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.
We hope you can find the answers to your questions and/or curiosities, and always know we are here to help if you need more.
Follow us on Facebook or find us on LinkedIn - we are always eager to give you more!
If you are self-employed, you may claim automotive expenses while conducting business. If you use your car for personal and business travel, only expenses for business can be deducted. If you use it exclusively for business, you can expense all costs.
Shareholder loans refer to loans made by shareholders of a corporation to the corporation. The tax implications of such loans will vary depending on the jurisdiction, but usually, they are not considered taxable income to the shareholder.
When preparing your taxes, a deduction that is often overlooked is carrying charges and interest expenses. These charges are costs you incur to earn income from an investment, but only expenses for non-registered accounts will qualify.
The CRA will not send text messages, or instant messages (Facebook Messenger, WhatsApp) to start a conversation with you under any circumstances.
If you receive a text or instant message purporting to be from the CRA, prompting you to click on a link or requesting information, you can safely delete it.
Even though there is currently a strike affecting the CRA, filing your Canadian income tax on time is essential to avoid penalties and interest charges. The strike has not changed the May 1st due date for filing your taxes.
As Canadians advance in age, we are pleased to offer a 3 part series on the Disability Tax Credit (DTC) in Canada.
To claim the Disability Tax Credit (DTC) in Canada, you must meet the eligibility criteria and complete the necessary steps. Here's a general overview of the process:
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:
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.
Minimizing taxes for a deceased taxpayer's estate in Canada involves careful planning and following specific strategies. The goal is to reduce the tax liability of the estate and maximize the assets passed on to beneficiaries. Here are some steps to consider:
Effective record-keeping is crucial for the success of any small business. Proper records not only help you track your financial performance but also ensure compliance with tax regulations and provide valuable insights for making informed business decisions. Here are some best practices for record-keeping in a small business: