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