Started working for yourself this year? Tax season is closer than you think
The deadline for self-employed Canadians or owners of unincorporated small businesses to file their 2013 tax return without incurring a late-filing penalty is June 16, 2014. That may seem far into the...
View ArticleReporting income from crowdfunding
Vancouverite Eric Migicovsky had an idea while he was studying engineering at the University of Waterloo: A wristwatch that would sync to a user’s smart phone, displaying incoming text messages and...
View ArticleCan I change my corporation’s fiscal year-end?
As an individual, whether you are self-employed or on someone else’s payroll, your fiscal year-end — the date on which you report your income for the previous 12 months — is December 31. And it is not...
View ArticleKeep your income statements separate if you own multiple businesses
Corporations that operate multiple businesses or rental properties often prefer to amalgamate the income statement of the various entities to get a big-picture overview of how the corporation is...
View ArticleIs your incorporated company merging or combining with another corporation?
There may come a time when it’s beneficial to your business to combine or amalgamate with another. Perhaps you’d like to bring your unincorporated sole proprietorship under an incorporated umbrella to...
View ArticleWhy am I missing out on some tax credits?
It is quite common for people to ask why their friends receive regular cheques from the government and they do not. They may have the same income or the same number of children, and are mystified by...
View ArticleAdjusting your tax return the easy way
Making changes to filed tax returns used to be a tedious process: print off the required forms, fill them out, mail them in with photocopies of applicable receipts, and hope you’ve included everything...
View ArticleGiving to charity can help your tax return too
November usually means lots of bad moustaches for a good cause, as the Movember campaign to raise funds for prostate cancer gets going. And the federal government is matching any donations directed to...
View ArticleGet your paperwork together before the last minute
It sounds simple enough: Get your (tax) stuff together. But every year, too many Canadian taxpayers find themselves scrambling at the last minute to find their myriad of slips, receipts and forms they...
View ArticleNETFILE open later for your filing convenience
Haven’t filed your 2012 tax return? The good news is, you’ll still be able to file it electronically until January 2014. Previously, Canada Revenue Agency (CRA) cut off electronic filing through its...
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