Tax Preparation Hints
How to Submit Your Documents
Often, how you send in your tax documents is just as important as when. We try to process your returns as soon we receive them, but there are some things you can do on your end that will help expedite things on ours.
- Complete the pre-season checklist.
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Spurious CRA Reps:
You know about the Nigerian letter scam (a prince from a small Middle Eastern nation needs your account to get his riches out of the country before the 'real crooks' get it!). And you know about the telephone solicitor scams ("Did I really just win a cruise?"). But did you know there are tax-specific fraudsters out there? And just like the ones you know, these people are after every cent they can scam from you. You have to protect yourself, or you could lose everything you have! Prevention starts with education, so let’s do a quick rundown.
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The Top 4 Life-Altering Reasons Why Submitting Your Taxes Early is Imperative!
Stop what you're doing! This just in! News flash! News flash! We've just identified the top four critical reasons why you need to submit your taxes early! I've always been on the front lines of this crusade, encouraging my clients, lecturing my clients, even pleading with my clients to submit their taxes early, but aha! Finally, the proof is here!
And now, (drumroll please) here they are in descending order; the only four reasons you'll ever need to submit your taxes early:
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Your Business and You:
A Healthy Approach to a Long Life
We’ve all heard it before, the key to a long life is a healthy body and a healthy mind. The same can be said about a company. Take care of your business like it’s a living, breathing entity, and you will see it flourish; possibly over decades, and maybe even longer. So, have a seat on the crinkly paper; it’s time for a checkup!
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The Rental Property Game
And Some Advice to Keep You Winning
Over the past eighteen months, the housing market has rocketed to stratospheric heights, hit a seemingly impenetrable ceiling, and then fell out of the sky at a rate not seen since the recession. The Financial Post reports Toronto home sales dropped a full 40% in August! With that kind of fluctuation, buyers are keeping their loonies stowed safely under the mattress and opting instead to rent until the market stabilizes. In this buyer’s market, those looking for an investment property might snatch one up for a palatable price. It seems it’s a good time to be a landlord! If that’s the direction you want to take, then let me pass on a few things you’ll need to know before you set off down that road.
Pinch yourself awake if you think that stepping into the landlord vs. tenant arena means all you need to do is buy a property, fill it with tenants, and then sit back while someone else pays your mortgage Rental income is not passive income! Be prepared to actively manage your property and your tenants.
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The Top 5 Reasons to Incorporate Your Business
Should I Incorporate my company?
At one point or another, almost every business owner ponders the question, ‘Should I incorporate my company?’ Most look at it as a question of when. ‘When my company brings in more revenue,’ ‘when I have a large staff,' ‘when I branch off into multiple divisions.' The question shouldn’t be when, but why. Why would incorporating your company make more sense than leaving it as a proprietorship? Here are five reasons why it may be time to go corporate!
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- Filing Back Taxes
- Audit Angst - And How to Prepare So There is None
- Budgeting Doesn't Have to be a Time Consuming Process
- Wills and Power of Attorney
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- QuickBooks Canada, QuickBooks Online
Bookkeeping software for your small business.
- Sage 50 (formerly Simply Accounting)
Bookkeeping software for your small business.
- CRA: The Canada Revenue Agency
The Canada Revenue Agency (CRA) is responsible for the administration of tax laws for the Government of Canada, and for most provinces and territories.
- Chartered Professional Accountants Canada
Chartered Professional Accountants of Canada (CPA Canada) is the national organization established to support a unified Canadian accounting profession. We represent highly qualified professionals who demonstrate an ongoing commitment to providing the highest standards of accounting, ethics and best business practices.