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Government Announces Automobile Deduction Limits and Expense Benefit Rates for Businesses will Remain Unchanged for 2014

February 28, 2014 by

On December 30, 2013, the Canadian Minister of Finance announced that the automobile expense deduction limits and prescribed rates for the automobile operating expense benefit will remain unchanged for 2014. This announcement means that, in regards to the capital cost allowance that may be claimed on a company vehicle, the current $30,000 ceiling (plus applicable
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Don’t let tax season catch you off guard – do a mid year check

February 26, 2014 by

Unless you’re a dedicated tax accountant, thinking about business tax liability is probably something you’d rather avoid until the next year-end rolls around. For individuals’ tax returns, year-end is December 31. Subsequently, individuals must file by April 30th. However, if you operate a sole proprietorship or partnership, then year-end is still December 31, but you
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Keep Your Business and Personal Finances Separate

February 26, 2014 by

Many business owners make the mistake of combining business and personal finances, using personal funds to pay for business expenses or business funds to cover personal expenditures. While it may not seem like a big deal when you’re doing it, commingling business and personal finances can leave you with a tangled mess to unravel at
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Ontario Tax Bracket Changes for 2014

February 11, 2014 by

In 2014, the Ontario Personal Income Tax Brackets and Tax Rates Before Surtax were increased by an indexation factor of 1.010. Additionally, the Federal Tax Brackets and Tax Rates including Surtaxes were increased by an indexation factor of 1.009. This is great news for everyone because it means that you may be eligible for a
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Should I Establish a Professional Corporation?

February 8, 2014 by

Professional corporations (PCs) are used by a variety of professionals including physicians, dentists, lawyers, engineers and accountants. Generally, only professions governed by a professional body or association are allowed to form a PC. In Ontario, PCs are incorporated as regular corporations, however they are subject to a number of special rules and restrictions. The following
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5 Signs Your Business Needs an Accountant Now

February 3, 2014 by

If you’ve been handling the accounting for your business for a while, you may feel you’re pretty good at what you’re doing. The scary fact is most entrepreneurs who think they can simply pick up a piece of software to handle minor and major accounting tasks wind up losing money or even leaving themselves open
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How To Properly Prepare for Accounting Appointments

November 25, 2013 by

Certainly, preparing for an appointment with your tax accountant makes his or her task simpler, but it also benefits your business in some big ways. First, when you’re prepared, your meeting is probably going to take significantly less time, and more importantly – preparing for your appointment can help you uncover additional questions and concerns
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What Is the Difference Between Not-For-Profit Organizations and Charities

October 8, 2013 by

Although a Not-for-Profit organization (NPO) may be thought to be the same as a charitable organization there are significant differences. What is a Not-For-Profit Organization? A NPO can either be incorporated or not incorporated. A NPO is a club, society, or association that is not a charity. It is organized and operated solely for: ■
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When Can I Destroy My Tax Records?

September 1, 2013 by

There’s no way around it, a business’ tax records can take up an enormous amount of room. Also, you may want to destroy your old records for security or other purposes. The Canada Revenue Agency has strict guidelines when it comes to keeping and destroying tax records. Their guidelines state: “You must keep all of
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What is Included in Canada’s Taxpayer Bill of Rights?

August 31, 2013 by

Taxpayers in Toronto and the rest of Canada have rights. But what exactly does that include? The Taxpayer Bill of Rights is a set of 16 rights that you have in your relationship with the Canada Revenue Agency.     Canadian Taxpayer Rights As a Canadian taxpayer, you have the right to: • Receive entitlements
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