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 at right. 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.
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.
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.
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.
