Tax Tips & Business Matters


Business Matters Volume 34 Issue 4

Mistakes Canadians make with U.S. taxes

Tax requirements in the United States are quite different than those of other countries around the world. This article will outline some of the common mistakes Canadians make when it comes to U.S. taxes. Do you recognize yourself in any of these scenarios...?

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Business Matters Volume 34 Issue 3

How to avoid common scams during COVID-19

As most of the Canadian Workforce has now moved to remote work in response to the COVID-19 pandemic, we are increasingly being targeted by fraudsters. This article outlines some of the most common scams we have seen during the current pandemic and suggests steps you can implement to keep your hard-earned dollars safe during these uncertain times.

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Tax Tips & Traps No. 130

Tax Ticklers... some quick points to consider...

- Canadian controlled private corporations accounted for 54% of all corporate tax paid.

- The 1% of Canadians who earned income in the top federal tax bracket paid 26% of the total personal taxes.

- Of the 27.8 million individual tax filers, 36% were non-taxable.

- The home buyers' plan maximum withdrawal increased from $25,000 to $35,000 for withdrawals made after March 19, 2019. Also, it is now available for use by those experiencing a recent breakdown in thier marriage or common-law partnership.

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Business Matters Volume 34 Issue 2

Buying a Buisness: A Little Planning Goes a Long Way

Last week, I met a businessperson who was thinking about buying a new business. Fortunatley, they are very experienced and understood many of the issues they would face. Despite that, they took the step of discussing the purchase with their lawyer and their accountant before signing any documents. Read on to learn about some key matters you should take into account before making this substantial acquisition.

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Business Matters Volume 34 Issue 1

Cyber Security: Mitigating the Risks to Cyber Attacks

Cyber attacks come in a variety of forms and with a variety of intentions. whether for money or pure disruption, organizations are at risk of both the intrusion and the potential breach of regulatory obligations.

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Tax Tips & Traps No. 129

TAX TICKLERS... some quick points to consider...

- The bamount of income an individual can earn without paying tax (basic personal amount) will begin increasing in 2020. In the first year, it will rise to $13,229 (from $12,609 in 2019), and will reach $15,000 in 2023. The benefit will being to be phased out when an individual has earnings of appoximatley $150,000.

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Tax Tips & Traps No.128

TAX TICKLERS... some quick points to consider...

- The governement of Canada estimates that the difference between the taxes that would be paid if all corporate tax obligations had been fully met, and the tax actually paid and collected in 2014, was between $9.4 and $11.4 billion ($2.7 to $3.5 billion for small and medium enterprises, and $6.7 to $7.9 billion for large corporations).

- In limited cases, employment outside of Canada may entitle taxpayers to employment insurance benefits upon their return to Canada.

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Business Matters Volume 33 Issue 5

Cannabis Legislation and the Workplace

In October of 2018, the federal governemnt legalized the possession and use of marijuana for recreational and medicinal purposes in Canada. As a result, business owners have been dealing with a changing landscape. This means that they must understand not only the rights of customers but also the rights of their employees.

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Tax Tips & Traps No.127

TAX TICKLERS... some quick points to consider

- CRA's limited review of corporate tax return projects have a reassessmnet rate of approximatley 40% In the past few years, these projects have focused on areas such as automobile expenses, professional fees, travel, and eligibility for the small business deduction.

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Business Matters Volume 33 Issue 4

Why Should You Care About Your Health Care Spending Account?

Families may not realize that they have a great opportunity to significantly reduce the cost of medical treatments and therapies through a health care spending account (HCSA). These accounts are not well understood and, if available, are typically underutilized due to lack of awareness of how they can help.

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