Bookkeeping is an important part of your business! The information in your bookkeeping system tells you how your business is performing and helps you make informed decisions. Without an effective bookkeeping system, you can easily lose track of you cash flows and potentially get in some hot water with the CRA. Bookkeepers Save Time As [...]

{ 0 comments }

Perhaps you moved out of the country for a few years and then decided to make it permanent or you have purchased property in Canada as an investment to generate income. No matter the reason, you should be aware that Canada imposes a withholding tax on the rents and sale of real property. Knowing the [...]

{ 0 comments }

Medical Professional Corporations & Tax Benefits

by Tax Guy - Burlington Accountant February 7, 2013

Ontario allows regulated health practitioners to incorporate and reap the benefits of operating through a corporation. This means that Physicians, Dentists, Surgeons, Audiologists, Dental Technicians, Psychologists, Nurses, Midwives, Chiropractors, Physiotherapists and Massage Therapists to incorporate their practices. In addition, other professionals such as veterinarians, social workers, and lawyers are also permitted to incorporate and take [...]

Read the full article →

Death & The Shareholders Agreement

by Tax Guy - Burlington Accountant February 6, 2013

The shareholders agreement is an important part of your business. It addresses many common situation business owners may face when they have partners in the business. Your shareholders agreement is also part of your succession plan and deals with what happens on your death. If you have a shareholders agreement, does it provide enough flexibility [...]

Read the full article →

Personal Services Corporation-What You Need to Know

by Tax Guy - Burlington Accountant February 5, 2013

If you are an IT consultant or work on a contract basis, you should be aware that in October 2012, the government increased the tax rates for personal services corporations by 13%! This change in the tax rate and the recent focus on IT contractors by the CRA can have a dramatic effect on your [...]

Read the full article →

Why Use An Accountant

by Tax Guy - Burlington Accountant February 4, 2013

Accountants do more than your bookkeeping and prepare your taxes. In fact, an accountant with a professional designation has expertise in finance, business management, technology, taxation, and business management. Your accountant has a stake in you and your business. We are your advisor and counsel who can be depended on to deliver objective advice. Other [...]

Read the full article →

Tax Tip: Disability Tax Credit – Do You Qualify?

by Tax Guy - Burlington Accountant February 3, 2013

You may be surprised to know that the federal and provincial governments offer generous personal tax credits for: Persons with disabilities, or The person who supports another person (family member) with a disability. If you or the person you support qualifies, you may be entitled to claim these credits retroactive to the start of the [...]

Read the full article →

Tax Tip: Defer Capital Gains

by Tax Guy - Burlington Accountant January 29, 2013

When you sell certain types of property including shares, real estate, a business or farm for a gain you may be able to defer the tax on the capital gain for up to 5 years and in in certain circumstances, 10 years. The Income Tax Act allows you to defer a portion of your capital [...]

Read the full article →