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Business360.Pro Blog

Business360.Pro is pleased to provide a variety of resources on accounting, taxation and other related subjects that I hope will be helpful to both individuals and businesses.

If you have any questions, simply contact me by email or call 778-968-2850. I will be happy to meet with you for a free, no-obligation consultation.

Are Gifts or Inheritances Taxable in Canada?

In Canada, gifts and inheritances are generally not taxable to the recipient. However, there are some important nuances and exceptions to consider:

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How Can a Bookkeeper Help Your Company?

Bookkeepers also play an important role in helping companies manage their financial records, ensuring accurate and up-to-date financial information, and providing valuable insights that can drive strategic decision-making when combined with your accountant. Some of the ways bookkeepers contribute are:

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Accountants Help Growth-Oriented Companies!

Accountants play a crucial role in helping growth-oriented companies by providing financial expertise, analysis, and strategic guidance. Here are several ways accountants contribute to the growth and success of such companies:

  1. Financial Analysis and Reporting: Accountants analyze financial data, prepare financial statements, and generate reports that provide insights into the company's financial performance. These reports help management understand the company's current financial health, identify areas for improvement, and make informed decisions to drive growth.
  2. Budgeting and Forecasting: Accountants assist in the budgeting and forecasting process, helping companies set realistic financial goals and create a roadmap for growth. They use historical data and market trends to predict future financial outcomes and guide resource allocation to support expansion plans.
  3. Tax Planning and Compliance: Accountants ensure that growth-oriented companies are compliant with tax laws and regulations while optimizing their tax strategies. By minimizing tax liabilities, companies can retain more earnings for reinvestment and growth initiatives.
  4. Cost Management: Accountants help identify cost-saving opportunities and assess the efficiency of the company's operations. By managing costs effectively, companies can improve profitability and free up resources for investment in growth projects.
  5. Capital Budgeting and Financing: Accountants evaluate investment opportunities and assist in capital budgeting decisions. They analyze potential projects, assess their financial viability, and recommend the most suitable financing options to support growth initiatives.
  6. Risk Management: Accountants help identify and manage financial risks that could impede growth. They assess risks associated with various business decisions and advise on strategies to mitigate them, ensuring the company's growth remains sustainable.
  7. Performance Measurement: Accountants establish key performance indicators (KPIs) and metrics to measure the success of growth initiatives. Regularly monitoring and analyzing these metrics allow management to make data-driven adjustments to optimize their growth strategies.
  8. Mergers and Acquisitions: In the case of mergers, acquisitions, or other strategic partnerships, accountants play a crucial role in due diligence, financial valuation, and integration planning. They help ensure a smooth transition and alignment of financial goals during the growth process.
  9. Compliance and Regulatory Requirements: Accountants ensure that growth-oriented companies adhere to various financial and regulatory requirements. This includes financial reporting standards, compliance with industry-specific regulations, and meeting reporting deadlines.

Overall, accountants provide valuable financial insights and support to growth-oriented companies, allowing them to make informed decisions, optimize resources, manage risks, and achieve sustainable growth. Their expertise is essential in navigating the complexities of financial management and ensuring the company's financial health aligns with its growth objectives.

Our accounting services can be customized to your specific needs. Please contact us to see if we can can help your company excel.

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Low-Income Individuals and The Disability Tax Credit

Our final installment on the DTC is directed toward low-income individuals in Canada. Claiming the Disability Tax Credit (DTC) can provide additional financial benefits through refundable tax credits and other programs. Here are some key points to consider:

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Retroactive Disability Tax Credit Claims

Part 2 of our series deals with claiming the Disability Tax Credit (DTC) in previous years. If you believe that you were eligible for, but did not claim it, you may be able to make a retroactive claim. Retroactive claims allow you to request adjustments to previous tax returns and potentially receive refunds for the missed credits.

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Claiming the disability tax credit in Canada

As Canadians advance in age, we are pleased to offer a 3 part series on the Disability Tax Credit (DTC) in Canada.

