Our News & Articles
Covid-19 Tax and Relief Programs
To say that we have embarked upon trying times is an understatement. Many of us are concerned with an arrangement of topics from health, to business, to money troubles and employment. Now more than ever we can feel grateful to live in a country that is doing what it can to help keep our economy …
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 …
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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 …
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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 …
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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 …
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 …
