Tax Accounting

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Recent Federal Tax Changes

Posted in Tax Accounting
December 23, 2015 by

On December 7, 2015 the Federal government announced numerous personal and corporate tax changes which become effective January 1, 2016. They include: The Federal personal tax rate for taxable income between $45,282 and $90,563 will be reduced from 22% to 20.5%;   The top Federal personal tax rate of 29% will apply to taxable income
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An Update On Recaptured Input Tax Credits

Posted in Tax Accounting
December 15, 2015 by

The recaptured input tax credit (RITC) rules were introduced with the Ontario and British Columbia Harmonized Sales Tax (HST) on July 1, 2010. Canada Revenue Agency (CRA) has started to audit businesses’ compliance with these rules. As noted in a previous memorandum, large business and certain financial institutions are required to repay or “recapture” the
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5 Ways Your Accountant Can Support You Through The Litigation Process

Posted in Tax Accounting
December 4, 2015 by

Litigation is a complex and nerve-wracking experience, and unless you have expert guidance on your side, your case can be under-researched and underrepresented. The result: financial loss and potential legal implications that can have a significant impact on your life now and in the future. Your accountant can provide critical support throughout the litigation process
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What is a Commercial Leasehold Inducement?

Posted in Tax Accounting
October 26, 2015 by

The current commercial real estate market in Ontario is seeing a number of commercial properties available for rent. When there are more rental spaces than there are renters, a landlord will typically attract tenants by offering leasehold inducements. While leasehold inducements can be beneficial for both tenant and landlord, the tenant often stands to reap
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Canadian Federal Budget Commentary 2015

April 22, 2015 by

Federal Budget Commentary – April 21, 2015 In order to offer targeted tax reductions for small businesses, seniors, and families with children; to increase spending for the military, public and national security, public transit, and for the Canada Revenue Agency (CRA) to address tax avoidance and evasion; and to eke out a $1.4 billion surplus
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Tax Preparation Checklist

February 20, 2015 by

It’s that time of year again when you have to account for how you did in the previous year to tax authorities. It’s not the most interesting time of the year for most. Preparing ahead of time will help reduce last minute stress. Here are some tips on how to best prepare:   1. Gather
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Top Ten Small Business Tax Questions

February 19, 2015 by

To avoid financial penalties, small business owners in Canada need to be aware of how to properly file taxes. Below are some of the most common tax questions that small business owners ask our accountants. 1. Will the structure of my business affect the way I file taxes? Yes, how you file taxes will be influenced
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How to Account for Rent-Free Periods

December 30, 2014 by

Whether you’re a tenant or landlord who is taking advantage of a rent-free period to secure a new lease on a building or other asset, such as business equipment, you probably have questions on how to account for this rent-free period when it comes time for income reporting to the Canadian Revenue Agency (CRA). What
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How to Account for a Capital Lease

December 22, 2014 by

If you are a Canadian business owner or manager, you need to make sure that you have a good grasp of fundamental accounting principals. This knowledge is important because it will allow you to analyze your firm’s financial statements, and identify problem areas or areas for improvement. One key thing that needs to be understood
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Travelling to the USA?

September 19, 2014 by

On a recent trip to Niagara Falls, New York, my friends and I were stopped at the Rainbow Bridge border for overspending. Little did we know that our spending limits were so low, and that we would have to pay taxes and duties on what we brought back to Canada to the Canadian Border Security
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Penalties and the CRA’s Matching Program

August 29, 2014 by

If you’ve received a notice of reassessment from the CRA, you are not alone; millions of Canadians are hit with reassessments each year. Most of these reassessments aren’t aimed at uncovering fraud or malfeasance; instead, they’re triggered by the CRA’s matching program, a system designed to look at every return and match it to the
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