Tips & Advice

When preparing your taxes, a deduction that is often overlooked is carrying charges and interest expenses. These charges are costs you incur to earn income from an investment, but only expenses for non-registered accounts will qualify.

Cash is king is a common expression in business. Surprisingly though, few owners or managers take the steps needed to manage their cash flow. By ignoring it, they will sometimes find an empty bank account and nothing to pay their bills with.

Controlling your cash flow helps prepare you for slow periods and plan for needed financing. Peace of mind is also a by-product of proper planning.

Shareholder loans refer to loans made by shareholders of a corporation to the corporation. The tax implications of such loans will vary depending on the jurisdiction, but usually, they are not considered taxable income to the shareholder.

Through proper planning, simplifying the process of filing your tax returns for 2022 is easily done. By taking the time to prepare your records, you can speed up the process of receiving a refund and reduce the cost of services provided by your accountant or tax preparer to meet the tax filing deadline.  

Reducing the fees associated with the work your accountant does is possible! The great news is that savings are often quite easy to achieve for many owners. If you were only to do one thing, it would be to ensure your records are complete and organized. There are other ways to save as well.

Paying yourself as a small business owner is an important decision. Determining how you do it will be very important concerning finances and taxes.

When thinking about finances, this time of year is one of the most important. People are out in stores or shopping online, and generally, businesses hire more staff. Christmas parties will happen, with presents usually given. In spite of all the hustle and bustle, wise people will consult their accountant so that they're prepared. Here are a couple of quick tips for the holidays.

Guest post by Amos Faulkner

According to financial experts, only about one-third of Americans have a written financial plan. One of the most commonly cited reasons for failing to plan is that it is too complicated. Using a personal finance app can help uncomplicate the process of financial planning.

Mission statements are not just for large corporations. As an owner of a small business, you can benefit from going through the exercise of writing your mission statement. It can not only re-connect you with your “why,” it can also communicate an important part of your business to all of your stakeholders.  

Would you call yourself a procrastinator?  If so, you’re not alone, and with our to-do-lists growing daily, the percentage of people who procrastinate chronically has increased over the last few decades.  

It’s the little things that add up to make an exceptional experience for your customers. Here are five “little things” you can add to your services to create an exponentially memorable connection with your customers. 

Winston Churchill once said: “We make a living by what we get, but we make a life by what we give.”  Canadians have a long history of charitable giving, with well over 90% of adults and youth making donations each year.

The Canadian government recognizes and appreciates our culture of giving, and is committed to promoting the giving spirit.  Hence Canada has tax incentives for charitable donations, which have been described as among the most generous incentives in the world.

With February here already, we are now well into the annual RRSP season. This year, Canadians will have until March 3 to contribute to an RRSP and still qualify for a tax deduction in the 2013 tax year.

What is an RRSP?

Many people assume that if they fail to include an information slip with their income tax return, the Canada Revenue Agency ("CRA") will simply adjust the return to report the income and adjust the income tax accordingly.This is half correct!The other half of the equation is a little known penalty the CRA imposes for repeated failure to report income. This penalty arises when an income slip is not added in your tax return two times in a three year period.

Several years ago form T 1135 was added to our tax returns for individuals, corporations, partnerships and trusts. It is a simple form that has been often overlooked and non-compliance has been high. More than likely this has been because the form does not enter into the calculation of income tax payable.