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Mississauga| Toronto| Brampton| Oakville | Tax Accounting Blog
Rental Income Taxed
How is Rental Income Taxed in Canada? The real estate market in Toronto and the suburbs has been booming over the last several years because of the favorable economic conditions and the low interest rates. Individuals have invested in rental properties of all sorts. Rental income is generated when you rent a property you own. Rental income could […]
Business Transfers To Family Members
Inadequate Succession Planning According to reports published by CIBC it is expected that 30% or close to 310,000 Canadian business owners will sell or transfer ownership of their businesses in the next five years. The growing number of transfers has a significant impact on the Canadian economy and predecessor owners. The lack of effective tax planning and knowledge has resulted in […]
What is a professional corporation?
What is a professional corporation? A professional corporation operates much like a business corporation with few exceptions. A professional corporation has to abide by the regulations set by the Business Corporations Act (Ontario) and by the respective governing body. A professional corporation can-only carry on activities of its profession. A professional corporation must meet the requirements of its […]
CRA’s Offshore Tax Informant Program
The Program Over the past year the Canada Revenue Agency (CRA) has implemented an ‘Offshore Tax Informant Program’ in hopes of fight international tax evasion. The CRA promises to compensate individuals who help catch tax evaders. Program Success The Financial Post has reported that this program has generated over 1,000 calls and has led to over 100 active […]
Capital Losses vs Non-Capital Losses
Capital Losses Vs. Non-Capital Losses Capital Loss A capital loss arises when you sell a capital property you own for less than its adjusted cost base. A capital loss can be carried back three years and forward indefinitely. The inclusion rate for a capital loss is as follows: Year Inclusion Percentage Before 1988 50% 1988 […]
Capital Gains vs Business Income
Capital Gains vs Business Income As indicated in our previous articles, the housing market in Canada has attracted many investors. This has allowed real estate investors to make a quick profit. The popularity has also been fueled by the preferred tax treatment on capital gains. In Canada only 50% of the capital gain is taxable at your […]
Small Business Accountant Mississauga Brampton Oakville
We help businesses in Mississauga, Brampton, and Oakville We live in an ever changing global economy where the dynamics of business have been revolutionized by the internet. Small business owners face many new risks in this economy. This is why hiring an accountant for your small business is no longer about finding someone good at […]
CRA Audit & Objections
CRA Audit & Objections Challenge the CRA / Dealing with the CRA? Here’s what you need to know. Every year the Canada Revenue Agency (CRA) audits thousands of small and medium size businesses and issues notices of reassessments. Many times the result of these reassessments requires these businesses to pay up to thousands and sometimes […]
GST/HST Rates Across Canada
GST/HST Rates Across Canada With eCommerce more and more businesses are selling goods and services across Canada. This has resulted in confusion on which sales tax rates apply. Majority of Canadian businesses must collect sales taxes from customers and remit them to the government. Depending on the province your business operates in, the rates are different. Based on […]
Foreign Income Reporting T1135: Tax Accountant
Foreign Income Reporting T1135: Tax Accountant Canadians that have accumulated wealth in other parts of the world need to be aware of the Canadian reporting requirements. If you are a Canadian resident you are required to report foreign assets which have a cost value of over $100,000. On a personal income tax return you must […]
CRA Auditing – HST New Housing Rebates
The Canadian Market The housing market in Toronto and the suburbs has been booming over the last several years. This has allowed investors from all over the world to cash in. The strategy was to purchase a newly constructed home or condominium unit from the builder and sell it a few months later for profit. This strategy seemed like people […]
How to setup a business in Ontario?
How to setup a business in Ontario? Setting up a business can be an overwhelming task with a lot to comprehend. It all starts with a dream and a vision, but how do you turn that dream into reality. The dream of becoming your own boss and having the freedom to make your own decisions can be […]
Voluntary Disclosures – Should I Apply?
What is Voluntary Disclosures Program (VDP)? The VDP is a Canada Revenue Agency (CRA) administered program which allows taxpayers to disclose or amend historical tax returns due to inaccuracy or unreported tax information. Under the program the CRA will not charge penalties or prosecute the taxpayer. The program also promises to grant partial interest relief if […]
Best Practices in Working with your External Accountant
Best Practices in Working with your External Accountant Excited to have SDVC’s, Pat Kenney speaking at the Toronto Entrepreneurs Conference & Tradeshow next Wednesday May 10th at the Mississauga Convention Centre. The Toronto Entrepreneurs Conference & Tradeshow has been designed to provide Toronto Area Entrepreneurs, whether budding or experienced, with the opportunity to expand their professional […]
Personal Tax Information Checklist 2016
Personal Tax Information Checklist 2016 Just a quick reminder that the May 1st, 2017 filing deadline for personal taxes is fast approaching and now is the time to get all of your tax slips and information into SDVC LLP. Please note a personal tax checklist is available below to help facilitate the best preparation and […]
Employee or Contractor Assessment
Employee or Contractor Employment Status Determining whether a worker is an employee or contractor is an important and difficult decision to make. The determination is generally a question of fact when it comes to employee or contractor. If a worker is considered an employee, the employer’s responsibilities include withholding and remitting EI premiums, CPP, and […]
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Toronto Brampton Mississauga Oakville – Tax Accountant Blog
One of the most critical decisions that every business owner has to make at the end of the year is file their taxes. There are a lot of resources catered towards taxes in general but only limited resources catered towards small business in Toronto, Brampton, Mississauga, and Oakville. Our blog is catered towards helping business owners make better tax filing decisions that will allow them to remain in control while reducing stress.
We are a company that is specializes in helping business owners in the Toronto, Mississauga, Brampton, and Oakville area. At SDVC LLP Chartered Accountants we understand the needs of business owners. We service business owners from Toronto, Brampton, Mississauga, and Oakville. The goal of this blog is to educate our current and prospective clients. This blog allows us to deliver directly the current tax and accounting issues faced by business owners all over Toronto, Mississauga, Brampton, and Oakville. We continuously build on our strong tax knowledge by attending seminars put on by the Chartered Accountants of Ontario which allows our firm to bring the best stratiges to our business clients.
If you have a question posit it on our questions page and will try our best to respond immediately. If you would like to suggest topics for future blog posts please contact us.
To confirm the information in this blog always visits the CRA website.
Toronto |Brampton |Mississauga |Oakville Tax Accounting Blog