Our Blog

TN CPA Professional Blog

The TN CPA Team is your source for the latest Canadian tax news and updates on changing tax laws.

We are pleased to provide a variety of resources on accounting, bookkeeping taxation, and other related subjects that we hope will be helpful to both individuals and businesses.

If you have any questions, simply contact us by email or call 416-318-6789. We will be happy to meet with you for a free, no-obligation consultation.


THUẾ THU NHẬP CÁ NHÂN NĂM 2023

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Xin cảm ơn quý khách hàng đã tin tưởng sử dụng dịch vụ khai thuế - tư vấn cá nhân của TN CPA cho năm 2023.  Xin quý khách hàng lưu ý những điểm dưới đây sau khi Tax return T1 2023 đã được nộp cho CRA để đảm bảo hồ sơ thuế được hoàn tất trọn vẹn và sẵn sàng cho mùa thuế 2024.

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2023 PERSONAL INCOME TAX

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We would like to thank you for your trust in our 2023 personal tax filing services.  Pls be aware of the following matters to make sure your 2023 tax is properly followed up and ready for 2024 tax filing.

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Bookkeeper vs. Accountant - What Do I Need?

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Bookkeepers and accountants may overlap in their tasks, yet they possess distinct skill sets. Here's what you need to know:

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TFSA or RRSP For Savings - What's Best?

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The choice between a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP) depends on various factors, including your financial goals, current income, and retirement plans. Here are some key considerations for both:

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Maximize Tax Refunds as a College Student

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Maximizing your tax refunds as a college student in Canada involves understanding the tax credits and deductions available to you and ensuring you claim them correctly on your tax return. Here are some tips to help you maximize your tax refunds:

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Year-End Preparations for Income Tax

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As tax laws and regulations change, it's crucial to consult with a tax professional or check the latest resources for the most up-to-date information.

Here are some common steps individuals may take at the end of the tax year:

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Record-Keeping in Small Business - Best Practices

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Effective record-keeping is crucial for the success of any small business. Proper records not only help you track your financial performance but also ensure compliance with tax regulations and provide valuable insights for making informed business decisions. Here are some best practices for record-keeping in a small business:

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How Can I Minimize Taxes of a Deceased Taxpayer?

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Minimizing taxes for a deceased taxpayer's estate in Canada involves careful planning and following specific strategies. The goal is to reduce the tax liability of the estate and maximize the assets passed on to beneficiaries. Here are some steps to consider:

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Is Gifting Capital Property a Disposition in Canada?

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In Canada, gifting a capital property is considered a disposition for tax purposes. When you gift a capital property to someone, it is treated as if you have sold the property at its fair market value (FMV) at the time of the gift. This means that you may be subject to capital gains tax on any accrued gains in the property's value up to the date of the gift, even though you didn't receive any cash in return.

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Can Gifts from an Employer be a Taxable Benefit?

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In Canada, gifts from an employer can be considered taxable benefits in certain circumstances. The taxation of employer-provided gifts depends on several factors, including the nature and value of the gift, the frequency of such gifts, and the specific rules set by the Canada Revenue Agency (CRA).

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Are Gifts or Inheritances Taxable?

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In Canada, gifts and inheritances are generally not taxable to the recipient. However, there are some important nuances and exceptions to consider:

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How Accountants Help Growth Oriented Companies

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Accountants play a crucial role in helping growth-oriented companies by providing financial expertise, analysis, and strategic guidance. Here are several ways accountants contribute to the growth and success of such companies:

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How Can a Bookkeeper Help Your Company?

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Bookkeepers also play an important role in helping companies manage their financial records, ensuring accurate and up-to-date financial information, and providing valuable insights that can drive strategic decision-making when combined with your accountant. Some of the ways bookkeepers contribute are:

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Fuel-Efficient Vehicle Rebates

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When considering a fuel-efficient vehicle such as a hybrid, or an alternative fuel model you should know that the Canadian Government, as well as some provinces, provide rebates. 

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Accounting Offices Work Throughout the Year

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Having survived tax season, CPAs flock to beach resorts for 9 months of relaxation, cocktails and resting on their laurels... Well, OK, not really. So what does a CPA do after April 30th? Read on to find out.

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Open a First Home Savings Account to Save Tax

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First Home Savings Accounts, or FHSAs combine the concept of Tax-Free Savings Accounts and Registered Retirement Savings Plans. For people aged 18 and older, like an RRSP, contributors receive a tax deduction on contributions and TFSA-like tax-free withdrawals when using the savings to buy a home. Further, any investment gains earned in the account are tax-sheltered.

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Start Now to Save on Your 2023 Taxes

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As the 2022 tax year is behind us, it is a good idea to start early and plan for 2023. Here are some suggestions on how you can save money on your Canadian income tax for this year:

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5 Tips for Managing Cash Flow

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When you develop a cash flow projection it is like creating an early warning system for your business. A leading cause of business failure is a lack of cash flow management, but by taking some simple steps in managing it, you will find it can improve your business outcome.

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Tracking Shareholder Loans

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Shareholder loans refer to loans made by shareholders of a corporation to the corporation. The tax implications of such loans will vary depending on the jurisdiction, but usually, they are not considered taxable income to the shareholder.

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Preparing Your Records For the 2022 Tax Season

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Streamlining the process of filing your tax returns for 2022 is easily done through proper planning. By taking the time to prepare your records you can speed up the procedure of receiving a refund and reduce the cost of services provided by your accountant or tax preparer as they work to meet the filing deadline.  

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How Can I Save on My Accounting Fees?

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If you want to reduce the expense of accounting fees in your business, the great news is that saving money in this area is often quite easy for many owners. The most important point is that you must ensure your records are complete and organized.

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Dividends Or Salary? How do you pay yourself?

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Determining how you pay yourself as a small business owner is a very important decision as it concerns finances and taxes.

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Shopping Local and Staying Healthy

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As the holiday season approaches, and with all of the news of late about the FLU season and the ongoing COVID-19 pandemic, we thought it would be good to pass along some ideas on how to stay safe while supporting small businesses.

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What happens if I over-contribute to my Registered Retirement Savings Plan (RRSP)?

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Contributions to an RRSP from January 1, 2017, to the first 60 days of 2017 can be deducted from your 2016 income. You must declare your total contributions. The maximum that is tax deductible is your contribution limit per your notice of assessment. Any unused RRSP contribution in excess of $2,000 is subject to penalties by the Canada Revenue Agency (CRA) of 1% per month. 

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Can you afford to be without a Business Plan?

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Plan for overall success - Not just for financing

Your business plan is as much of a road map of where you are going as it is to provide the information a lender will require before advancing funds to meet your needs. It serves both internal and external guidance. Internally, it will assist you in managing cash flow, capital expenditures, and periodic issues. It is your crystal ball to guide your firm’s future. Externally it may include those who could be a part of your financial requirements, investors, a bank, or your suppliers.

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TN CPA Professional
4307 Village Centre Pl, Unit 104
Mississauga, ON
L4Z 1S2

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