About Gerald Hunt

After graduating from the University of Calgary with a Bachelor of Science degree in Computer Science, Gerald joined KPMG (Formerly Thorne Riddell) as a Computer Accounting Customer Service representative. In this position, Gerald installed accounting systems in over 200 different small to medium sized companies over a 6 year span. In 1989, Gerald left KPMG to continue to work with small business clients in his own corporation installing computer accounting systems. While in this role, he was engaged by the DeVry Institute of Technology in Calgary to teach various courses. In time, Gerald moved up through the ranks of DeVry until he attained the position of Director of Finance for the Calgary Campus. He also acquired his Masters of Business Administration from City University of Seattle, Washington in 2001. Gerald’s career has always been focused on small business, accounting and education.

Use Capital Losses

You can use your 2018 capital losses to reduce your current year’s income taxes by applying such losses against your 2018 capital gains. You must, however, be careful of the superficial loss rules preventing you from claiming a capital loss on an identical asset that you reacquired 30 days before or after the sale date.

If capital Read More

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By |December 5th, 2018|SmallBiz Builder|

Contribute to your RRSP

The most popular tax tool available to taxpayers is investing in a registered retirement saving plan (RRSP).

Contributions to RRSP’s are tax deductible and the income earned within the plan grows tax deferred until retirement. You can claim a contribution of up to 18% of 2017 earned income to a maximum of $26,230. Earned income is Read More

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By |December 3rd, 2018|SmallBiz Builder, Tax Tips|

Tips to Help You Move On After Your Business Failed

Many people let a business failure ruin their life. However, if you choose to learn from your mistakes, you can move on and be even more successful.  It is not easy to move on after a business failure. Here are some tips to help.
Figure out what went wrong.
After you spend time examining your business, you can Read More

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By |November 15th, 2018|Small Business Tips|

“Soft” Loans For Your Children

Parents quite often make loans to their adult children to help them purchase a car, a home, or for other reasons. A loan is different from a gift. The parent can charge interest so that the loan will earn some investment income. The loan can be set up for blended payments of principal and interest Read More

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By |November 3rd, 2018|Small Business Tips|

Wills and the Executor

Wills and The Executor
A will specifies your instructions as to how your assets will be distributed on your death. In the will, you name an executor to act as your personal representative and to deal with all the tax, investment, administrative, and other duties involved in distributing and overseeing your assets as per your instructions. Some people feel honored Read More

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By |November 2nd, 2018|SmallBiz Builder|

Business Loss – Tax Questions

Dear Uncle Bean:

For many, many years, my husband and I owned a small candle store in down town Calgary.  We used a corporation for the business.  Due to the economic downturn, we ended up having to close the shop when the lease ran out.  To be honest, we are happier now without the burden of Read More

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By |October 17th, 2018|Uncle Bean Tax Corner|

5 Reasons Why Your Retirement Plan Will Fail

No matter how much you love your work, the fact is that one day, you will retire. Whatever the reason, you will eventually choose to hang up the work gloves and start devoting your hours enjoying the fruits of your labor. However, chances are that your retirement plan won’t actually work out. Here are 5 Read More

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By |October 15th, 2018|Tax Tips|

Lifetime Capital Gains Exemption (LCGE)

On January 1st, 2018, the LCGE increased to $848,252 of capital gains realized by an individual on qualified small business corporation shares. The LCGE has been indexed to inflation for the years following 2014. The new limits apply to any taxpayer who has claimed the LCGE previously.

For dispositions of qualified farm or fishing property, the Read More

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By |October 3rd, 2018|SmallBiz Builder|

Offshore Tax Informant Program

To combat unreported foreign income, the Federal Government introduced the concept that Canada Revenue Agency (CRA) will pay financial rewards to individuals who provide information on major international tax evasion. CRA could pay up to 15% of federal tax collected if the reassessments are in excess of $100,000. Penalties, interest and provincial taxes will be Read More

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By |October 3rd, 2018|Tax Tips|

CRA Verifying Motor Vehicle Purchases

There is a recent CRA audit project targeting corporations who made motor vehicle purchases. The CRA is requesting documentation such as purchase invoices, and the percentages of business and personal use of the vehicles. There are many different angles the CRA can be using this information. First, they are verifying that the vehicle has been Read More

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By |October 2nd, 2018|Small Business Tips|