Taxes Archives - McCay Duff LLP Chartered Professional Accountants

Are Not-for-Profit Organizations required to file tax returns?

Sherrie Moore - CPA, CA, B.COMM
Not-for-Profit Organizations, Taxes
3 minutes of reading

Not-for-Profit Organizations (“NPOs”) that are incorporated under Federal or Provincial legislation are generally exempt from corporate income tax under the Income Tax Act. However, in most cases, an NPO is still required to file a tax return(s). It is important to note that an NPO is different from a Registered Charity (“Charity”). A Charity needs to apply to the Canada Revenue Agency (“CRA”) for charitable registration. A Charity is exempt from tax and can issue …

Are Not-for-Profit Organizations required to file tax returns? Continue Reading

They say the best things in life are free. That’s what Capital Dividends are to …

Paul Spare - CPA, CA
Capital Dividends, Dividends, Tax Planning, Taxes
4 minutes of reading

They say the best things in life are free. That’s what Capital Dividends are to shareholders of Canadian small businesses. When a Canadian controlled private corporation generates a capital gain from the sale of investments or the sale of capital assets, such as land or business goodwill, one half of the gain is subject to corporate income tax. So what happens to the other half of the gain? How to Pay your shareholders tax-free? The …

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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 …

Should you Pay your Personal Expenses from your Business? Continue Reading

2016 Estates and Trusts Tax Compliance and Post Mortem Planning - It's a New World out There!

2016 Estates and Trusts Tax Compliance and Post Morten Planning – It’s a New World out There!

Trevor Smithers - CPA, CMA
Estate Planning, Taxes
5 minutes of reading

Just around the corner a series of new tax rules kick in that will impact the taxation of trusts and estates. These new rules will result in significant changes to existing and future tax planning arrangements. The current rules allow estates, testamentary trusts and grandfathered inter-vivos trusts indefinite access to the same graduated tax rates as an individual taxpayer. This often results in a lower overall tax liability where trust beneficiaries have access to more …

2016 Estates and Trusts Tax Compliance and Post Morten Planning – It’s a New World out There! Continue Reading

Taxes

Are Not-for-Profit Organizations required to file tax returns?

They say the best things in life are free. That’s what Capital Dividends are to …

Should you Pay your Personal Expenses from your Business?

2016 Estates and Trusts Tax Compliance and Post Morten Planning – It’s a New World out There!

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