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 …

December Newsletter

We got out our December newsletter with 3 days to spare this month. If you aren’t subscribed (or the email got lost in all of your holiday e-cards), you can go to our Newsletter tab at the top of the page to subscribe and see our previous issue. You can …

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. …

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 …

Small Business Week Expo

75% of all new jobs created in Canada are from the small business sector.  Generally, small business is defined as fewer than 100 employees.  Canada’s economic growth greatly depends on entrepreneurship.  Entrepreneurs and small business proudly build their livelihoods on doing what they love. Often they possess the passion for …

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 …

Working Hard? Why You Need to Relax

Whether you admit it to yourself or not, how happy you are overall in your life does directly affect how productive you are at work.  And how do you achieve this work-life balance?  Below are a few tips on doing just that.  Know your boundaries.  What is your definition of success …

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 …

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 …