What the CRA Said
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…
Important Dates
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 tax…
Voluntary Disclosure
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 or prosecution. The program is designed to encourage taxpayers to come forward voluntarily and correct…
Prepaid Expenses
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 received. Pre-paid expenses are a type of assets on the balance sheet that results from…
Effective Tax Strategies Help You Minimize the Amount of Tax You Need to Pay
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 primary source of income tax law. These laws are created…
Taxable vs. Non-Taxable Benefits
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 to income tax and must be reported on an employee’s T4 slip at the end…
Analysis of Section 84(2), MacDonald Case, McNichol and the Pipeline
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,…
Personal Care and Health Care Decisions
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 incapacity. It is a type of advance care planning that can give individuals peace of…
Automate Your Bookkeeping
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 automate their bookkeeping process, which can save time and money. Bookkeeping automation involves connecting the…