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Top 5 Ways to Prepare for Tax Season

As the 2018 tax season wraps up, tax is likely the last thing you want to be thinking of. That said, now is probably the best time to get organized for the coming year. By setting up proper systems and processes early, a lot of headache and stress can be avoided close to the deadline. …

Payroll: Tips, Traps, and Other Considerations

This article will provide an overview of payroll, a consideration for any business operating in Canada that pays the owners or employees. Who Needs a Payroll Account? If you pay salaries, wages, bonuses, or provide taxable benefits (such as automobile benefits), you require a payroll account and a payroll number for your corporation, partnership, or …

Tax Season 2019: What to know this year

As the holidays are over and winter sets in we all know in the back of our minds that tax season is approaching. The deadline for filing T4 and T5 slips is February 28. The deadline for filing T3 slips is March 31. If you are a corporate client, we will mail you your T4 …

GST: Tips, Traps, and Other Considerations

This article will provide an overview of GST/HST, a consideration for most businesses operating in Canada. Note that provincial sales tax (PST/QST) will not be discussed. If you are operating outside of Alberta, PST/QST may also be a consideration for your business. Who Needs a GST/HST Number? If you sell goods or provide services in …

Is Cloud-Based Bookkeeping Software Right For You?

Cloud-based accounting solutions have seen a rapid rise in recent years due to advances in technology and a more tech-savvy generation running today’s businesses. This has generated a wave of different providers and different configurations. Whether this is something that should be implemented in your organization takes some consideration and planning. This article will cover …

Should You Incorporate Your Business?

When starting a new business you can structure it in three legal forms: a sole proprietorship, a corporation, or a partnership. There are numerous differences to consider when determining which legal structure is optimal for your situation. The various pros and cons will be covered in this article. Legal Structures: Incorporation: One question you may …

Shareholder Compensation

As an owner-manager of a corporation, there are two methods of shareholder compensation: Salary – an employment compensation that is paid from net income. Dividends – an investment compensation that is paid from retained earnings in a company. Salary is deducted when arriving at taxable income in the company and is subject to personal tax …

Passive Investment Rule Changes and More

On February 27, 2018 the federal government released the 2018 budget. Here are some take-away tax measures that may impact your business for passive income and health & awareness Trusts. As always, the actual rules can be quite complex so further guidance from us related to your specific situation is recommended. Passive income rules: -Corporations …

Income Sprinkling Rule Changes

The liberals have released their new proposals (on December 13, 2017) on income sprinkling (or income splitting) from private corporations. These rule changes have potentially large impacts on those corporations that practice income sprinkling. These rules are collectively referred to as Tax On Split Income, or “TOSI” rules. The effective date of the changes is …

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