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 …

Is Your Business Off Track?

You are putting in the long hours and starting to feel a bit burned out.  Business is not as usual.  You are finding it a struggle to keep up with all the business expenses not to mention the upcoming tax bill around the corner.   Pretending there is no problem …

How far did you drive?

If your job involves a lot of driving, there are significant deductions that are available to you. Whether you drive your own personal vehicle for work or your corporation owns a car that you use, it’s important to keep track of the kilometres you drive for work. There are three …

Wages or Dividends

By far, the most common question we get from business owners is “Should I pay myself dividends or wages?” Unfortunately, the answer is different for everyone. The first thing we recommend is to try to minimize the amount of money you draw out in the first place. If you are …

Keep your money in your corporation

Who wants to pay less tax? The best reason to incorporate your business is to save taxes. In Alberta right now, the highest personal marginal tax rate is 48% while the small business corporate tax rate is 13.5% and is set to be reduced to 12.5% in 2017. So, this …

CRA’s Voluntary Disclosures Program

Do you believe in second chances? The CRA does to a certain extent.  According to the CRA, the amount of previously unreported income in 2013-2014 was $813 million – over 14,000 cases. Find out below if you qualify for CRA’s voluntary disclosures program.  You can’t turn back the hands of …

7 Ways to be Noticed by the CRA

This is definitely one of the times to not stand out and be noticed. Below are some common red flags made by Canadians time and time again. 7 Ways to Draw More Scrutiny From the CRA:  Not reporting all your income.  Not only will you get reassessed but also potentially …

Top 5 Worst Tax Expenses Claimed

Doing your taxes, business or personal, can lead to some late nights and can quickly become overwhelming.  If you find yourself rationalizing these type of far fetched claims below, you may want to call an accountant to help you find another way to minimize your taxes. From mydesk.com, below is …

How to save thousands in GST/HST remittances

When we meet new clients, one of the most common places we can help them save money right away is with GST/HST. Many companies are filing more often than they need to be and are therefore often paying unnecessary late-filing penalties. Or else they are paying their bookkeeper every quarter …