Tax Tips & Business Matters

12/08/2022

Tax Tips & Traps 140, 2022 - Year End - Special Edition.v2

Year-end Tax Planning

December 31, 2022 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation.

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10/01/2022

Business Matters Newsletter Volume 36 Issue 5

An economist explains: What to know about a recession

David-Alexandre Brassard, CPA Canada’s chief economist, breaks down the definition of a recession and how it may affect the Canadian economy.


A recession is often talked about, but not always understood. “You can have a technical recession and barely feel anything,” says David-Alexandre Brassard, chief economist, CPA Canada. “You feel a lot more with high inflation.”

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09/20/2022

Small Business Accounting - GST

We can help you assess your options, file your GST returns for you or teach you how to file your GST returns yourself, and give you information on when your GST returns are due and how to pay for your GST balance owing, if applicable.

If you need/want to register for GST, we assist our clients with process and/or register for them, and/or you can call CRA to complete your registration.

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09/01/2022

Tax Tips & Traps Issue No 139

Tax Tidbits

Some quick points to consider...

- On June 19, 2022, individuals suffering from Type 1 diabetes became automatically entilited to the disability tax credit. This change is retoactive to 2021.

- The Tax Gap, which measures the difference between what is actually collected and the taxes that would be paid if all obligations were fully met, is between $18.1 billion and $23.4 billion.

- On June 23, 2022, legislation was passed which would allow the full and immediate expensing of many capital assets purchased on or after April 19, 2021.

- CRA is currently reviewing how and when crypto asset holdings need to be disclosed on form T1135

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09/01/2022

Quarter 3 Planning

September.

A fresh start and a new routine. Time to get some of those items back on the to-do list now that summer is over - like your bookkeeping! We’re entering the end of Q3 and now is a good time to go through your records and see if there is anything that needs to be done that was put to the wayside for the past couple of months.

It might be something that you dread, but sometimes the hardest part is getting started. Don’t think of the whole staircase, just the step in front of you. If you need help climbing, give us a call.

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08/05/2022

Business Matters Volume 36 Issue 4

An economist explains: What is inflation?

David-Alexandre Brassard, CPA Canada's chief economist, explains the cause of rising prices and how you can reduce its impact.

Inflation is something that everybody is talking about and while we all understand its impact on our wallets, it can be hard to understand exactly what it is.

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06/02/2022

Business Matters Volume 36 Issue 3

Government programs to support first-time home buyers.

One of the key focus areas in the 2022 federal budget (Budget 22) was to improve housing affordability, particularly for first-time buyers. Here is a summary of the new initiatives proposed in budget 22, and the existing government programs to support first-time home buyers.

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05/20/2022

Tax Tips & Traps Issue No 138

Tax Tidbits

Some quick points to cinsider...

  • The luxury tax affecting new vehicles and aircraft retailing for more than $100,000 and new boats over $250,000 has been rescheduled to commence on September 1, 2022.
  • The office of the Auditor General of Canada noted that $3.7 billon of overpaid COVID-19 benefits had been identified.
  • The program that has offered purchase incentives of up to $5,000 for zero emission vehicles since 2019 is proposed to be extended until March 2025, and eligibility would be broadened to include other vehicle models, including more vans, trucks ans SUVs.
  • For 2018 and 2019, the CRA audit hit rate (percentage of autdits resulting in an audit adjustment) was close to 60%.

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04/11/2022

Business Matters Volume 36 Issue 2

First-time car buyer? Here's what you should be budgeting for

Experts weigh in on what vehicle ownership entails, including maintenance and unexpected expenses.

Purchasing a car for the first time can be both exciting and overwhelming at the same time. Thinking about the type of car, colour, and features you want are all fun decisions. But it's important to leverage the financial expertise of CPAs and other professionals to shed light on both the expected and unexpected costs of car ownership to help you make an informed decision.

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02/16/2022

Business Matters Volume 36 Issue 1

Changes to federal COVID-19 support for individuals and businesses

With much of Canada returning to a modified lockdown due to the spread of the Omicron variant of COVID-19, the federal government has enhanced and extended some of its support programs for individuals and businesses.

 

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