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.
In Canada, gifts and inheritances are generally not taxable to the recipient. However, there are some important nuances and exceptions to consider:
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:
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.
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:
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:
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.
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.
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.
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.
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.
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.
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.
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.
Paying yourself as a small business owner is an important decision. Determining how you do it will impact your finances and taxes.
With the end of the year fast approaching, we thought it would be timely to discuss the medical expense deduction on your tax return.
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.
Our Canadian sales tax system has federal and provincial components. To simplify the differences, review each province’s tax system.
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.
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.
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.
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.
Giving gifts to clients can be a valuable method of building goodwill and loyalty. It’s one way to distinguish yourself from your competitors.
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.
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.
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: