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Personal Real Estate Corporations (PREC)

On November 19, 2019 the government introduced the Trust in Real Estate Services Act, 2019 in the Ontario legislature.  If passed by the legislature, it would update the Real Estate and Business Brokers Act, 2002, the legislation that sets out rules that govern Ontario’s real estate salespersons, brokers and brokerages…. Read More

Life events that are important to share with your Accountant and CRA

A lot can happen in a year. Some changes in your life may have tax benefits or tax consequences.  Below is a list of common life events that you should communicate to your Accountant and CRA: Marital Status Change Your marital status, and at what point during the year it… Read More

Does my small business qualify for the Quick Method for HST?

The Quick Method is a simplified way of calculating net tax for HST purposes. When you use the Quick Method, you still charge the GST at the rate of 5% or the HST at the applicable rate on your taxable supplies of service and products. However, this method allows you… Read More

Pros and Cons to Incorporation

At some point, all small business owners need to consider whether or not to incorporate their business. In general, if you are earning more than you are spending personally, incorporating your business will most likely benefit you.  However, in order to make the decision that is best suited for you… Read More

CRA’s request for additional information from you

Your personal income tax return has been filed and you have received your notice of assessment that does not indicate any issues with the information filed. Then, you received a letter from CRA requesting additional information. Receiving this letter is an indication that your return has been selected for review…. Read More

HST on Disbursements

If you are in a business or profession where you charge disbursements or expenses to clients, are you confident that you are properly accounting for the HST on these charges to your customer? When charging for disbursements on your invoice to your client, you must first determine whether the disbursement… Read More

Things to consider after your Personal Tax Return is Filed

By now, you are probably relieved that your personal tax returns have been completed. However, there are a few things you should consider even after the return has been filed. Review your Notice of Assessment You should ensure that the return was in fact assessed as filed. CRA sometimes reassesses… Read More

2019 Federal Budget

On March 19, 2019, the federal government released their 2019 budget which proposed to help younger home-buyers get into the housing market, increased support for skills training as well as for research and development, and introduced steps toward a national pharmacare strategy. The federal government also proposed clean energy vehicle incentives… Read More

Staying organized can help you avoid interest and penalties

By now, you have most likely received various envelopes in the mail over the last few weeks with tax slips required to file your personal tax return.  These tax slips are very important, not only because they are required to file your tax return, but they summarize the income you… Read More

Tax-Free Savings Account (TFSA)

What is a TFSA? A TFSA is savings account that individuals of age 18 or older can contribute to over their lifetime. Any contributions are not deductible for income tax purposes but the interest and dividends earned on those contributions are tax-free even when an amount is withdrawn. Setting up… Read More

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