Top 10 Tax and Accounting Tips That Can Help Your Business
Phew! Personal tax season is done and dusted (well unless you are a Sole Proprietor, then you have a bit more time to file your tax return). But for the most part, our focus is now back on our client’s businesses and what we can do to help.
April brings spring showers and TAXES!!!
April is here and it’s time to stop procrastinating and pull together all of your tax slips, donations, child care receipts, medical receipts and work-from-home office expenses to prepare your tax return.
New Trust Rules and implications to Corporate Bare Trustees
On December 15, 2022, Parliament passed Bill C-32. In that bill, were some new trust reporting rules that will impact a number of people. In particular, anyone who has a Bare Trust agreement. Why is this causing a fair amount of stress for business owners and professional accountants?
What is a Dividend?
A dividend is one of the most common ways that Owner-managed businesses will distribute funds to the owners. Dividends are also distributions of their accumulated after-tax dollars that companies will give their shareholders. However, there are some key points that shareholders need to be aware of when they decide that they would like to receive dividends. Here’s a quick and dirty checklist:
Bonuses – pay it out or contribute to a Group RRSP (pros & cons)
February is a month that is commonly used for paying out bonuses to employees. One of the reasons for this is so that employees can use those bonuses to contribute into their RRSPs prior to the RRSP contribution deadline. Another reason, is that it allows employees to be taxed on these bonuses in the following year, vs the previous year.
Fresh Starts: Assembling your Year-end info. What does my accountant need to file my Business Taxes?
Happy New Year! January is a time for Fresh Starts. For your business, it’s also a time to reflect on how the year went. And as Accountants, its now the beginning of the time when we start reaching out to our clients to remind them of what we’ll be needing in order to prepare their corporate tax returns.
Holidays, Presents, Parties, etc. – How to prevent Financial Overindulging during the holiday season.
re you someone who plans out their holiday spending in November? Maybe even has all of their holiday shopping completed by December 1st? If so, I’m jealous. Every year, I have the best intentions, and some years are better than others, but for the most part, I’m a 50/50 person when it comes to planning my holiday spending.