Canada Child Benefit
The Canada Child Benefit is a sizeable amount for those who qualify. The benefit is a tax-free amount paid to families with children under the age of 18. If you have two young children and qualify based on your income…
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…
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…
Voluntary Disclosure
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…
Pre-paid Expenses
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…
Effective tax strategies help you minimize the amount of tax you need to pay
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…
Taxable vs. Non-Taxable Benefits
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,…
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…
Personal Care and Health Care Decisions
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…
Automate Your Bookkeeping
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,…