calgary accountant

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 […]

By |December 5th, 2018|SmallBiz Builder|0 Comments

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{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39} of 2017 earned income to a maximum of $26,230. Earned income is […]

By |December 3rd, 2018|SmallBiz Builder, Tax Tips|0 Comments

Director & Personal Liability

In a recent Tax Alert titled “Abuse of Source Deductions and GST/HST Amounts Held in Trust” CRA warned that businesses must hold source deductions and GST/HST amounts in trust for the government. Penalties and interest and possibly personal liability for the directors will be the result if this is not done.
Federal legislation allows CRA to […]

By |September 9th, 2018|Tax Tips|0 Comments

Per Diem Meal Allowance

In a recent Technical Interpretation, CRA noted that an employer-provided meal allowance will not be taxable where the following conditions are met:

It must be a reasonable amount;
The allowance is received to cover expenses while travelling away from the metropolitan area or the municipality where the employer’s establishment is located, at which the employee […]

By |September 3rd, 2018|SmallBiz Builder|0 Comments

Corporate Directors Liability

If a corporation (including a for profit or non-profit corporation) fails to deduct, withhold, remit or pay amounts held in trust for the Receiver General for Canada (CPP, EI and GST/HST), the directors of the corporation at the time may be held personally liable along with the corporation to pay the amount due. This amount […]

By |July 4th, 2018|SmallBiz Builder|0 Comments

Business Investment Loss – Denied

In a Tax Court of Canada case, a mother had guaranteed the business loans for her son’s corporation. Unfortunately, the corporation failed and subsequently the mother paid off the loans. The mother claimed business investment losses for the amounts repaid.
Her only motivation for the guarantee was to assist her son’s business. She did not charge […]

By |July 2nd, 2018|SmallBiz Builder|0 Comments

Canada Pension Plan Basics

The Canada Pension Plan (CPP) is a contributory, earnings-related social insurance program. It ensures a measure of protection to a contributor and his or her family caused by the loss of income due to retirement, disability and death.
There are three types of CPP benefits:

Disability benefits (which include benefits for disabled contributors and for their […]

By |June 4th, 2018|SmallBiz Builder|0 Comments

Withholding Information from Canada Revenue Agency

If you run your own business or you are self-employed, you may be tempted to report only part of your income to the tax authorities. Or you might consider suppressing information about your activities.
If you are audited by the Canada Revenue Agency (CRA) you should consider this. The CRA auditor has access to the Internet. […]

By |May 3rd, 2018|Tax Tips|0 Comments

Voluntary Disclosure Program

If you owe money to any of the tax authorities because you failed to file a return for one or more years, you can make a voluntary disclosure. You will pay only the tax due plus interest. No penalties will be assessed. You have to make a complete disclosure. The information can be less than […]

By |May 2nd, 2018|Tax Tips|0 Comments

2017 Tax System Indexation

On January 1, 2017, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 1.4{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39}. The Canada Child Benefit and the goods and services tax credit will take effect July 1, 2017. For 2017 the federal tax bracket thresholds are:

15{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39} for taxable income […]

By |February 3rd, 2017|Tax Tips|0 Comments