Welcome to J.A.I.K.S. Blog, a place where we will provide you with a variety of resources on accounting, taxation and other related subjects suited for both individuals and/or their businesses.
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A cash flow projection can act like an early warning system for any period. A leading cause of business failure is a lack of cash flow management, but by taking some simple steps in managing it, you will find it can improve your business outcome.
First Home Savings Accounts, or FHSAs combine the concept of Tax-Free Savings Accounts and Registered Retirement Savings Plans. For people aged 18 and older, like an RRSP, contributors receive a tax deduction on contributions and TFSA-like tax-free withdrawals when using the savings to buy a home. Further, any investment gains earned in the account are tax-sheltered. Unlike the Home Buyers’ Plan (HBP), the FHSA does not need to be repaid.
If you believe that you were eligible for the Disability Tax Credit (DTC) in previous years but did not claim it, you may be able to make a retroactive claim. Retroactive claims allow you to request adjustments to previous tax returns and potentially receive refunds for the missed credits.
Bookkeepers also play an important role in helping companies manage their financial records, ensuring accurate and up-to-date financial information, and providing valuable insights that can drive strategic decision-making when combined with your accountant. Some of the ways bookkeepers contribute are:
As we spoke about in our last post, as your bookkeeper, we handle the day-to-day financial transactions and record-keeping. Your accountant takes a more analytical and strategic role in interpreting the data, providing financial advice, and ensuring compliance with financial regulations.
In Canada, gifts from an employer can be considered taxable benefits in certain circumstances. The taxation of employer-provided gifts depends on several factors, including the nature and value of the gift, the frequency of such gifts, and the specific rules set by the Canada Revenue Agency (CRA).
In Canada, gifting a capital property is considered a disposition for tax purposes. When you gift a capital property to someone, it is treated as if you have sold the property at its fair market value (FMV) at the time of the gift. This means that you may be subject to capital gains tax on any accrued gains in the property's value up to the date of the gift, even though you didn't receive any cash in return.