Taxes Archives - McCay Duff LLP Chartered Professional Ottawa Accountants

Beware of New Telephone Scams

The Canada Revenue Agency (CRA) is noting an increase in telephone scams where the caller claims to be from the CRA but is not, and is asking Canadians to beware—these calls are fraudulent and could result in identity and financial theft. The following article is based on information from the CRA website. Some recent telephone scams involve threatening taxpayers or using aggressive and forceful language to scare them into paying fictitious debt to the CRA. Victims receive …

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Avoid the tax trap of starting a new business

Starting a New Business? Avoid the Tax Trap!

Karen Freake - B. COMM, CPA, CA, Partner
CRA, Financial Reporting, Taxes

What an amazing time in life! You have a fabulous business idea, you have the skill to pull it off, and you are going for it! Your family and friends are all behind you and you are ready to start. Off you go… Things start really well, you gain momentum as word of your product or service reaches beyond your personal circle. You begin to focus on delivering to your customers and you are doing …

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Donating Securities – A Viable Charitable Donation Option

Karen Freake - B. COMM, CPA, CA, Partner
Charities, Donations, Taxes

The majority of people will agree that when you give to a cause that is important to you it makes you feel good. Traditionally, most donations to charitable organizations have been done via donating forms of cash. Others provide donations of unused goods or services on a pro bono basis. These methods of donating provide the donor with tax savings in addition to feeling good. What if you could increase the amount of money you …

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Record Keeping for the Canada Revenue Agency Purposes

April Wheeler - CPA, CGA
Estate Planning, Taxes

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

Sherrie Moore - CPA, CA, B.COMM
Not-for-Profit Organizations, Taxes

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 …

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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

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

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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Taxes

Beware of New Telephone Scams

Starting a New Business? Avoid the Tax Trap!

Donating Securities – A Viable Charitable Donation Option

Record Keeping for the Canada Revenue Agency Purposes

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?

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