Silver Lining

The Alberta provincial budget was released yesterday and while there are many dark clouds, there are a few small silver linings for our clients. The small business corporate income tax rate will be dropping from 3% to 2%. This means if you have $50,000 in corporate profits, you will save …

Online Tax Scam

CRA Scam Prevention

In the past several years, scammers have become increasingly aggressive and persistent in their attempts to steal money and identities from Canadian taxpayers. They often pretend to be from the CRA and use language designed to intimidate and confuse people – especially the most vulnerable. Some of the common scams …

Direct Deposit

Starting in April 2016, the federal government is switching all its payments to direct deposit. All tax refunds, GST credit, child benefits, EI, CPP, and OAS cheques will potentially be cancelled and replaced by direct deposits. While we don’t know how strictly this will be enforced, we advise all of …

GST For Small Business

CRA is hosting a free two-part webinar on March 16 and 23, 2016 on the basics of GST. Many small business owners are either new GST registrants or could benefit from a refresher on how GST work and the filing requirements. We offer GST reconciliation and filing as part of …

Top 5 Things To Avoid When Filing Your Return

CRA has assembled its Top 5 List of potential pitfalls. From missing slips to filing late (or not at all), we see these things all the time. Whether you have one T4 for the current year or 9 years of business returns to file, we can take care of you. …

Don’t Wait. File Early

For most people, your personal tax return is due on April 30.  However, there is no need to wait until the rush in late April. If you are expecting a refund, we can efile any of your last 4 tax returns and typically have the money put in your account …

Should I File Single Or Common-Law?

We see people every year who ask for help in deciding which marital status they should pick when filing their tax returns. The simple answer is that you don’t get to pick. Your marital status is just the result of answering a few questions. As of December 31 were you …

Money For Exercise

Starting in the 2007 tax year, the “Children’s fitness amount” credit was introduced to help cover the costs of fees for physical fitness programs for children 16 and under. For many years, the maximum claim was $500 per child, which worked out to a possible $75 tax savings. For 2014, …