Small Business Rate Reduced

The federal government announced today that they intend to honour their campaign promise of 2015 to lower the small business corporate tax rate to 9% over the next 15 months. This would bring the combined federal and provincial taxes on the first $500,000 of annual corporate profits down to 12%. …

Major Changes to Small Business Corporate Taxes

The federal government has proposed significant changes to the way that small business corporations will be taxed. Teri sits down with Robin Spiers to discuss Pi’s position on this. Teri Tetreault from PI Business Solutions provides valuable insight into the proposed tax changes in Canada. Who will this affect? Who …

Filing as a single parent

A single parent income tax return is one of the most reviewed returns by the Canada Revenue Agency. To avoid delays with either your income tax refund and/or your child tax benefits please bring the following information to your appointment. Court order or custody agreement, if you do not have …

What is my marital status for tax purposes?

This is a question that we hear on a consistent basis. Most people know if they are single or not, married or not, widowed or divorced but what about the in-between.  What are the rules on this topic for tax purposes? What people think and what the Canada Revenue Agency …

Simplifying the Tax Act (or just increasing revenue?)

Every year the Income Tax Act gets bigger (currently over 2,700 pages) and the personal T1 Return gets more complicated. The current Liberal government has announced their intention to simplify the Act by eliminating tax credits. Bill Curry from the Globe and Mail recently published an article discussing this plan. …

What’s a Business Owner to do about Minimum Wage Increases?

In our October newsletter, we showed how the real cost of the minimum wage increases is higher than is commonly discussed and that it is the business owner who shoulders those costs. This leaves a hard decision for the employer. A basic concept of accounting is that Revenue – Costs …

Tax Fraud – Not Worth It

Tax fraud is rampant and there seems to be no shortage of accountants willing to look the other way.  If your accountant is writing off expenses that are overstated, not only are you breaking the law, you will be facing some major fines putting your personal life and business on the …

The Importance of Accounting

Why is accounting a vital part in running a successful business?  It’s all about creating the freedom you want for yourself and for the ones you love.  The structure of any business is that money comes in and that the money goes out.  Accounting looks at this closely by recording …

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 …

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 …