Understanding Taxes

Articles helping you understand various taxation issues

Accounting Software for Small Businesses: One of the most often asked questions by people opening up a small business are 'what software should I get?' Most accountants have a preference towards the software that they know best but that may not be the best for you, the client...

Coming clean with the Canada Revenue Agency: Forgot to claim some income on your tax return? It may be best to voluntarily disclose that information.

Death and Taxes - 2 Certainties in Life: The question of what is the tax implications when one dies unfortunately comes up far too often. There is really no simple answer so hopefully the following will give you enough information to know that more questions need to be asked in certain circumstances.

Dispelling The Myth of the Dreaded Audit: how is it that we can be selected for a tax audit? There are four main reasons for being audited.

Heading Back to School - What You Need to Know: So you have decided to go back to school but what does this mean when it comes to your tax return? If you take a course at the post-secondary level or the course develops or improves skills in an occupation and the educational institution has been certified by Human Resources and Skills Development Canada (HRSDC), you can claim the cost of your tuition as a tax credit on your personal tax return for the year you took the course. As such, if you paid for a course in 2007 but did not take the classes until 2008, you will be able to claim the tuition fees for 2008 not 2007.

Home Office and Taxes: If you use a home office, you can deduct a portion of the costs from your tax payment

Investments and Taxes: Each of investment types is treated differently for tax purposes so understanding the specifics of their taxation may have you consider one investment over another.

Making Medical Expenses a Business Expense: Learn how to save more money when incurring medical expenses

New Year Tax Advisory: Starting out the New Year with a fresh approach to things is always challenging yet rewarding at the same time. One suggestion I make to my clients is to not dwell on the past but step up and take control of your affairs so that you do not fall into a similar situation in the future. An example of this would be the person who always waits until the last minute to prepare for their taxes. Now you are probably thinking ...

Preparing for Tax Season: The Canadian tax system has rules governing when taxes are due, penalties for late filings and exceptions for different types of tax filers. The most common due date is April 30th, so returns will be accepted as filed on time by the Canada Revenue Agency (CRA) up to midnight on Monday, April 30, 2007.

Tax Return Record Keeping: When you prepare your tax return, be you an employee, an investor or self-employed, the most important thing is to make sure you have proper records and back-up for the items you are deducting from your tax return.

Should I Buy or Lease My Next Car: The most common question being asked is about the automobile expenses deductions

Should I Incorporate?: Learn about the tax-wise advantages and disadvantages of incorporation

Tax Free Benefits Available From Your Employer: Learn about tax deductions available via your company

The Dreaded Tax Department: I recently had an issue with a client and the Canada Revenue Agency that reflected how afraid some people are of the Tax Department and as a result had issues that cost them time and money when totally unnecessary.

The Tax Implications of Alimony and Child Support: We all get married for life but unfortunately that is not always the case and when children are involved, the matter becomes more complicated. The rules surrounding alimony and child support are ever changing due to legal cases...

The Tax Side of Buying or Selling a Business: Tax nuances of buying and selling businesses

Tis the Season to Give: As our personal tax year draws to close, thoughts of saving taxes are not necessarily at the front of our minds but in many cases it should be. Once December 31 has passed, there is only one way that you can reduce your personal tax burden for the 2006 year and that is by contributing to your RRSP. If a contribution to your RRSP is not possible or does not make sense tax wise, then you may be left with a tax bill that you did not expect.

Travel Expenses – Are They Tax Deductible?: Is it possible to travel and not pay for it?

Use a designated accountant: I recently had a lady walk in to our office asking about the cost of preparing a tax return for her corporation. She was quite surprised at the fees we charge given that her last accountant (who had recently died) only charged her $350. Now our fees are not high by any means and in relation to most accounting firms we are on par so to hear what she was paying in the past, made me very skeptical as to the level of professionalism that she was receiving.

Welcome to Canada!: The last thing you are probably thinking about after you arrive in Canada, your new home, is taxes but this is actually the best time! I often get asked questions after someone has lived here for several months and sometimes even years which usually ends up in regrets that the person did not get in touch with me sooner.

Why Using a Designated Accountant?: I recently had a lady walk in to our office asking about the cost of preparing a tax return for her corporation. She was quite surprised at the fees we charge given that her last accountant (who had recently died) only charged her $350. Now our fees are not high by any means and in relation to most accounting firms we are on par so to hear what she was paying in the past, made me very skeptical as to the level of professionalism that she was receiving.