Recent Articles
2012 BC Budget Tax Credits
The BC Government Finance Minister Kevin Falcon announced a few goodies for seniors, children, and new home buyers. New Home Purchases The Budget 2012 introduces new relief for first-time buyers of newly built homes — giving consumers a break while supporting the new-home construction sector. Effective February 21, 2012, to March 31, 2013, the $10,000 B.C. First-Time New Home Buyers’ Bonus [...]
Canadians Taxed in the U.S.
Canadian residents that live or work in the United States are likely subject to US tax requirements. While the Canada Revenue Agency (CRA) only subjects Canadian residents to income tax requirements, the US income tax requirement is based on residence or citizenship and is administered by the Internal Revenue Service (IRS). The Canada-United States Income [...]
How Can I Save Money? Pay Yourself First!
How Can I Save Money? (Pay Yourself First) With the downturn of the economy over the last decade, people are finding more and more ways to save money. Internet web offers and extreme couponing have become so popular that they have been features in news stories and even syndicated in television shows, but consumers need [...]
Tax in Canada
Income taxes form a major portion of the annual revenues of the federal and provincial governments of Canada. Tax collection agreements allow different governments to levy taxes through a single administration and collection agency. The federal income tax system of Canada is administered by the Canada Revenue Agency (CRA). Personal Income Taxes Individuals residing in [...]
Why a Personal/ Family Budget is so Important
Personal/ Family budgets, or spending plans, are tools that can help you meet your financial goals. The process of building a budget can help you to take a hard look at your priorities and to determine whether you’re on track to reaching your financial goals. A budget is a list of expenses and income. It [...]
Understanding HST
As a Canadian business owner you will come in contact with the term HST. As a bookkeeper, this term plays an essential role in performing your duties effectively and efficiently while keeping your business up-to-speed with legal requirements. What exactly is HST? As with any tax, it is a complex issue and involves many factors. [...]
How to become a Chartered Accountant
Chartered Accountants, or CAs, are business professionals in great demand all over Canada. These professionals usually work in four key areas, which include public practice, industry, government and education. CAs are internationally recognized as leaders in senior management, advisory, financial, tax and assurance roles. To become a CA student, a person must have completed a [...]
The CA CGA CMA Merger
Early in the summer of 2011, the Canadian Institute of Chartered Accountants (CICA) and the Society of Management Accountants of Canada (CMA Canada) began tossing around the possibility of a merger and the creation of a new Canadian designation called the Chartered Professional Accountant (CPA). Later last year, the Certified General Accountants of Canada (CGA [...]
How to Incorporate in Canada
Small business owners in Canada are faced with the decision of whether or not to incorporate their businesses. On one hand, incorporation offers valuable tax breaks and a decrease in the overall income tax from approximately 19% down to just 11%. However, incorporation only makes sense if the money you save by doing so will [...]
How to Save Taxes when you Sell your Business
You have spent all your life building your business into an enterprise worth millions. After years of hard work, you finally decide to retire and spend time with your family or better still, decide to venture into a different business. The value built up in your business will be taxed. However, the income tax act [...]
