Moodys Gartner 2016 Federal Budget Summary

Moodys Gartner Tax Law LLP have put together a good summary of the tax measures that may interest our clients, along with their analysis and some commentary.

Intuit QuickBooks February 2016


This is the latest marketing material from Intuit Quickbooks and it has a few good tips that may help our small business clients better understand and manage their cash flow.

Business Matters Newsletter 30.1 (February 2016)

INCORPORATION "Let's Incorporate: The incorporation process is relatively simple whether you incorporate provincially or federally."; TAXATION "Crowdfunding: Crowdfunding is a new way to raise money; however, be careful of the tax implications."; MANAGEMENT "I Hear YouEffective communication is the key to effective management."; TECHNOLOGY "Dashcams: Dashcams can provide the key evidence in a vehicle accident or fraud claim."

Business Matters Newsletter 29.6 (December 2015)

PERSONAL FINANCE "Happy New Year!The end of the year is a good time to review long-term investments and mortgages."; TECHNOLOGY "Marshmallow, Anyone?Security of the mobile devices used in your business should be a primary concern."; TAXATION "Tax Benefits for the Self-EmployedThere are many tax advantages for self-employed Canadians who work from home and hire family members in their business."; MONEYSAVER "I Am So TiredLack of sleep can reduce productivity, increase absenteeism and add to the risk of accidents and errors on the job."

Business Matters Newsletter 29.5 (October 2015)

FRAUD PREVENTION "Income Tax ScamsBeware of telephone calls or emails from persons pretending to be CRA agents and asking for personal information or promising you a tax refund."; MONEYSAVER "Keep On Truckin'Monitoring each vehicle as a cost centre is the key to managing fleet costs."; HEALTH AND SAFETY "Sorry, I Couldn't Hear ThatExcessive noise levels can injure employees and result in expensive insurance claims."; TAXATION "Giving to CharityCheck with your tax advisor to make sure your charitable donation meets the requirements for your maximum tax deduction."

Business Matters Newsletter 29.4 (August 2015)

MANAGEMENT "Burnout: Overly stressed employees can negatively affect productivity and profitability."; TAXATION "Take TwoMake sure you collect and keep all your receipts for tax-deductible medical and moving costs."; MANAGEMENT "A Joint CommitmentAny business is a joint enterprise between its employer and its employees."; TECHNOLOGY "Virtual OfficesVirtual offices reduce costs significantly for certain types of businesses."

Business Matters Newsletter 29.3 (June 2015)

TAXATION "Salary or Dividends?The way a bonus is paid has a significant effect on corporate and personal after-tax income."; MANAGEMENT "You're HiredHuman rights legislation governs all hiring practices."; MONEYSAVER "Improve the Bottom LineIncreasing revenue is not the only way to improve the bottom line."; TECHNOLOGY "Metamorphosis: 'A change would do you good.' -Sheryl Crow.'"; 

Tax Alerts

While there weren’t a great number of tax measures included in the 2018 Fall Economic Statement brought down by the Minister of Finance on November 21, 2018, the tax changes that were announced represented good news for Canadian businesses.

Most Canadians know that the deadline for making contributions to one’s registered retirement savings plan (RRSP) comes after the end of the calendar year, around the end of February. There are, however, some instances an RRSP contribution must be (or should be) made by December 31st, in order to achieve the desired tax result, as follows.

For individual Canadian taxpayers, the tax year ends at the same time as the calendar year. And what that means for individual Canadians is that any steps taken to reduce their tax payable for 2018 must be completed by December 31, 2018. (For individual taxpayers, the only significant exception to that rule is registered retirement savings plan contributions, which can be made any time up to and including March 1, 2019, and claimed on the return for 2018.)

The holiday season is usually costly, but few Canadians are aware that those costs can include increased income tax liability resulting from holiday gifts and celebrations. It doesn’t seem entirely in the spirit of the season to have to consider possible tax consequences when attending holiday celebrations and receiving gifts; however, our tax system extends its reach into most areas of the lives of Canadians, and the holidays are no exception. Fortunately, the possible negative tax consequences are confined to a minority of fact situations and relationships, usually involving employers and employees, and are entirely avoidable with a little advance planning.

Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues.

Getting a post-secondary education – or professional training – isn’t inexpensive. Tuition costs can range from as little as $5,000 per year for undergraduate studies to as much as $40,000 in tuition for a year of professional education. And those costs don’t factor in necessary expenditures on textbooks and other ancillary costs, to say nothing of general living expenses, like rent, transportation and food.

When the Canada Pension Plan was launched in the mid-1960s, both the working lives and the retirements of Canadians looked a lot different than they do in 2018. Fifty years ago, most Canadians were able to work at a single full-time job, often held that job for most or all of their working lives and, in many cases, benefitted from an employer sponsored defined benefit pension plan which guaranteed a certain level of income in retirement.

Most Canadians deal with our tax system only once a year, when preparing the annual tax return. And, while that return – the T1 Individual Income Tax Return – may be only four pages long, the information on those four pages is supported by 13 supplementary federal schedules, dealing with everything from the calculation of the tax-free gain on the sale of a principal residence to the determination of required Canada Pension Plan contributions by self-employed taxpayers.

Anyone who has ever tried to reduce their overall personal or household debt knows that doing so, no matter how disciplined one’s approach, can seem like a one step forward, two steps back proposition. It sometimes seems that, just as measurable progress is achieved in one area (an extra payment is made on the mortgage), unexpected costs in another area (a significant car repair bill) push up the level of debt elsewhere (e.g., credit card debt).

For most Canadians, having to pay for legal services is an infrequent occurrence, and most Canadians would like to keep it that way. In many instances, the need to seek out and obtain legal services (and to pay for them) is associated with life’s more unwelcome occurrences and experiences — a divorce, a dispute over a family estate, or a job loss. About the only thing that mitigates the pain of paying legal fees (apart, hopefully, from a successful resolution of the problem that created the need for legal advice) would be being able to claim a tax credit or deduction for the fees paid.

From our family to yours, we with you all a very happy Father's Day.

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