For most Canadians and particularly for accountants and tax practitioners, the end of tax season comes with a lot of relief…relief from all the long hours of compiling financial information and filing of tax returns. However, in the midst of the relief, we often forget to take time to consider important planning tips to save…
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Self-Employment: Is It For You?
Quite often, we run into a lot of people who want to become self-employed for a number of reasons ranging from just being tired of working for someone else, job loss from downsizing or those simply sick of office politics. Whatever your reason, the big question is: Should you? Is Self-Employment for you? I recently…
PERSONAL TAXES: ARE YOU READY?
First, we want to thank you for entrusting our team with the completion of your personal tax returns and we look forward to assisting you again this year. For those that have not filed their taxes yet, be reminded that the tax filing deadline is April 30, 2018. As you file your taxes this season,…
The Story of Ralston and Doreen – Small Business Owners, Collateral Damage?
Summer has drawn to a close, the children are settling down in school and university, and Ralston and Doreen are preparing to implement the new menus in the restaurant for the last four months of the year, to ensure that they meet the sales and profit targets set at the beginning of the year. Doreen…
8 REASONS YOU’RE HAVING A TOUGH TIME WITH THE TAXMAN
At GMS, we have found that many of the difficult interactions with CRA can be avoided by a simple shift in how we approach them. The top 8 reasons that cause this strained/difficult relationship are highlighted below. We have included suggestions on how to avoid or get out of these situations, if you have…
TOP 13 WAYS THAT THE 2017 FEDERAL BUDGET IMPACTS YOU
Caregiver tax credit now consolidated. Dependant does not have to live with you in order for you to claim this credit. Credit can no longer be claimed for seniors who are not sick, and who reside with their adult children. Elimination or modification of some tax credits – loss of public transit amount (July 2017),…
BEWARE! YOU MAY BE PAYING TAXES ON SALE OF YOUR PRINCIPAL RESIDENCE
On October 3, 2016, the Government announced an administrative change to Canada Revenue Agency’s reporting requirements for the sale of a principal residence. A principal residence is considered your primary home of residence, a home that is ordinarily inhabited by the taxpayer or by his or her spouse or common-law partner, former spouse or common-law…
WILL YOU BENEFIT FROM THE LIBERAL TAX PLAN IN 2016 AND IN THE YEARS AHEAD?
This year, most of us will have more money in our pockets…thanks to the Liberal government’s tax cut. As some of you may already know, the Prime Minister wasted no time in implementing his campaign promise to reduce the rate for the middle-income bracket (income between $45,282 to $90,563) from 22 percent to 20.5 percent….
FIVE MISTAKES THAT TAX-FILING PROCRASTINATORS MAKE
Following the Heartbleed bug that shut down the CRA online filing system for a couple of days, the tax-filing deadline extended from April 30 to May 5. As a result of this extension, many will be using this final weekend to file. If you’re among these procrastinators, be careful to avoid any errors in the…
THE EMPOWERED TAXPAYER
Whose numbers are they anyway? Whether you are an individual, an entrepreneur, or a non-profit entity, any financial data or return that you submit to the Canada Revenue Agency (CRA) are your numbers. That seems obvious doesn’t it? However, often times when the preparation of financial data or a tax return is divested to a…
