I dare say one of the most common questions we address is whether to lease or buy a new vehicle and the question usually comes from a place wanting to save the most in taxes. First and foremost, taxes should not be the only factor considered in this decision, one should consider the interest rate, [...]
About Geoff SmethurstThis author has not yet filled in any details.
So far Geoff Smethurst has created 15 blog entries.
It is no secret cash is king when it comes to working with contractors. Whether it’s at the customer’s request or the contractor’s, cash if often the preferred method of payment due to the perceived benefits. Customers typically want to save the 13% HST and contractors often want to avoid paying income tax. Further cash [...]
In recent years the Canada Revenue Agency (CRA) has done a lot of work in their online services to make paying income taxes, tracking benefits and refunds, and updating information easier. The MyAccount service has been around since early 2015 and provides a great portal for taxpayers to access their information in the CRA’s records. [...]
Each year our firm receives questions about the tax implications of tips, both as an employee receiving them and an employer running a service business. The hospitality industry in Canada is a multi-billion dollar industry. From mega hotels to the corner bistro, many Canadians make their living in the service field. Canada’s culture has long [...]
Canadian corporations doing business in the U.S. are viewed by the Internal Revenue Service (IRS) as ‘Foreign Persons’. The U.S. taxes Foreign Persons on income effectively connected with a U.S. trade or business activity as well as certain U.S.-sourced income not effectively connected with a U.S. trade or business activity (commonly known as FDAP or Fixed, [...]
This is a brief summary of some key considerations and due dates for your 2016 personal income tax filings. Please feel free contact our office to schedule a consultation or ask any questions you may have. CANADIAN TAX CONSIDERATIONS • 2016 Individual income tax filing deadline is Monday, May 1, 2017 - Canada Revenue Agency [...]