COVID 19 Financial Resources and Extended Filing Deadlines

COVID 19 Financial Resources and Extended Filing Deadlines The Following 3 pdf documents are provided to assist you in knowing what resources are available as a result of the Covid 19 Pandemic Extended Tax Filings and Payments Financial Resources Available for Businesses and Individuals Financial Resources Available For Businesses And Individuals In British Columbia

Personal Tax Organizer

Personal Tax Organizer Please complete this T1 Organizer before your appointment.

INCOME TAX RETURNS – FILING AND REMITTANCE REQUIREMENTS

INCOME TAX RETURNS – FILING AND REMITTANCE REQUIREMENTS There is a lot of confusion over filing deadlines and penalties. There is a difference between filing deadlines and remittances deadlines, interest on late filed remittances and interest on installments you may have been required to have made. Filing Date Deadlines Personal (T1) filing and remittance deadlines, […]

Incorporating a Professional Firm

Incorporating a Professional Firm A professional corporation allows professionals — such as doctors, dentists, lawyers and accountants — to provide their services to clients through a corporate entity, rather than personally. The corporate entity must be created under the auspices of provincial or territorial corporate statutes and comply with rules determined by provincial regulatory bodies. […]

HOW TO IMPACT YOUR 2016 TAX BILL

HOW TO IMPACT YOUR 2016 TAX BILL Accounting fees and legal feesCertain accounting or legal fees such as the cost of representation on tax disputes are deductible in the year paid. If you have these costs be sure to pay them before the end of the year.Charitable or political donationsIf you are planning to give […]

STRATA CORPORATIONS FILING REQUIREMENTS

STRATA CORPORATIONS FILING REQUIREMENTS All strata corporations must file a corporate income tax return each year, even if there is no tax payable. Generally, strata corporations are considered non-profit organizations that are exempt from tax under paragraph 149 (1)(l) of the Income Tax Act (ITA). A strata corporation’s taxation status is based on the particulars […]

ACCOUNTING FEES

ACCOUNTING FEES Background facts:All accountants charge by time spent on a task or project. The longer it takes the higher the cost will be. Notwithstanding these facts, it is possible to provide a fixed fee quote; however, this quote is really an estimation of the time required multiplied by the anticipated charge out rate. Economic […]

TAX AUDIT VS TAX COLLECTION

TAX AUDIT VS TAX COLLECTION CRA’s tax auditors and tax collectors serve very different functions. Tax auditors from CRA gather information to determine whether your tax returns fully reflect your obligations under the Canadian Income Tax Act. CRA tax collectors take your tax debts as given and use every means they have available to collect […]

TAX TIPS: INVESTMENT INCOME, CAPITAL GAINS AND LOSSES IN CANADA

TAX TIPS: INVESTMENT INCOME, CAPITAL GAINS AND LOSSES IN CANADA Investment Income 1. Tax rates are significantly more favorable for dividend income than interest income. 2. Defer tax on interest to the following year by investing funds for a one-year term ending in the next calendar year. 3. Defer purchases of mutual funds until early […]

DON’T LET YOURSELF BE TARGETED BY CYBERCRIMINALS: HERE ARE 6 TIPS FOR SAFE HOLIDAY SHOPPING

DON’T LET YOURSELF BE TARGETED BY CYBERCRIMINALS: HERE ARE 6 TIPS FOR SAFE HOLIDAY SHOPPING   Online shopping is predicted to increase by 8% in 2016, meaning 56% of holiday shopping will be done online[1]. Odds are good that you or someone you know is going to buy at least one gift through a desktop, […]