Archives for Accounting

The Cost of Dealing with CRA

Auditor General Michael Ferguson has now released his much anticipated report for 2016. The report itself speaks volumes on the failures of the Canada Revenue Agency (“CRA”) at nearly every turn.   When a taxpayer disagrees with a Notice of…

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Considering Judicial Review?

The Canada Revenue Agency (“CRA”), like all other government decision-making bodies, are accountable for their actions. The Income Tax Act (“Act”) places upon the Minister of National Revenue the duty of administering and enforcing the Act. This includes quasi-judicial and purely…

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Renting Out Your Property

If you rent out property, there are a number of expenses that may be deducted from your rental income to lower your overall tax bill. Some typical expenses include: Mortgage interest; Property taxes; Utility costs; Insurance; Advertising; Maintenance; and Property management…

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Shareholder Loans

A shareholder loan is money given by a corporation to a shareholder, or to someone who does not deal at arm’s length with the shareholder. If certain conditions are not met, the loan amount may become a taxable benefit to the…

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Personal Services Business

Many individuals choose to incorporate their businesses because of the various tax deferrals and savings. However, taxpayers must be aware that the Canada Revenue Agency (CRA) will not allow certain types of businesses to benefit from these tax advantages. Specifically, the…

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Keeping a Motor Vehicle Log

Keeping a Log Taxpayers must keep a logbook if they only have one motor vehicle and operate that same vehicle for business and personal use. This is done to separate personal usage (kms) and business usage (kms). When taxpayers write off vehicle…

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