The Statement of Income, often referred to as the Income Statement or Profit and Loss Statement, is a critical financial document that offers a detailed overview of a company’s revenue, expenses, and profitability over a specific period. As an experienced…
The balance sheet is a fundamental component of a company’s financial statements, serving as a snapshot of its financial position at a specific point in time. As experienced Chartered Professional Accountants (CPAs), we recognize the balance sheet's crucial role in…
Transitioning into retirement requires not just emotional readiness but also a well-thought-out income plan, informed by a deep understanding of taxation in this phase of life. As a tax professional with expertise in trust and estate planning, I emphasize the…
The evolving tax environment, particularly post the 2018 federal budget, necessitates strategic adjustments in retirement savings for small business owners. As a tax professional with a Trust and Estate Practitioner (TEP) designation, I emphasize the importance of adapting to these…
In Alberta, Canada, planning for future healthcare decisions is a crucial aspect of personal and legal preparedness. This is where Advance Care Directives and Personal Directives come into play. These legal documents play a pivotal role in ensuring that your…
Lower-income renters in Canada can now apply for a one-time $500 top-up to the Canada Housing Benefit Canadians must meet all the following conditions to be eligible for the new benefit: have filed a 2021 tax return; be at least…
The recent developments in Canadian tax legislation, specifically under Bill C-59, mark a pivotal shift in the way family-owned enterprises can plan for intergenerational business transfers. This legislative change, while initially not supported by the minority liberal government and originating…
Carbon Tax has been a hot topic in Canada lately, stirring debates and concerns, especially among family-owned businesses. While the intent behind the Carbon Tax is to encourage a shift to cleaner energy, its current implementation raises questions about its…
The Alternative Minimum Tax (AMT) is a parallel tax calculation that allows fewer deductions, exemptions, and tax credits than under the ordinary income tax rules. As a CPA and Tax Law expert, I've closely analyzed the proposed amendments to the…
