Blog
Canada Revenue Agency’s (CRA’s) Vehicle Expense Project
This project aims to review your corporation’s vehicle expenses. If you haven’t received a letter from the CRA then expect to get one soon. Here’s what you need to know. What is the goal of the project? The main goal of this project is to deny non-allowable automobile...
What is the Right Level of Assurance for your Business
There are three types of reports that can accompany a business’s financial statements. The purpose of these reports is to assure the reader that the statements are free from material misstatements. These are An Auditor's ReportA Review Engagement ReportA Notice to...
10 Things that Might Increase the Risk of a CRA Audit
Paying attention in the following areas can decrease the risk of getting an audit notice from the CRA. 1. Being Outside the Normal Range What this means is that the CRA has extensive information on the income of various businesses. So if you declare income that is...
Potential Tax Implications in the Federal Budget 2019
Here is a summary of some of the changes announced in the Federal Budget which was presented on March 19, 2019. 1. Interest Rates and Repayments for Canadian Student Loans In 2019-2020, the interest rate on Canada Student Loans will be lowered to Prime while the fixed...
When to Start Receiving Old Age Security Benefits
Previously the Old Age Security (OAS) benefits were automatically paid to eligible recipients when they reached 65 years of age. In 2013 the government gave recipients the option of deferring these payments for up to 5 years. This results in an increase in the monthly...
Changes in Canada Pension Plan (CPP)
Why are these changes needed On January 1, 2019, the Federal government started making enhancements to the Canada Pension Plan (CPP). These changes are being made to cope with the increasing number of people who will be retiring in the future without any savings....
Tax Measures Impacting Physicians in 2019
Here are some of the main tax measures which will affect the 2019 tax returns of physicians. 1.Decrease in Small Business Tax Rate As we all know, the Federal small business tax rate decreased from 10% to 9% causing the combined Federal and Ontario small business tax...
Benefits of Incorporating for Medical Professionals
Getting right into it, here are the top benefits of incorporating your medical practice. 1. Life Insurance Once you’ve incorporated your practice, you can pay for a life insurance policy directly from the corporation. This is one of the biggest advantages of...
Individual Pension Plans (IPP’s) for Incorporated Businesses
An IPP is a registered and defined-benefit (DB) pension plan which is usually set up for one person. It provides an added benefit for high-level executives and incorporated business owners. IPP’s are approved by the Canada Revenue Agency (CRA) and offer great savings...
TFSA and Untimely Death
Having a Tax-Free Savings Account is a great way to invest and earn interest income. However, as with other investment vehicles, there are some tax implications in case of sudden demise of the owner. Here's a short video explaining some of the more important points....