Watts Advisors Accounting & Tax Blog

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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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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