benefit if an employer pays for or gives something that is personal in nature directly to one’s employee or to a person who does not deal at arm’s length with the employee (Employee’s spouse, child or sibling). As an employer, a business is responsible for:…

The following is taken from the CPA Series on Financial Literacy  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 Income Tax Act is…

The following is an extract of chapter 4 of the paper ‘A critical analysis of the revised interpretation of section 84(2) and the impacts on pipeline planning in estates, trusts and reorganizations resulting from MacDonald’ written as part of the LLM (tax law) program at York University for Professor Joseph Frankovic. The MacDonald case has…

A personal directive is a document that provides instructions for the personal care and/or health care decisions by the person who makes the directive.  The instructions in this document are often referred to as a living will and appoint a person to carry out these wishes. A personal directive permits an individual to ensure that…

Bookkeeping is usually a time consuming and tedious process, which needs to be performed to keep the books up-to-date. Up-to-date financial statements provide sufficient information for any business owner/director to make the appropriate financial decisions. As with advancement in technology, there are a few option available for business to automate the bookkeeping process that can…

Section 86 allows for the exchange of shares within a corporation.  Corporations are permitted to exchange all of the class of shares for an entirely different class of chares through this section without incurring a tax liability for the corporation or the shareholders. For section 86 to apply, the exchange must occur in the course…

A business valuation may be required to value individual assets or to determine the value of a business as a whole. Valuation techniques used will depend on what is being valued. The most common reasons for requiring a valuation of a business are either proposed sale of the business or a reorganization of the corporation.…