Watts Advisors Accounting & Tax Blog

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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CRA Giving Out 20% Penalty for Missing Information 0

March 20, 2012

Most people aren’t aware of one of the harshest penalties that the CRA (Canada Revenue Agency) gives out.  This penalty doesn’t necessarily relate to fraud or tax evasion, but can occur if someone is simply forgetful or unorganized. Over the last couple of years the CRA has started charging a 20% ...

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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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Shareholder Loans 0

March 1, 2012

One area of confusion that some clients can have is why there are strict rules about borrowing money from the company that they own.  The Canada Revenue Agency (CRA) has developed a set of rules strictly regulating how an individual can borrow money from a company that they own. Why? These rules ...

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RRSP’s – An Overview 0

February 15, 2012

With two weeks left until the 2011 RRSP contribution deadline on February 29, 2012 it seemed like a good time to blog about some common client questions I receive on the subject,  “Why should I contribute to an RRSP?”, “What are the benefits of contributing to my RRSP?” or, “Should ...

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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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