Watts Advisors Accounting & Tax Blog

Increase in Effective Tax Rate for Non-Eligible Dividends 0

December 4, 2013

Starting in 2014 the Canada Revenue Agency (CRA) has changed the way that non-eligible dividends are taxed.  This change will effectively increase the tax rate for non-eligible dividends.  This will cause business owners to re-evaluate the way in which they draw income from their business (dividends vs. Salary).  Let’s look ...

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Important Dates for 2013 0

February 6, 2013

As we head into to the upcoming “Tax Season” it is important to remember several key dates in 2013 for both individuals and corporations.   These dates are important, because if these deadlines are missed you may be subject to costly fines and penalties.  Important Dates:  January 15 – Remittance date for fourth ...

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Incorporation vs. Proprietorship 0

July 4, 2012

One of the biggest considerations for small businesses is whether to incorporate or to operate as a proprietorship. What’s the difference? The main difference between corporations and proprietorships is that corporations become their own legal entity while proprietorships are operated under the name of the proprietor. From a tax perspective a corporation ...

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Personal Tax Return Checklist 0

March 6, 2012

Below is a checklist that I have put together to help my clients organize and compile the information needed to complete their personal tax return. Slips All information Slips (T4, T3, T5, T4E, T4A, T4AP, T4RSP, T4RIF, T5013) Old Age Security and CPP benefits Other Pensions and Annuities Employment insurance benefits Social assistance payments Workers compensation Benefits RRSP ...

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