Written by: Evelyn Suvajdzic, CPA, CGA During audits, I am frequently asked by clients if the Canada Revenue Agency is entitled to the information they have requested. The Income Tax Act of Canada gives very broad powers to the CRA auditor. They are able to inspect, audit or examine any books and records belonging to the taxpayer. You must reasonably …
Written by: Evelyn Suvajdzic All servers in the restaurant industry take heed; the CRA wants to tax what you make in tips! A recent article by Peter Shawn Taylor in “Pivot”, the Canadian CPA magazine, talks about a couple of audits the CRA has performed in P.E.I. and Ontario in the hospitality industry. According to the article, the CRA audited …
Written by: Howard Karpes, CPA, CGA What country would think it could tax the deceased citizen and resident of another country? The United States of America, that’s who. Arguably, what I am about to tell you is a very specific circumstance but, in my opinion, it is highly unusual. If you own physical property (land & building) in any country …
A court order is forcing PayPal to disclose sales made by business accounts between January 1, 2014 and November 10, 2017. What does this mean? If you have a professional accountant, probably nothing. Because your professional accountant has been helping you minimize you tax bill legally; and not by failing to declare revenue earned through PayPal.
RESP’s – Are You Maximizing Your Child’s Education Savings? We all know how expensive a post-secondary education can be and how important it is to start saving as early as possible. A Registered Education Savings Plan (RESP) can be extremely beneficial in giving your child the funds they need to start their post-secondary education off on the right foot. Also, …
Written by: Evelyn Suvajdzic Clients often ask me if they should lease or buy a vehicle. Invariably the question is brought on by a lease dealer stating that, for a little money down and low monthly payments, you can drive a brand new vehicle for a couple of years. Once the lease term is up you have the option to …
Written by: Evelyn Suvajdzic Do you think your computer system is secure? The international Monetary Fund’s system was breached last June; theirs is one of the most secure systems on the globe. Lockheed Martin, the defense and security company has also come under cyber-attack. Spyware, malware and hacking are the most common threats to our corporate structures says Adriana Gliga-Belavic, …
There are more and more Canadians starting their own business and it is thought that as many as 3.2 million are thinking of starting a business. An Ipsos-Reid survey showed that 2.8 million existing small and medium-sized business owners feel that money is definitely a motive for many aspiring entrepreneurs. Another major draw is having more control in their lives. …
Written by: Evelyn Suvajdzic In our quest to provide proven business solutions to make life easier for our clients, I would like to share a recent read from the September issue of BC Business regarding the advantages of CPA-level bookkeeping. Using a CPA-level bookkeeper can add to your peace of mind where your business is concerned as well as provide …
Written by: Rose Ottesen Recently the government issued a new paper titled “Tax Planning Using Private Corporations”. The government feels that, in some cases, private corporations are used in order to take advantage of tax planning strategies and loopholes that are generally only available to high income earners. They focused on three specific areas: 1- Income Sprinkling 2- Holding a …
