Driving and Taxes

As the prices at the pump continue to increase, it’s important that you understand the tax deductions that you or your business may be entitled to claim for automobile expenses. This blog post summarizes some of the considerations for employees and self-employed or incorporated individuals. Employees As an employee, in certain situations you may be […]

New Enhanced Tax Depreciation Write-Offs

The Department of Finance announced new rules in its 2018 Fall Economic Update on November 21st 2018 to temporarily allow Canadian businesses to immediately expense for tax purposes 100% of the cost of certain newly acquired machinery and equipment and certain specified clean energy equipment if acquired after November 20th 2018 and before 2028. These […]

How long should you keep your business tax records in Canada?

According to the Income Tax Act, you need to keep business tax records for a minimum of six years from the end of the taxation year to which the records and books relate. If You Want to Correctly Keep Business Tax Records in Canada, You Should Have All:  Sales Invoices Contracts and Guarantees Loan agreements […]

Valuations for Income Tax Purposes – What Does the CRA think?

Tax planning and corporate restructuring have become an integral part of the services provided by professional advisers to their clients. A key component of any plan is establishing the fair market value (FMV) as the valuation represents the first step towards assessing the tax consequences of any transaction. This post looks at valuations for income […]

10 Tips for a Successful Not-for-Profit Audit

As accountants and trusted advisors for many not-for-profit organizations and charities, we share your goal of a successful audit. Here are our tips for a successful not-for-profit audit Our tips to achieve a successful not-for-profit audit: Review all lease agreements and leasehold improvements. Make sure all leases are readily available for the auditors, especially any […]