Alex Bangura

15
May

Different Types of Financial Engagements

Keeping your company financially sound and healthy is one of your most important responsibilities. No matter the products or services sold by your business, it cannot grow or survive without proper financial management. Good financial and accounting practices are also necessary to remain within the law. After our interaction with business owners and entrepreneurs for some time, we have noticed

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2
Mar

How Can CPA Accountant Services Help A Small Business Owner In Brampton And Greater Toronto Area To Save Taxes in 2020

It’s 2020, and filing taxes is still a big headache, even for small business owners. This is especially true if you have just started your own business. No matter how sharp you are, knowing the A B Cs of business is still a challenge to many business owners. You may take a CPA for small business owners, which will acclimatize you

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27
Nov

RRSP investing tricks

One of the limitations on making deductible contributions to RRSP is your “earned income” for the preceding taxation year. The calculation of your contribution limit for the current year begins with the lesser of the a fixed amount per CRA for the year and 18% of your earned income for the preceding calendar year. Unused RRSP room from previous years

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27
Nov

Sole proprietor tax return tax return tips and deadline

You don’t need a separate or different tax return to report your business income; you report your worldwide total income on the T1 general income tax return.So if you have several different businesses, or employment income as well as business income, or investment or pension income for that matter, it all gets reported on the same tax return. Business losses

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27
Nov

Claim all eligible medical expenses

Missed medical expenses are one of the most overlooked and forgotten tax breaks by individuals.Many people don’t add up their expenses because of the income-related requirement: only expenses that exceed the lesser of $2,171 or three percent of net income can be claimed.But what many don’t realize is that there’s a long list of expenses that qualify, so it may

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27
Nov

If you’re emigrating from Canada, don’t collapse your RRSP too early

If you leave Canada and become a non-resident for tax purposes, it could benefit you to wait until you’re a non-resident before you collapse your RRSP and move the proceeds to wherever you’re moving. Canada puts a withholding tax of just 25 per cent on the proceeds of an RRSP for non-residents. But if you want to wind up your

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27
Nov

Be sure to report all T-slips

Let’s say you file your return and later discover that you’ve failed to include a T-slip reporting income or a dividend payment. No problem, you think, because you know the slip’s issuer also sends the same information to the Canada Revenue Agency. You think it’s not necessary to give in the late slip to the Tax department, assuming that the

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27
Nov

How to Avoid Audit Red Flags?

How to Avoid Audit Red Flags? There are many deductible expenses available to small-business owners, ranging from business-operating expenses to home-based business write-offs and automobile expenses. The capital asset deductions for assets belonging to the business, such as computers, automobiles, and furniture, may be depreciated at varying allowable rates. The bottom line is, you have to handle all deductions accurately

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27
Nov

Come Clean with CRA

The Voluntary Disclosures Program (VDP) allows taxpayers to come forward and correct your inaccurate or incomplete information or disclose material they did not report during previous dealings with the CRA without penalty or prosecution. We can help you to file your VDP application. You may take advantage of this program by reporting unreported income, incorrect income or expenses, unfiled HST

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20
Jun

Medical expenses

Medical expenses Many of us assume we don’t have enough medical expenses to get a tax credit (the total amount of receipts must exceed a set threshold or three per cent of net income, whichever is less), but they can add up quickly. Look for things that aren’t an eligible expense under your group plan and don’t forget to include

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20
Jun

Advantages of income-splitting and pension-sharing

Advantages of income-splitting and pension-sharing Retired medical professionals can apply to share their Canada Pension Plan (CPP) retirement income with their partners if both are 60 years old or over. While pension sharing is not considered the same as pension income splitting, it does the same thing — putting more income in the hands of the lower-earning partner. The post-retirement

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20
Jun

Tricks for Investing in Registered Retirement Savings Plan – RRSP

Tricks for Investing in Registered Retirement Savings Plan – RRSP One of the limitations on making deductible contributions to RRSP is your “earned income” for the preceding taxation year. The calculation of your contribution limit for the current year begins with the lesser of a fixed amount per CRA for the year and 18% of your earned income for the

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19
Jun

Be weary if a CRA auditor insists you to sign a waiver

Be weary if a CRA auditor insists you to sign a waiver Under normal circumstances ,given there is no fraudulent activity involved, the tax department has three years to carry out a reassessment of your tax return. If time is running out on the 36-month deadline, a CRA auditor will ask you to sign a waiver allowing the agency to

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19
Jun

Take advantage of all income-splitting and pension-sharing options

Take advantage of all income-splitting and pension-sharing options Taxpayers can apply to share their Canada Pension Plan (CPP) retirement income with their partners if both are 60 years old or over. While pension sharing is not considered the same as pension income splitting, it does the same thing — putting more income in the hands of the lower-earning partner. The

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19
Jun

Should you still file taxes, even if you are not working?

Should you still file taxes, even if you are not working? Some low- or zero-income earners still think there’s no need to file a return. This misconception can cost thousands in lost benefits and credits like the GST/HST credit and the Canada Child Tax Benefit. More and more benefits are being distributed through the tax system these days. So, if

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25
Mar

Keeping Your Financial Records Organized

Keeping Your Financial Records Organized Every accountant can tell a terrible tale of businesses that were not strict about record keeping for proper expenses, such as websites or cloud services, or claiming undocumented expenses. It is best to be careful. If this sounds like something you may be doing, tax auditors can add fines to your unpaid taxes, and the

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25
Mar

Uses of a Holding Company to Own Real Property / Fixed Assets

Uses of a Holding Company to Own Real Property / Fixed Assets If your small-business owns real property and other fixed assets, you can creditor-proof the operation by creating a separate company to own the real property and fixed assets. If the operating company fails, your assets in the holding company will be safe. You may also move funds out

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25
Mar

Advantages of Salary vs Dividends

Advantages of Salary vs Dividends We recommend incorporated small-business owners look at the advantages of salary v.s. dividends. Based on our experience, many shareholders of small-businesses do not think to take part of their pay in dividends to take advantage of their lower tax rates. Depending on where they live, they can earn somewhere between $30 000 – $40 000 in net dividend income

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25
Mar

Managing Personal vs Business Expenses

Managing Personal vs Business Expenses Wherever possible, attempt to separate personal items from business items, such as bank accounts or credit cards, for ease of administration, and to take advantage of different rules. For example, credit card interest accrued for business purposes is tax-deductible, whereas interest on personal items is not. Having separate cards would eliminate any confusion. Individuals may deduct

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25
Mar

Can I Claim Home Offices Expenses for my Small Business

Can I Claim Home Offices Expenses for my Small Business Tracking accurate home expenses also requires good judgement. Entrepreneurs who run businesses out of their home need to pay particular attention to their deductions. You may be able to claim a proportion of expenses like utilities, insurance, rent or property taxes, amongst others, if you run a business exclusively out of your home.

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25
Mar

What are Some Important Filling Deadlines for Small Businesses?

What are Some Important Filling Deadlines for Small Businesses? Missed deadlines are particularly harmful to small-businesses; for example, when owners of a private incorporated business learn that they have six months after their corporate year-end to file their return, they sometimes fail to realize that any tax owing still has to be paid within 90 days following the year-end. As a result,

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25
Mar

Should I Incorporate My Small Business?

Should I Incorporate My Small Business? There are two common setups for small-businesses: Sole Proprietorship A sole proprietorship is an individual operating business without incorporation. The main advantages include a simple and cost-effective setup and the utilization of losses in the business with other income of the proprietor. Disadvantages include virtually unlimited liability, higher taxes in the case of a

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