To claim the Disability Tax Credit (DTC) in Canada, you must meet the eligibility criteria and complete the necessary steps. Here's a general overview of the process:

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Rebates for Green Vehicles

When considering a fuel-efficient vehicle such as a hybrid, or an alternative fuel model you should know that the Canadian Government, as well as some provinces, provide rebates. 

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What does an accountant do after tax season?

Having survived tax season, CPAs flock to beach resorts for 9 months of relaxation, cocktails and resting on their laurels... Well, OK, not really. So what does a CPA do after April 30th? Read on to find out.

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A First Home Savings Account is Smart Savings

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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Plan Now for 2023 Tax Savings

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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The CRA Strike Doesn't Mean You Can File Your Taxes Late!

Despite the current strike involving public sector workers at the CRA, you still must file your Canadian income tax on time to avoid penalties and interest charges. 

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Scams by Text Message or Letter Mail

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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How to Identify CRA Email Scams

The Canada Revenue Agency (CRA) might email you:

  • to let you know that a new message is available on your CRA website account.
  • to send you a link for a webpage, form, or publication that you requested during a call or meeting with a CRA representative.  
  • to let you know about tax credits and benefits for individuals or online services such as My account.
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Beware of CRA Phone Scams

Numbers from the Canadian Anti-Fraud Centre show that direct calls remain the number one means of solicitation for fraudsters.

Although the CRA may contact you via phone to review your income tax and benefit return, it's important to note that legitimate government employees will always identify themselves with their name, employee number, and phone number.

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CRA Scams to Watch For

It’s tax time again. If you are like others, you may feel overwhelmed by the process. Sadly, scammers are aware of this and take advantage of people's fears by trying to steal money and gain unauthorized access to personal data and financial details. The Canada Revenue Agency has seen a dramatic increase in the sophistication of scam attempts, so it is essential that you learn the difference between legitimate communication and a scam from the CRA. The best way to protect yourself from potential fraud is by learning the signs.  

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Claim your investment fees on your tax return

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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5 Tips to Manage Your Cash Flow

A cash flow projection can act like an early warning system for any period. A leading cause of business failure is a lack of cash flow management, but by taking some simple steps in managing it, you will find it can improve your business outcome.

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Shareholder Loans and Tax Implications

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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The 2022 Tax Season is Here... Are You Ready?

Simplifying the process of filing your tax returns as we head into 2023 is easily done through proper planning. If you take 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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How Can I Reduce My Accounting Fees?

If you would love to say goodbye to high accounting fees, the great news is that saving money in this area is often quite easy for many business owners. The number one rule is ensuring your records are complete and organized.

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Paying yourself. Should it be by Dividend or Salary?

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

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Medical Expenses Are Tax Deductible in Canada

With the end of the year fast approaching, we thought it would be timely to discuss the medical expense deduction on your tax return.

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Staying Safe While Shopping Locally

As the holiday season approaches, and with all of the news of late about the ongoing COVID-19 pandemic, FLU season and increasing RSV issues in children, we thought it would be good to pass along some ideas on how to stay safe while supporting small businesses.

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3 Small Business Must-Knows

Whether you're considering starting a business or are already in the game, there a few things you absolutely need to know to stay competitive in today's marketplace.

Digital is here to stay

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Monitor These Indicators in Your Business

Maintaining good financial management is crucial to a firm’s survival. Timely and informed decisions are much easier when responding to changing conditions in today’s business world.

Often due to lack of time or proper organization, many entrepreneurs only read their financial reports several months after the end of their fiscal year, when they become available. Such inattention will place a business at risk.

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Sales Taxes in Canada

Our Canadian sales tax system has federal and provincial components. To simplify the differences, review each province’s tax system.

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Compilation Engagement Standards QnA

Who are users, and what is the Basis of Accounting?

