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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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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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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