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  • Do Canadians Spending the Winter in the US Have to Pay Taxes?

    August 22, 2013 by

    Accounting firms in Toronto and across Canada are often approached by Canadians who vacation in Florida (or snowbirds, as they’re affectionately known) and want to know if they have to pay income tax in the US during their stay. Basically, if you’re in US for a certain amount of time, you do have to pay
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  • Taxation of Non-Resident Employees in Canada

    August 22, 2013 by

    Non-resident employees are generally defined as a non-resident of Canada with workdays in Canada during the calendar year—Therefore they have a Canadian source employment income. If they are employed by a non-Canadian entity, they generally remain on the non-Canadian payroll. Withholding Canadian Income Tax for Non-resident employees A non-resident employer is subject to the same
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  • Holding Companies: A Primer

    August 20, 2013 by

    A holding company owns shares of another company- typically an operating company. While each situation should be assessed for suitability by a tax professional, business owners should be aware of some key benefits of utilizing holding companies. The opportunity for tax deferral is significant. By having dividends flow to a holding company, rather than to
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  • Understanding The Different Types of Year-End Engagement

    August 7, 2013 by

    What are financial engagements? After talking to and consulting with business owners and entrepreneurs, I’ve noticed a basic gap in their knowledge of what each type of year-end financial engagement represents and delivers. It’s important to distinguish between the three types of engagements and what message is conveyed by each engagement to the reader of the
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  • Ontario’s Penalties for Business Tax Evasion Are Steep

    July 31, 2013 by

    Accounting firms in Toronto and the rest of Ontario cringe when they read things like this. Earlier this month, the Canada Revenue Agency (CRA) announced a jury found a Toronto man guilty of four counts of evading personal income taxes and four counts of failing to remit the Goods and Services Tax (GST). Najam Mahmood
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  • Less Red Tape Expected for Canada’s Small Business Accounting

    July 29, 2013 by

    Small businesses that are bogged down in accounting tasks in Toronto and the rest of Canada can expect a bit of relief. Earlier this month, The Canada Revenue Agency and the Federal Government announced they are cutting down the “red tape” for small businesses to submit their accounting and bookkeeping. The CRA is making changes
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  • Do I Have to File US Taxes if I’m an American Living in Canada?

    July 28, 2013 by

    If you live in Canada, but retain American citizenship, you still have to file American taxes. This has always been the case, but last summer the IRS announced they’re clamping down on US citizens who don’t file while living abroad. Last June, the IRS announced new procedures for non-resident U.S. taxpayers that went into effect
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  • Making Mistakes at Work

    July 26, 2013 by

    It’s a sentence no one likes to hear, “I need to see you in my office.” Mistakes at work are going to happen to you at some point in your career. The important part is how you react afterwards. This can be used as an opportunity to truly show your worth and maybe even strengthen
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  • The Red Flags for a Tax Audit in Canada

    July 25, 2013 by

      Whether you’re self employed or running a million dollar company, everyone in Canada has to declare their taxes. The business tax reporting process is intricate, and if not done correctly can lead to problems, tax audits being one of them. We’ve compiled some common reasons for business tax audits in Canada and combined them into this beautiful infographic. Red
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  • What Happens if I Keep Incomplete Tax Records?

    July 25, 2013 by

    As a tax accounting firm in Toronto, we’ve seen all levels of tax record-keeping from our clients—to the very diligent, to the wildly incomplete. You want to keep your tax records as organized and accessible as possible. Having this information at your finger tips is essential to properly gauging how your company is performing or
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  • How Long Do I Have to keep my Business Tax Records for the CRA

    July 22, 2013 by

    It’s a simple question, but one you’ve probably heard different answers for. As a business owner, how long do you have to keep your tax records? Is there a statute of limitation of how far back they can go to audit you? Well, here’s the answer, straight from the source. According to the Canada Revenue
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