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Business Matters Volume 30 Issue 1
Feb 10, 2016

INCORPORATION

Let’s Incorporate

The incorporation process is relatively simple whether you incorporate provincially or federally.

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Business Matters Volume 29 Issue 6
Mar 18, 2016

PERSONAL FINANCE

Happy New Year!

The end of the year is a good time to review long-term investments and mortgages.

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Business Matters Volume 29 Issue 5
Nov 02, 2015

FRAUD PREVENTION

Income Tax Scams

Beware of telephone calls or emails from persons pretending to be CRA agents and asking for personal information or promising you a tax refund.

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Business Matters Volume 29 Issue 4
Sep 24, 2015

MANAGEMENT

Burnout

Overly stressed employees can negatively affect productivity and profitability.

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Business Matters Volume 29 Issue 3
May 29, 2015

TAXATION

Salary or Dividends?

The way a bonus is paid has a significant effect on corporate and personal after-tax income.

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Medical Expenses
Mar 18, 2016

The Globe and Mail has recently published an excellent article on Medial Expenses.

Tax advice for an aging nation: Get to know the medical expense tax credit.

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Income Tax Fraud
Mar 18, 2016

Make sure you hire the right person or company to prepare your income tax return.

According to the Canada Revenue Agency (CRA), 28 million people file income tax returns each year and of that number, 50% use tax preparers. Tax preparers can register with the CRA to use EFILE to transmit the completed return through an encryption technology that instantly acknowledges the tax return has been received. So, what could possibly go wrong for the taxpayer? Unfortunately, not all tax preparers are honest. And, these less-than-honest ones take advantage of the fact that prospective clients believe the tax preparer:

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2014 Tax Changes
Mar 06, 2015

We are starting income tax season so this is an ideal time to review some of the changes that will apply to this year's tax return. A federal election is scheduled for later this year, so it is no coincidence that the tax changes will benefit many taxpayers. The most noticeable changes are those benefiting parents with minor children. The non-refundable fitness tax credit for children under 16 has been increased from $500 to $1,000. Next year, the fitness tax credit will be a refundable tax credit furthering the benefit to lower income families. The $500 arts tax credit remains unchanged.

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RRSP or TFSA
Feb 23, 2015

March 2, 2015 is the deadline for Registered Retirement Savings Plan (RRSP) contributions that qualify for deduction on your 2014 tax return. Several clients have contacted me recently to confirm their 2014 contribution limit or to discuss whether it is prudent for them to contribute to an RRSP. If we have authorization to contact CRA on your behalf, we can confirm your confirmation limit, but many of our clients aren't aware that all Notices of Assessment report the RRSP contribution limit for the following year, so the information is readily available to them (I am assuming that all my clients retain their Notices of Assessments).

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TAX DEDUCTABLE – MEDICAL EXPENSES
Mar 18, 2016

You can claim on your personal tax return, eligible medical expenses for yourself, spouse and dependent children born after 1996, for any 12 month period ending in that tax year. The medical expense deduction on your tax return is in the form of a non-refundable tax credit, which is 20% of the eligible medical expenses that exceed the lessor of;

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