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Did you know that only coins and notes issued by the Royal Canadian Mint are legal tender in Canada? That means that cryptocurrencies are not legal tender but are instead treated as a commodity. Knowing this, you might now ask: How can businesses accept cryptocurrency as payment for good and services, and what are the tax implications?
Read MoreA 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 MoreWith less than two weeks’ notice before the Federal Budget, there was speculation and apprehension as to what was going to be delivered on April 7th. Some of the apprehension stemmed from the historic spending of the government in the preceding few years, plus there was uncertainty as to what, if any, impact the confidence-and-supply […]
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 MoreWhen you’re focused on businesses successes and challenges, taxes can easily slip your memory. It’s easy to forget to stay organized and prepared for the tax year-end, especially for small businesses without an established payroll department. We complied the top do’s and don’ts to help you prep for your business’ filing. DO: Keep track of […]
Read MoreOne of the most common questions put to tax professionals is: What’s coming next? Usually, this question is answered by a quip about crystal balls or some general theorizing about the current Government’s goals and the tools it may invoke to achieve them. However, on December 16, 2021, Prime Minister Justin Trudeau helpfully laid out […]
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 MoreA new year means new tax information! The Canada Revenue Agency (CRA) can make adjustments to how you file, so it’s important to stay top-of-mind of any changes to make sure you’re filing your taxes properly and getting the best return! Here are some general changes across Canada: As a general statement, anyone making over […]
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