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As Canadian tax payers we like to know the money that we pay to the government is being used in our best interests. While many of us may not favor the tax department, they still are a very necessary entity to the running of our Country. It is your tax dollars that go to the infrastructures throughout…
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It is really important for you to understand what position a Allowable Business Investment Loss (ABIL) can put you in with regards to your taxes. This is a capital loss that occurs from the disposition of the shares of a small business corporation or involves a debt of the company. In order for the…
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In most cases once a person files their tax return, there is no way they want to change their minds about this and perform any corrections. A lot of people feel that if they do an amended tax return that they are instantly going to become a target of CRA scrutiny. The first thing to…
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As with the usual pomp and media attention whenever our Canadian Government figures they are doing something good for the tax payer it is presented with much fanfare. The latest being the proposal of the doubling of the children’s fitness credit. So if up until now you simply haven’t been able to afford the costs…
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So you are an artist who is employed in Ontario and when it comes tax time you really aren’t sure just how to go about your taxes, and even if you are doing them right are they being done right in your favor? First let’s see if you fit into this category. Did you compose…
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So you have a corporation but it’s not a big conglomerate, in fact you have just a few employees. Yet you have the same business obligations that the big Corporations do, but on a smaller scale. In any event just as the big guys need an accountant, so do you. As a small corporate business…
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There is no doubt that advertising costs can become substantial, but perhaps you are thinking at least you can claim these expenses. In many cases you are right in thinking this way, but don’t just assume that 100% percent of these costs is going to be a tax deduction. Where you choose to do your…
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People view important factors in many different ways. There is an old saying that when a person looks at a glass of milk that is half full, some will say it is half full while others will say it is half empty. This same concept is often applied to the information that is…
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Perhaps you started out in a business venture with another individual and you just assume they are your business partner. What you may need to determine is whether it is a general partnership or a limited partnership. The daily operation of your business probably doesn’t raise too many questions as to whether you consider yourself…
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It is not uncommon for many businesses to want to utilize some of their personal assets in their business. At the same time they want to be able to claim any expenses that may now be related to these. In order to bring your personal assets into your business you have to go about it…
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