By Peter Kupovics on February 8, 2022 
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The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes has increased from $30 000 to $34 000 (plus applicable federal and provincial sales taxes) for non-zero-emission vehicles and from $55 000 to $59 000… {Read more}
By Peter Kupovics on February 2, 2022 Leave a comment
It’s time to review some tax-planning opportunities that can be undertaken for the 2021 Tax Year.. Contribute to Your RRSP Contributions to RRSP’s are tax deductible and the income earned within the plan grows tax deferred until retirement. You can… {Read more}
By Peter Kupovics on July 27, 2020 Leave a comment
Canada Emergency Wage Subsidy (“CEWS”) – The New Program RulesThe “old” CEWS program supported jobs by providing a reimbursement to employers for up to 75% of their employees’ wages, up to a maximum weekly limit of $847 per employee. The… {Read more}
By Liz O'Dowd on May 25, 2017 Leave a comment
Do you have salary paid to a family member? On one side, there is the question of the risk involved that the salary may be unreasonable and having the expense being disallowed. On the other side, there is the benefit… {Read more}
By Liz O'Dowd on May 24, 2017 Leave a comment
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… {Read more}
By Liz O'Dowd on May 23, 2017 Leave a comment
Preparing income tax returns as a small business can be challenging. Tax laws change continuously, and keeping up with all of these filing requirements can be daunting for the busy business owner. In order to prevent tax-related problems, it is… {Read more}
By Liz O'Dowd on May 16, 2017 Leave a comment
Are you withholding information from the CRA? Will an auditor discover information online about activities that you have failed to report? If you run your own business or you are self-employed, you may be tempted to report only part of… {Read more}
By Liz O'Dowd on May 16, 2017 Leave a comment
Self-employed Canadians are able to voluntarily access Employment Insurance (EI) special benefits. There are four types of EI special benefits: Maternity benefits (15 weeks maximum) available to parents of a new born child. It covers the periods surrounding birth. A… {Read more}
By Liz O'Dowd on May 15, 2017 Leave a comment
CRA Investigates Small-Town Subcontractors In 2016, CRA auditors reviewed municipal building permits in smaller communities. The auditors were checking for unregistered small-town subcontractors’ work sites. The result was that of the over 8,000 building permits reviewed about 33% were for… {Read more}
By Liz O'Dowd on May 11, 2017 Leave a comment
Protecting Personal Assets of Small Business Owner’s from CRA Collections Never use your home address as your business address. If you have a business location outside of your house use that location. If CRA collections issues a direction to the… {Read more}