Focus on your business, not your books!
Canada Simplifying Its Tax System? Written by Bryan Petersen, Chief Virtual Accountant I recently read a very interesting article about the possibility of Canada simplifying its tax system. I’ve always known that we had a lot of deductions, but I didn’t realize that there are 143 of them. I’ve never counted them all because there’s …
The Advantages of Auto Deposit Written by Bryan Petersen, Chief Virtual Accountant Do you receive payments through Interac e-transfer? If you do, my suggestion is to make sure that you set up auto-deposit. Auto-deposit allows you to receive payments from your customers without the need to give them a password. This prevents the risks that …
Should you Expand your Business? Written by Bryan Petersen, Chief Virtual Accountant Business expansion is a very difficult thing to not only do, but also to consider doing. Whether or not you should do it depends entirely on you. There are many factors that go into it: How busy are you right now? If you …
How to Qualify for the Home Buyers’ Tax Credit Written by Bryan Petersen, Chief Virtual Accountant Did you buy a house in 2021? You might qualify for the home buyer’s tax credit. This is a non-refundable tax credit of $5,000. That means that you can get up to a $750 credit on your taxes if …
Understanding RRSPs Written by Bryan Petersen, Chief Virtual Accountant I recently had an interesting meeting with a new client who wanted to sell all of their investments and cash in all their RRSPs, because they didn’t quite understand what the tax implications were and how certain investments were actually taxed. That’s not their fault. Sure, …
Understanding the Climate Action Incentive Written by Bryan Petersen, Chief Virtual Accountant On our personal tax returns for last year and the year previous, we saw that we had a climate action incentive credited to our personal tax account. This was great as it reduced what we owed or increased our refunds immediately. For most …
Tax Implications of Paying Children Under the Table Written by Bryan Petersen, Chief Virtual Accountant Every once in a while, we find ourselves working with a situation where owners of businesses are paying their children for doing legitimate work, but their children are not on payroll. In many cases, especially if they have adult children …
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How To Plan & Spend Your Company Money Written by Bryan Petersen, Chief Virtual Accountant Our firm started off the new year with a few appointments that I think are worth sharing on this blog. (Obviously, I’ll keep the exact details private.) Essentially, both appointments were about the same situation when it came to their …
Extra Days on the 2022 Tax Return Deadline Written by Bryan Petersen, Chief Virtual Accountant This year is a special year for accountants in that we get an extra few days to file tax returns. April 30th lands on a Saturday, and according to the laws of the income tax act, if a due date …
How to Buyout or Remove a Shareholder Written by Bryan Petersen, Chief Virtual Accountant You’ve been in business with some fellow shareholders for a while, and one of you wants out, or one of you wants to buy the other one out. There are a thousand different ways of going about doing this. In this …