Home Office Expense

One of the deductions we find missing on may tax returns prepared by other accountants is the home office expense. You can deduct expenses for the business use of a work space in your home, as long as you meet one of the following conditions: it is your principal place …

How to pay a subcontractor

Some jobs are too big to handle on your own and you may need to bring on a subcontractor either for a certain period or project. Determining whether someone is an employee or an independent contractor is a larger topic for another day but once you have determined that your …

Where did my corporation go?

If you have an Alberta Corporation, you are required to file an Annual Return each year to update the address, shareholders, and directors. This is similar to paying yearly for your vehicle registration. This return is separate from your provincial and federal tax returns and must be filed every year …

Employment Standards in Alberta

Navigating the government’s rules and regulations that come along with having employees can be a lot of work for any business owner. Research is required to ensure that both sides of the employer-employee relationship are respected and protected, and the documents available on the topic contain a lot of information …

Two Tier Tax System?

Guy Caron, a Member of Parliament for Rimouski, Quebec has recently written a scathing condemnation of CRA and how they treat affluent people vs how they treat average taxpayers. He gives examples of double standards in assessing penalties, protecting anonymity, and a culture of secrecy that keeps even parliamentarians from …

Top 8 Things Students Need to Know

It’s the beginning of a new school year and your tax deadline isn’t until after exams next semester, there are still some things you need to think about in terms of your taxes. CRA has put out a list of the Top 8 things students need to know at tax …

Get a Receipt

We told you earlier about how to claim meals and entertainment as a business expense. It’s always important to get a receipt in order to claim the deduction on your taxes but CRA has launched a new campaign that gives another good reason to ask for a receipt when you …

Jokes Only Accountants Find Funny

1. A fine is a tax for doing wrong.  A tax is a fine for doing well. 2. Where do homeless accountants live?  In a tax shelter. 3. Welcome to the accounting department, where everybody counts. 4. What do you call an accountant with an opinion?  An auditor. 5. An …

Picking up the Cheque

One of the most misunderstood business deductions is the “meals and entertainment” claim. Either people forget to save their receipts and don’t claim it at all, or they treat their whole party because it’s a business write-off. The basic rule is that if you are paying for meals or entertainment …

Alberta Minimum Wage – Lowest to Highest

One of the key platform points of Rachel Notley’s NDP campaign and sudden rise to power in 2015 was an increase in the provincial minimum wage from $10.20/hour (the lowest rate in the country) to $15.00/hr (the highest of any jurisdiction in Canada). Immediately after being elected, the government increased …