Tax season is just around the corner – Boomers & Seniors are you ready?

The RRSP contribution deadline for a 2012 tax deduction is fast approaching (February 28th, 2013) so if you are still eligible to contribute to your RRSP, you should determine whether it makes sense for you to do so. (Note that the last day you can contribute to your RRSP is December 31st of the year [...]

Are EI benefits right for me?

EI benefits for the self-employed can make sense to adopt in some circumstances but I find in most cases, they lack value to most people for two major reasons. Firstly the nature of owner management businesses do no lend themselves well to the EI benefits currently in effect for 2 major reasons; business failure and [...]

Canadian RRSP’s, TFSA’s and Government Grants

With tax time fast approaching I thought it was a good time to pool together a few articles that I have read recently on some tax programs offered by the Government of Canada.
The first article deals with Registered Retirement Savings Plans(“RRSP”) and discusses some of the down sides and negative affects they can cause.  One [...]

Estate Planning Seminar

On February 9th I am presenting at an estate planning seminar hosted by Peter Skoretz of Edward Jones. As an added bonus there is not cost and dessert will be provided.
When: Wednesday, February 9, 6:30pm – 8:00pm
Where: Burlington Seniors Centre, 2285 New Street, Burlington, Ontario
The presentation will focus on what an estate is [...]

How to keep the Canada Revenue Agency and your Accountant Happy during an Audit.

Fall is a popular time for the Canada Revenue Agency (“CRA”)to perform audits on income tax returns and it certainly can be challenging navigating through the requests from the tax auditor. Having a Chartered Accountant there to guide you through the process is definitely an asset and can help you get a favourable [...]

Choosing an Accountant – Questions to ask your Accountant

Before you determine what questions you should ask your prospective accountant you should ask yourself a few questions first. Please read my blog post on questions to ask yourself for a few examples.
1. Do you have a public accounting license? In order to have a public accounting license an accountant is required to:
• take [...]

Choosing an Accountant – Questions to ask yourself

One of the best ways to help you select a high quality accountant for your small business is to first determine what you need from your accountant.
Questions you should ask yourself:
1. Is your business a new business? If so do you need help determining the correct business structure? Sole proprietorship, partnership or corporation?
2. Do you [...]

HST Implementation – Must know

On July 1st 2010 the Ontario Government will be replacing its current retail sales tax with a new tax harmonized with the Federal Goods and Services Tax (“GST”) known as the Harmonized Sales Tax (“HST”). There are a number of rules dealing with the transition period from the date of the original announcement to [...]

Professional Corporations

Perhaps the biggest reason for a professional to incorporate is to reduce and defer income taxes.  For an Ontario resident, the top marginal tax rate for an individual is 46.41% where as a Canadian controlled private corporation carrying on an active business pays tax of 16.5% on the first $500,000 of active business income.  As [...]

Protecting your Credit Score

If you have ever applied for a bank loan, you know how important your credit score is.  It can be a mystery as to what causes your credit score to improve or deteriorate.  The credit score that is most often used was developed by Fair, Isaac and Company and is known as the FICO score.  [...]