Now that the RRSP contribution deadline has passed, it is time to focus on filing your personal income tax retrun. The deadline to file is April 30, 2015. There have been some changes for the 2014 tax year, here is a summary of what’s new this tax-filing season: Children’s fitness amount– Under proposed changes, the…
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Happy New Year! There are still a few hours to go before the clock strikes midnight and 2015 will be under way. As a business owner, you may want to tick a few things off a to-do list before you start the party. It is year-end for many business owners, and we have to be…
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Changes to the dividend tax credit system will increase taxes on the majority of dividends paid by small businesses. The changes are effective as of January 1, 2014, thus most corporate business owners will feel the tax increase for the first time on their 2014 personal tax return. This budget change will affect how corporations…
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Most incorporated businesses keep their fiscal year end in line with the calendar year end and thus December 31st marks year-end. If you are a sole proprietor, your year end is also December 31st. Of course Christmas comes first but before you know it, the year will be 2015 and it will be time for…
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We are often asked by our clients what constitutes an allowable business expense. The answer is simple, a deductible business expense is any reasonable current expense you paid or will be paid in order to earn business income. This means that personal expenses are specifically excluded. The Canada Revenue Agency (CRA) has put together an army of auditors designed specifically to discover false expense…
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October isn’t just for tricks and treats; it’s also Small Business Month in Canada. Small Business Week in Calgary is an upcoming event that tributes to small and medium-sized businesses and runs from October 19-25. Per the Business Development Bank of Canada, small and medium-sized businesses make up 99.9 % of total companies in Canada. It’s safe to say…
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Named the first-time donor’s super credit by the federal government, this tax credit is aimed at encouraging new donors to generously give to charities by increasing the value of the federal charitable donations tax credit by 25 per cent. The credit can be applied to eligible donations up to $1,000. This tax credit was first…
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