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.
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:
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:
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.
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).
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:
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:
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.
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.
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.
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.
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.
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.
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.
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.