Interactive Online Bookkeeping & Tax

The Canadian First Home Savings Account (FHSA) is an initiative introduced by the Federal Government to assist prospective first-time...

This may be one of the most important websites to avoid an audit: If you want to compare your clients NAICS code to what CRA expects to...

Audit Tip: Do you know what one of the major reasons not to mix personal and business expenses? Has nothing to do with accounting, any...

Affiliated, Connected, Associated Non Arm Length- What is the difference and when is it used? For those interested The Income Tax Act...

Joint Ownership of Investment Accounts and Taxation: how to report: Where there is a loan of property, if the borrowing spouse pays...

Disability Tax Credit The Disability Tax Credit (DTC) is a non-refundable tax credit that is intended to recognize the impact of...

How A Partner In A Law Firm Deducted the Down Payment For Buying A House For Tax Purposes? Very Ingenious And Why To Challenge Canada...

GST, PST & HST Canada – The Definitive Guide to Canadian Sales Taxes Introduction Sales taxes in Canada are imposed at two levels. The...

How to Organize Bookkeeping & Accounting for Canadian Construction Businesses Introduction In the last few years, there have been...

Motor Vehicle Expenses The following guidelines are provided by Canada Revenue Agency: If you own one rental property, you can deduct...

Capital vs Expense General rules regarding whether an item should be capitalized (capital expense) or can be expensed (current expense):...

Just a little history for those interested SOMETIMES WE JUST USE IT AND TAKE IT FOR GRANTED A trial balance is a list of all the general...

As a business owner, you may have surplus cash accumulating in your corporation. Perhaps you have been setting aside funds for a large...

There are 3 Different Tax Accounts: RC - main tax account Automatically assigned when incoporating a new corporation you do not need to...

Suppose you incur expenses on a project that you will be re-billing to a client. When an expense includes sales tax and you’re in the...

The new rules for passive income When business income is distributed as salary (or when an unincorporated business owner earns business...

Income from your CCPC can be distributed to you as salary (or bonus) if you are an employee, or dividends as a shareholder. If you...

Earning investement income inside of you corporation will not shield you from higher tax rates. That is because investment income earned...

Expectation of profit where there is no hobby element does not appear to be required: So what does the Stewart case actually say? First,...

Owning your own business is an exciting and busy time. Unfortunately, sometimes that business comes to an end. This can be a complex...