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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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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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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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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Repeated Failure to Report Income Penalty 0

August 17, 2012

Far too often I have had new clients come to me after having done their own taxes, making a mistake, and getting penalized by the Canada Revenue Agency (CRA).  The CRA have the ability levy significant penalties if tax returns are not done correctly, usually when income is under reported. If ...

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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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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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Interest and Penalties 0

May 30, 2012

For those of you who did not manage to file your personal tax return on time, you may be wondering what the consequences are for failing to file the return as well as failing to pay the balance owing on the return.  The consequences come in the form of Interest ...

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