A prescribed rate loan is a loan made from a higher income earning spouse to a lower income earning spouse, adult family member, minor child or family trust at the “prescribed rate of interest”. The use of such a loan can transfer income from a higher income earner to a lower income earner, tax the income at lower tax rates and reduce the family’s overall tax burden.
Read MoreHave you ever been sitting with your accountant, and they use a term like “trial balance,” … and you tilt your head a little bit? Well, we have the blog for you. Not everyone understands all accounting principles, and it can feel overwhelming to begin to learn. We’re listing all the accounting terminology basics so […]
Read MoreIn the past, bare trusts typically did not have any reporting requirements and were disregarded for income tax purposes. The draft legislation, if passed as drafted, imposes new reporting requirements on bare trusts requiring them to file income tax returns.
Read MoreA tax write-off is a business expense approved by the Canada Revenue Agency (CRA) that ultimately lowers your taxable income. In other words, it’s a tax deduction. Here are a few overlooked write-offs for businesses.
Read MoreNewest update: Canadian Standards are changing the well-known “Notice to Reader” financial statement. Section 9200, which is the current standard for Compilation Engagements, has been in effect since 1987. That’s 34 years without significant change in an industry of ever-changing and evolving standards! Why now? Simply put, there is a gap in how the statements […]
Read MoreYou’ve heard the term before — credit scores. It makes some people break into a sweat, nervous about their financial standing. But what exactly is a credit score and how does it impact you?
Read MoreNo matter the level of service you need from your accounting firm, there are some basic questions and considerations to keep in mind when making this important business decision.
Read MoreAs a business, keeping your books balanced keeps you organized, prevents financial gaps and allows you to accurately plan out your future expenses. It may seem daunting or tedious, but the attention to detail will greatly impact your business. Here are 8 ways to stay on top of the accounting: Know your receivables. When you […]
Read MoreFor new, or even experienced, investors — a rocky, volatile market can be daunting. If you’re wondering where to start or where to go from here, we’ve compiled a few tips for continuing to build your investment portfolio during difficult times. Don’t stop saving! The most important thing you can do is continue to put […]
Read MoreIn the words of the OECD: “Tax transparency is about putting an end to bank secrecy and tax evasion through global tax co-operation”. All us accounting geeks out there know that the CPA profession has publicly stated that it supports transparency of the beneficial ownership of corporations to create a national framework for whistleblowing and […]
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