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.
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.
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.