April Wheeler - CPA, CGA, Author at McCay Duff LLP Chartered Professional Accountants

Record Keeping for the Canada Revenue Agency Purposes

April Wheeler - CPA, CGA
Estate Planning, Taxes
2 minutes of reading

The Income Tax Act requires books and records to be kept by every person, partnership, corporation, trust etc. who is required to pay or collect taxes or other amounts. Good financial records are essential for completing personal and corporate income tax returns. Without accurate records you and/or your business may under or over pay taxes or be subject to an audit by the Canada Revenue Agency (CRA) due to insufficient supporting documentation. How long do …

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What to Expect when the CRA Contacts You

What to Expect when the Canada Revenue Agency Contacts You

April Wheeler - CPA, CGA
Tax Planning, Tax Preparation
1 minute of reading

Scammers posing as Canada Revenue Agency (CRA) employees continue to contact Canadians, misleading them into paying false debts. These persistent scammers have created fear among people who now automatically assume that any communication from someone representing the CRA is not genuine. This article will remind Canadians that the CRA does indeed contact taxpayers by phone, email and mail for legitimate reasons. The following tips will help Canadians identify legitimate communications from the CRA. To identify …

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Should I Incorporate my Practice?

April Wheeler - CPA, CGA
Accounting, Business Advisory, Tax Planning
4 minutes of reading

Should I incorporate my practice? This is a common question for medical and dental professionals and it is one that has become increasingly more relevant since the new tax on split income (“TOSI”) rules were introduced in 2017. Determining whether or not incorporation is right for your practice is not straightforward and can be costly if you make the wrong decision. To begin the process of determining whether or not you should incorporate, consider the …

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Tips and Traps to Avoid to be An Effective Treasurer

April Wheeler - CPA, CGA
Accounting, Audit, Charities, Not-for-Profit Organizations
3 minutes of reading

To be successful a non-profit or charitable organization must earn the trust and respect of its donors and funders. Due to an organization’s financial management being directly tied to the Treasurer’s responsibilities, their execution of these responsibilities will have an impact on the public’s perception and confidence in the organization as a whole. When an organization is seeking a Treasurer they should keep this top of mind and look for individuals with strong financial literacy …

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Should you Pay your Personal Expenses from your Business?

April Wheeler - CPA, CGA
Accounting, Consulting, Taxes
4 minutes of reading

Do you ever use your business bank account or credit card to pay personal expenses? Perhaps you are out doing errands for your business and pick up personal items at the same time. Rather than asking the sales clerk to process two transactions, you charge all the items to your business credit card. Is this Ok? Yes, but it’s a bad idea! CAN I USE MONEY THAT COMES INTO MY BUSINESS FOR PERSONAL ITEMS? The …

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April Wheeler - CPA, CGA

Record Keeping for the Canada Revenue Agency Purposes

What to Expect when the Canada Revenue Agency Contacts You

Should I Incorporate my Practice?

Tips and Traps to Avoid to be An Effective Treasurer

Should you Pay your Personal Expenses from your Business?

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