Tax Fraud – Not Worth It

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...
The Importance of Accounting

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...
Home Office Expense

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...
Two Tier Tax System?

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...
Top 8 Things Students Need to Know

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 time....
Get a Receipt

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...