Watts Advisors Accounting & Tax Blog

Important Dates for 2015 0

May 27, 2015

I am a little late in posting the key dates this year, but better late than never, the following are several key dates in 2015 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 ...

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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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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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Lifetime Capital Gains Exemption 0

April 20, 2012

The Lifetime Capital Gains Exemption is one of the biggest tax breaks or incentives offered by the Canadian Revenue Agency (CRA), most people are not aware of it and it is seldom used.  This tax break offers Canadians an exemption to paying tax on capital gains of up to$750,000 (was ...

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Deductible Employment Expenses 0

March 27, 2012

There are a few instances where you are able to deduct expenses against employment income.  The content of this blog will just cover the most common expenses of standard employment arrangements.  There are specialized rules for commission employees and other unique circumstances as well as more specialized expenses that will ...

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