Tips & Advice

We are pleased to provide a variety of resources on accounting, taxation and other related subjects that we hope will be helpful to both individuals and businesses. Read through our blog posts below or browse through our Quick Tools resource menu. Have a question that isn’t answered here? We can help. Simply contact us by email or give us a call at 807-276-6272. We would be happy to meet with you for a free, no-obligation consultation.

Reduce Taxes with a First Home Savings Account

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First Home Savings Accounts, or FHSAs combine the concept of Tax-Free Savings Accounts and Registered Retirement Savings Plans. For people aged 18 and older, like an RRSP, contributors receive a tax deduction on contributions and TFSA-like tax-free withdrawals when using the savings to buy a home. Further, any investment gains earned in the account are tax-sheltered.

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2023 Tax Saving Ideas to Do Now

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As the 2022 tax year is behind us, it is a good idea to start early and plan for 2023. Here are some suggestions on how you can save money on your Canadian income tax for this year:

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Your Accountant can Help File Your Taxes On Time

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Even though there is a strike affecting the CRA and the public sector workers, you will not avoid penalties if you do not file your taxes by the May 1st deadline. 

Filing your Canadian income tax on time is essential to avoid penalties and interest charges. In this blog post, we will discuss the importance of filing your Canadian income tax on time and the penalties you may be subject to if you are late.

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CRA - Watch for Text and Letter Scams

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The CRA will not send text messages, or instant messages (Facebook Messenger, WhatsApp) to start a conversation with you under any circumstances.  

If you receive a text or instant message purporting to be from the CRA, prompting you to click on a link or requesting information, you can safely delete it.  

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Claiming investment fees on your tax return

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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.

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The Tax Implications of Shareholder Loans

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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.

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2022 Tax Season - How to Preparing Your Records

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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.  

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Dividend or Salary? What's the Best Way to be Paid?

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

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Christmas Accounting Tips for Businesses & Individuals

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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.

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How to Choose a Personal Finance App and Why You Should

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.

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Foreign Asset Reporting and the Extreme Costs of Non-Compliance

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.

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The Importance of reporting ALL income from information slips

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.

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RRSP Basics

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?

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Charitable Donations and Income Tax

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.

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To ensure the best possible service to our clients, we work continually to retain a professional edge by maintaining active memberships in various trade associations and being up to date on the latest accounting and bookkeeping software.

Certified Professional Bookkeeper Institute of Professional Bookkeepers of Canada
Certified Professional Bookkeeper Institute of Professional Bookkeepers of Canada
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