For business owners it’s never too soon to start their tax and estate planning process. It’s important that some of this planning be done at the point of starting or buying the business. In reality though, that’s not always how things happen. From time-to-time I’ve come across high net worth …
Author: rodbed2010
How to Find a Bookkeeper
A lot of new business owners have no experience in accounting or bookkeeping. This lack of understanding often leads to some very common mistakes. The first mistake is to just ignore the bookkeeping and accounting for several years until you eventually find time and/or money to deal with it. In …
Realtor Tax Planning – Holding Company and PREC
Should you go with a Holding Company and PREC arrangement? Professional Real Estate Corporations (PRECs) can be an ideal part of a tax planning strategy for successful realtors. However, a limitation on investments prevents realtors from using their PREC to directly invest. I’ve found that realtors typically focus on real …
Non-Resident Canadian Rental Property
If you do not live in Canada but have a rental property here, the tax reporting requirements can be a challenge. If the rental property is not setup correctly you could be subject to significant penalties. Having a Public Business Accountant involved prior to the start of your rental could …
Scientific Research and Experimental Development Tax Incentive
Planning for your Scientific Research and Experimental Development (SR&ED) must take place in advance of actual research and development. This tax incentive program provides individuals, partnerships and corporations with possible cash refunds or reduction in taxes payable. The potential investment tax credit could total 15-35% of qualified expenditures. The reporting deadline is generally …
Capital Gains Exemption
Looking for ways to decrease your taxable income? If you have sold a business, or shares in a business, and are thinking about selling a business, the Capital Gains Exemption may be right for you. Under the Income Tax Act, an individual can claim a lifetime capital gains exemption (LCGE) to reduce the …
First-Time Home Buyers’ Tax Credit
Since January 27, 2009, qualifying home purchases can result in a $750 non-refundable First-Time Home Buyer’s tax credit. This credit is not just available to first-time homebuyers. It is also available to existing homeowners provided someone with the Disability Tax Credit (DTC) benefits from the new purchase. If you purchased a home and think you may have missed …
RRSP Contributions and Severance
If you were laid off from work in 2013 and received a large severance package, make sure to do your tax planning before the end of February. If you have substantial RRSP contribution room you may want to max out your contributions. If you don’t have a new source of …
Tax Deadline April 30th vs. June 15th
The tax deadline of April 30th is fast approaching. If you’ve waited to the last minute to prepare your income tax return you are likely worried about late filing penalties and late payment interest charges. One thing to remember is that penalties and interest charges (apart from installment interest charges), …
How long do you have to claim a GST HST refund before it expires?
For most businesses the time frame for claiming a GST or HST refund is four years. If you file a return and missed claiming the Input Tax Credit (ITC) for a refund, you typically have four years from the filing deadline to make the claim. Missing out on GST and …