Tax benefits for Canadians with disabilities

If you have a disability, there are varying benefit programs and tax credits that may be applicable. At Complete Accounting Solutions, no file is too small for persons with disabilities. We will look into the different programs you are eligible for, provide you with the forms necessary for your medical

How to choose an accountant

How to choose an accountant People new to self-employment typically have a hard time navigating all the different aspects of running a successful business.  However, one thing most business owners have in common is the desire to pay the least amount of tax as legally possible.  Not all accountants spend

How much RRSP contributions should you make?

How much RRSP contributions should you make? The 2012 tax year RRSP deadline is March 1, 2013.  Many people automatically assume that they should contribute as much as they can afford or max out their contribution room.  Both assumptions can be costly mistakes.  If you simply buy as much RRSPs

What should you do if you can’t pay your taxes?

What should you do if you can’t pay your taxes? If you find yourself in a position where you think you won’t be able to pay the taxes you owe on time, don’t hold off on filing. Purposely not filing your taxes on time is a common mistake many people

Management Fees vs. Dividends

The big question that I ask clients regarding compensation from their own companies relates to their Canada Pension Plan (CPP) contributions. CPP premiums are applicable to T4 management fees, but not to T5 dividends. As a result, owners of their own company can decide if they want to contribute into

Canada Revenue Agency (CRA) Audits

Canada Revenue Agency (CRA) Audits Dealing with the CRA is an intimidating process for most people. Auditors may use this intimidation to their advantage. When combined with the bureaucratic process this causes frequent incorrect conclusions. If you are not happy with your audit results it’s important to follow up with

Small to Medium Sized Corporations

Owners of newly incorporate businesses to even medium sized companies normally have very different accounting and tax needs of large corporations. Where large corporations normally have internal bookkeepers and accountants to take care of ongoing filing requirements, small companies are normally run by one or a few individuals who take

Tax returns and applying for a mortgage

If you are thinking of applying for a mortgage you can run into problems if you aren’t current with your tax return filings. If you are late and past the Efile deadline (this year Nov 30th), then your return must be paper filed. Paper filed returns have longer processing times

SR&ED Claims for the Investment Tax Credit

Startup businesses can often overlook high end tax planning and advice. Not having enough time or initial cash flow leads a lot of owners to delay retaining a professional accountant. When government incentives are involved this can be an even costlier mistake than usual. Scientific Research and Experimental Development expenses