Monthly Archives: February 2022

Confirm a Representative Using My Account or My Business Account This tax season, there’s a new way to confirm authorized representatives using My Account or My Business Account. Whether you’re an individual or a business, this easy, two-step digital process will help you protect your tax information and make authorizing new representatives more efficient and secure. Who is…

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 December 31st tax payments due March 31, 2022       – Fiscal Year end September 30th…

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…

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…

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: Determining whether the benefits…

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 or property of a corporation resident in Canada that have been distributed on the winding-up,…

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…