News Letter (Volume - 4 2021)
A Summary of most recent tax developments in 2021 Read More
News Letter (Volume - 4 2020)
A Summary of most recent tax developments Read More
News Letter (Volume - 5 2019)
A Summary of most recent tax developments Read More
2019 Personal Income Tax Return Checklist
Tax Tips and Traps for 2019 Read More
News Letter (Volume - 4 2019)
A Summary of most recent tax developments Read More
News Letter (Volume - 3 2019)
A Summary of most recent tax developments Read More
News Letter (Volume - 2 2019)
A Summary of most recent tax developments Read More
News Letter (Volume - 1 2019)
A Summary of most recent tax developments Read More
Maintaining a Healthy Cash Flow for Your Business
Making a business profitable is important for any business owner. But it’s equally important, though often under-valued, that your company has a healthy cash flow to ensure the financial well-being of your business. Read More
Tax Obligations Flipping Real Estate Property
In British Columbia’s booming real estate market, many individuals, including real estate agents, are engaging in property flipping — buying and reselling properties to turn around a quick profit. And this trend is not limited to completed homes, people are also flipping their “assignment sales” or buying and selling properties before their official sale or construction. Read More
Buying or Selling a Business | Sale of Shares vs. Sale of Assets
Are you thinking of selling your business or looking to buy one? If so, it is important to be aware of your options – will you be selling or purchasing the company’s shares or its assets? It’s important to consider which option is the most beneficial to you because this decision can make a huge difference in the net proceeds you receive for selling your business or the net costs you have for buying a business. Read More
Tax Saving Strategies for Self-Employed Individuals
Every self-employed Canadian with an unincorporated business must file an individual tax return each year and report their income as business or professional income. Read More
Proposed Tax Changes Impacting Small Businesses
In the Federal Budget 2017, the Canadian government announced its intention to address specific tax planning strategies involving the use of private corporations – ones that can lead high-income individuals to gain tax advantages not available to most Canadians. Read More
Ways to Reduce Penalties and Interest on Your Tax Debt
Having tax debt is serious. Not only does the CRA have collection powers far greater than other creditors, but the penalty and interest on your tax debt can often exceed the tax you owe. Interest on tax debt is calculated at a prescribed rate, compounded daily, and applied retroactively from the filing due date, which can make the debt unmanageable. Read More
Business Income vs. Capital Gain
Is it business income or capital gain? The distinction is important because business income (or loss) gets included in income at 100%, whereas a capital gain (or loss) is only included in income at 50%. In other words, you would want to report losses on account of business, and gains on account of capital, to minimize your tax payable. Read More
RRSP vs. TFSA
Choosing between putting your money in a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA) can be difficult. In the ideal world, you would want to max out both your RRSP and TFSA. However, it is often very difficult to be able to scrounge up the money to max out both accounts. So the question is, where should you put your money? Read More
Salary vs. Dividend: Which is better?
Over the years, tax professionals have questioned the traditional salary based remuneration strategy used to pay corporate small business owners or whether the withdrawals should be characterized as dividends, or a mix. Read More
Benefits of Incorporating your Business
Business owners can benefit from increased credibility to their business by choosing to incorporate their business. In the eye of vendors, suppliers, clients, and business partners, incorporated businesses appear more stable compared to unincorporated businesses. Additionally, through incorporating a business, business owners can benefit from the following Read More
Should you buy or lease a vehicle for business?
Should you buy or lease your business vehicle? Deciding whether to buy or lease a vehicle is a tough decision that business owners face. With many variables to consider, it is important to have all the facts when making this decision. Read More
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