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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What is a RRIF and How Does it Work? 0

July 17, 2014

A Registered Retirement income fund (commonly referred to as a RRIF) is an income fund created upon a transfer funds from an individual’s  Registered Retirement Savings Plan (RRSP), this fund has required annual withdrawals that are designed to use the equity built up in an individual’s RRSP’s to provide a ...

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Important Dates and Deadlines for 2014 0

January 10, 2014

As we head into to the upcoming “Tax Season” it is important to remember several key dates in 2014 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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CRA raises prescribed interest rates – 4th quarter 2013 0

December 2, 2013

For the first time since the 2nd quarter of 2009 the CRA has increased the prescribed interest rates that it charges on overdue balances and pays out on overpaid remittances.  These prescribes rates are determined on a quarterly basis and based upon a simple average of three month T-bills. The new ...

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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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Starting a New Business 0

June 14, 2012

Starting a new business can be an overwhelming process; there are so many considerations which makes it easy to overlook something.  Not only is it important to not overlook anything, it is important to do things in the correct order.  In my time assisting clients go through this process I ...

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Employee vs. Contractor 0

February 10, 2012

Employment Income vs. Business Income One question that I often get from clients is related to whether individuals are considered employed or self-employed.  This determination has a significant impact on taxable income, the ability to deduct certain expenses, and the requirement to make payroll remittances such as CPP and EI. Regardless ...

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Important Dates For 2012 0

February 7, 2012

As we head into to the upcoming “Tax Season” it is important to remember several key dates in 2012 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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