By Liz O'Dowd on October 5, 2016 
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Pay Down Your Mortgage, or Contribute to an RRSP? Which option is better for a person with a 30% marginal tax rate: Pay $1,187 per month in mortgage payments to pay off a $100,000 mortgage in 10 years, then continue… {Read more}
By Liz O'Dowd on October 5, 2016 Leave a comment
If you have a website or a blog and you charge for online advertising, links, or reviews, you must report the income on your Canadian income tax returns. Send invoices to your clients and customers. If your invoices exceed $30,000… {Read more}
By Liz O'Dowd on October 5, 2016 Leave a comment
Managing a seasonal business can be rewarding, but it also presents unique challenges that owners of other types of businesses may not face, especially with regard to their financial situations. Here are five small business finance tips to help your business reach… {Read more}
By Liz O'Dowd on October 5, 2016 Leave a comment
Did you know? When applying for a student loan, grant or subsidy, you may be asked to provide a proof of income statement (option ‘C’ print) to your financial institution or to a municipal, provincial, territorial or federal government department…. {Read more}
By Liz O'Dowd on October 5, 2016 Leave a comment
If you own a business, you may have wondered if you should incorporate. Historically the income tax system in Canada has benefited incorporated Canadian small businesses. Although the income and deduction calculations are almost identical to an unincorporated business, the… {Read more}
By Liz O'Dowd on March 24, 2016 Leave a comment
Canada Revnue Agency announces winding down of the political activities audit program for charities The Honourable Diane Lebouthillier, P.C., M.P., Minister of National Revenue, today announced the winding down of the review by the Canada Revenue Agency (CRA) of registered… {Read more}
By Peter Kupovics on March 24, 2016 Leave a comment
On Tuesday March 22, 2016 the Liberal Government announced their federal budget 2016. There are changes for individuals and businesses that you should be aware of. We have included for your information a commentary on the budget and how it… {Read more}
By Liz O'Dowd on December 19, 2015 Leave a comment
The difference between tax deductions & credits and whats eligible. Although there’s a substantial difference between a tax credit and a tax deduction, it’s easy to get the two confused. A tax deduction reduces your taxable income, with the actual… {Read more}
By Liz O'Dowd on December 19, 2015 Leave a comment
Whats new for the capital gains exemption deduction The lifetime capital gains exemption deduction, if you dispose of shares in a qualified small business corporation, is $813,600, or $1,000,000 for a qualified farm property or qualified fishing property. If you… {Read more}
By Liz O'Dowd on December 19, 2015 Leave a comment
Capital losses and deductions You can use your 2015 capital losses to reduce your current year’s income taxes by applying such losses against your 2015 capital gains. You must however be careful of the superficial loss rules preventing you from… {Read more}