Tax Planning

Goodwill is an intangible asset associated with a business combination. Goodwill is usually recorded when a corporation acquires another corporation and calculated as follows: Goodwill = a – b – c The purchase price of the corporation Fair value of…

Any Canadian Controlled Private Corporation (“CCPC”) in Canada which earns investment income (also referred to as passive income e.g., capital gains, dividends etc.) is subject to certain tax regulations that will be discussed below: Refundable portion of Part I tax:…

Canada revenue agency provides certain small businesses with an option to use Quick Method to calculate GST/HST remittances (instead of regular GST/HST reporting method). This method requires a reduced amount of documentation and allows an easier calculation of the GST…

There are certain other factors that should be considered when one is deciding to incorporate. Advantages of Incorporation: Limited Liability: Liability protection is the main non-tax fundamental reason that a business usually incorporates. Even though sole proprietor and partners of…

As a taxpayer in Canada, you have rights that extend the right to pay tax.  The Taxpayer Bill of Rights was introduced in 2007 to increase accountability and transparency by the CRA.  The document outlines sixteen rights and provides a…

What is a QuickBooks ProAdvisor? A QuickBooks ProAdvisor is a person, typically a CPA or an accounting technician, who completed the course, took the test, and became certified in QuickBooks. There are different types of certifications one can apply for,…

Dividends from a subsidiary corporation to its parent corporation are often thought to be tax-free – however this is not a safe assumption.  The simple movement of dividends from a subsidiary to its parent corporation using the tax exemptions available…

One intent behind the preparation of a will should be to ease the administration of your estate.  Your solicitor should have a clear understanding of your obligations because in addition to creditors for debts of the deceased and the estate,…

The formalities of creating a valid trust and a valid will should not be underestimated.  Oftentimes the statute of frauds or wills legislation applies where the formalities are not met. Courts of Equity generally look to a person’s intentions rather…

Accountants appreciate the importance of good record keeping. After all, accounting is the recording of transactions in a generally accepted presentation based on those records. Well maintained records are the foundation of a well-organized entity. And at the centre of…