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Our tax preparation clients in Toronto have asked us how the new First-Time Donor’s Super Credit works exactly. According to Canada Revenue Agency: “For donations made after March 20, 2013, qualifying first time donors may receive an additional federal tax credit of 25% on the first $1,000 of monetary donations, over and above the amounts
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Our Toronto-based tax accounting clients often ask us, “How much money do you get back for charitable donations?” That, of course, depends on a lot of factors. However, Canada Revenue Agency (CRA) is making it easy for you to calculate exactly how much you can receive in tax credits for your charitable donations. Their website
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Accounting firms in Toronto and across Canada are often approached by Canadians who vacation in Florida (or snowbirds, as they’re affectionately known) and want to know if they have to pay income tax in the US during their stay. Basically, if you’re in US for a certain amount of time, you do have to pay
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Non-resident employees are generally defined as a non-resident of Canada with workdays in Canada during the calendar year—Therefore they have a Canadian source employment income. If they are employed by a non-Canadian entity, they generally remain on the non-Canadian payroll. Withholding Canadian Income Tax for Non-resident employees A non-resident employer is subject to the same
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A holding company owns shares of another company- typically an operating company. While each situation should be assessed for suitability by a tax professional, business owners should be aware of some key benefits of utilizing holding companies. The opportunity for tax deferral is significant. By having dividends flow to a holding company, rather than to
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What are financial engagements? After talking to and consulting with business owners and entrepreneurs, I’ve noticed a basic gap in their knowledge of what each type of year-end financial engagement represents and delivers. It’s important to distinguish between the three types of engagements and what message is conveyed by each engagement to the reader of the
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Accounting firms in Toronto and the rest of Ontario cringe when they read things like this. Earlier this month, the Canada Revenue Agency (CRA) announced a jury found a Toronto man guilty of four counts of evading personal income taxes and four counts of failing to remit the Goods and Services Tax (GST). Najam Mahmood
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Small businesses that are bogged down in accounting tasks in Toronto and the rest of Canada can expect a bit of relief. Earlier this month, The Canada Revenue Agency and the Federal Government announced they are cutting down the “red tape” for small businesses to submit their accounting and bookkeeping. The CRA is making changes
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If you live in Canada, but retain American citizenship, you still have to file American taxes. This has always been the case, but last summer the IRS announced they’re clamping down on US citizens who don’t file while living abroad. Last June, the IRS announced new procedures for non-resident U.S. taxpayers that went into effect
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It’s a sentence no one likes to hear, “I need to see you in my office.” Mistakes at work are going to happen to you at some point in your career. The important part is how you react afterwards. This can be used as an opportunity to truly show your worth and maybe even strengthen
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Whether you’re self employed or running a million dollar company, everyone in Canada has to declare their taxes. The business tax reporting process is intricate, and if not done correctly can lead to problems, tax audits being one of them. We’ve compiled some common reasons for business tax audits in Canada and combined them into this beautiful infographic. Red
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As a tax accounting firm in Toronto, we’ve seen all levels of tax record-keeping from our clients—to the very diligent, to the wildly incomplete. You want to keep your tax records as organized and accessible as possible. Having this information at your finger tips is essential to properly gauging how your company is performing or
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