Getting Organized for Tax Season

by Tax Guy - Burlington Accountant January 15, 2013

The annual income tax filing deadline for most individuals is April 30, 2013 and for those with self-employment income the deadline is not until June 15th. If you have a balance owing, you must have the balance paid by April 30th, 2013, regardless of when you have to file. Also, if your balance owing for […]

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Canadian Income Splitting Guide

by Tax Guy - Burlington Accountant January 13, 2013

Canada has a graduated income tax system that increases the amount of income tax you pay as your income gets higher. Income splitting is a strategy to that individuals can use to try and shift income from a high income earner to a lower income earner in order to reduce the overall tax of the family group. Over the years, […]

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2013 TFSA Limit to Increase

by Tax Guy - Burlington Accountant November 26, 2012

The Minister of Finance announced this morning that the annual TFSA contribution limit will be increased by $500 to $5,500 for 2013. The limit has remained unchanged since its inception in 2009 although the Government did indicate when the TFSA was launched that the limit would be increased with inflation in increments of $500. The TFSA allows […]

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Due Dates for Corporate Returns & Taxes?

by Tax Guy - Burlington Accountant August 7, 2012

A corporation that is resident in Canada, carried on a business in Canada, has a taxable capital gain, or sold taxable Canadian property is required to file a T2 income tax return even if no tax is payable. Knowing when the return is due, and more importantly when the tax is payable is important to […]

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Tips On Buying a Business

by Tax Guy - Burlington Accountant June 26, 2012

Buying a business can often be a quicker way to enter into a market. An established business may have an active client base, good location and have excellent prospects for growth. If you compare that to starting from scratch, it may the better option. However, if you are considering buying a business, carefully consider all […]

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Consulting Corporations Beware

by Tax Guy - Burlington Accountant June 15, 2012

If you run your consulting business through a corporation you should be aware of the tax rules surrounding personal services businesses. Small business corporations are afforded preferential tax treatment on their income by means of the small business deduction. However, certain types of corporations are specifically excluded from claiming this deduction and can have many of the […]

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Should You Claim CCA On Your Rental Property?

by Tax Guy - Burlington Accountant June 6, 2012

If you ‘re thinking of claiming Capital Cost Allowance (CCA) on your rental property, there may be negative tax consequences. I have published an article entitled Should You Claim CCA On Your Rental Property? on my business site that addresses this issue.  

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Announcement & Update

by Tax Guy - Burlington Accountant May 30, 2012

If you have been a regular follower and visitor of the Canadian Tax Resource Blog, you are likely aware that over the last year and a half, new posts have been somewhat sporadic and some changes have appeared on the site. The big change is that at the beginning of this year, I left my […]

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