A “user” includes anyone who would receive the compiled financial statements. Users may be shareholders, investors, creditors and lenders, government, regulators, suppliers etc.

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Canada Compilation Engagement Standards

In Canada, accounting firms are letting their clients know about the new requirement for compilation engagements. This new standard is titled the ‘Compilation Engagement Report.’ This report will contain your company’s compiled financial details.

In Canada, accounting firms are letting their clients know about the new requirement for compilation engagements. This new standard is titled the ‘Compilation Engagement Report.’ This report will contain your company’s compiled financial details.

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As a Business Owner, Are Your Affairs In Order?

The Canada Revenue Agency is looking to increase scrutiny to ensure compliance with tax regulations with a trend toward added corporate disclosure requirements. Businesses and their owners are facing a higher level than previously.

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How Much Money Will I Need to Retire?

It’s not a simple question to answer. Different people will need different amounts, depending on the income they have and what their plans are after they stop working. The best scenario is that at retirement, one should not have a mortgage or any debt that is not tax deductible. At that point, you should have defined goals, a budget, little or no debt, and income-earning investments. At that point, calculate the money you need to live on and the source of those funds.

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Do I need to hire a consultant to write a business plan?

Not necessarily, but you might.

A Business Plan is a tool where management outlines what the company will do and how it plans to achieve its goals.

Generally, a bank needs to be confident that you can execute the plan. While we focus on the term “business plan,” the lender wants to know, “if we advance this money, how do we know it will be paid back?”

Banks don’t like to take risks because larger loans carry greater risk. The greater the loan, the more detail they will want.

Let’s say you want to borrow $10,000, and your record with your bank has a reliable history. The plan could be simple, like a summary of your goals with a three-year projection of income and expenses.

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Deductible Expenses Can Include Gifts

Giving gifts to clients can be a valuable method of building goodwill and loyalty. It’s one way to distinguish yourself from your competitors.

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Does a CPA Do Anything After Tax Season? Lots!

Having survived tax season, thousands of CPAs flock to beach resorts for 11 months of relaxation, cocktails and resting on their laurels. OK, not quite.

Nevertheless, that seems to be the general assumption. In reality, accountants have plenty to do throughout the year, whether it is tax time or not. Days are filled with audits for some organizations and financial planning for various individuals or companies. Bookkeeping is always ongoing, just as other year-round tasks are dealt with. So what does a CPA do after April? Read on to find out.

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How to be a better Virtual Communicator

Pandemic restrictions are easing, however, after tasting life with less commuting time, many want to continue working at home, at least a few days a week!

This means businesses that agree to provide such flexibility :

  • Create protocols around communication channels  and expectations
  • Deploy the Must-Have Technologies and security to support effective and safe remote collaboration
  • Implement virtual communication best practices
  • Strike the right balance of the kinds and amount of virtual communication  to keep things real
  • Share the keys to high-output remote teams with everyone

To download a free copy of "How to be a Better Virtual Communicator," click here to subscribe to our blog (you can unsubscribe anytime). 

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How to Stay Ahead of the Tax Man

Small business owners and self-employed persons are people who follow their dreams!  Whether you are an up-and-coming entrepreneur, semi-retired, or want to become your own boss, we all must play by rules.

As you start down the road, here are common mistakes people make.  Here are some important tips  you could use to run your business and comply with the Canada Revenue Agency (CRA) or the Internal Revenue Service (IRS) rules:

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How to Lend Money to Your Spouse for investments, without adverse tax impact?

Normally if money is loaned to a spouse for acquiring an income-producing property, any income or gain of that would be attributed back to the person lending the money. However, if planned properly, it can result in tax savings for the family.

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Why is it important to file the tax returns on time ?

As an individual and/or business, it is always recommended to file your tax returns on time not only to keep your affairs well organized and up-to-date but also to stay on top of your financial affairs. If any taxes are owing, It also makes sense to file tax returns on time because of interest and penalties associated with late filing.

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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 to your tax return twice in a three-year period.

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