Watts Advisors Accounting & Tax Blog

First-time home buyers’ tax credit 0

June 15, 2012

Starting in 2009 first-time home buyers’ are eligible to claim a $5,000 tax credit in the year that their home is purchased.  Many people are not aware of this, and I have even encountered people who do their own taxes and have missed out on the credit because they were not ...

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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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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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Principal Residence Exemption 0

April 13, 2012

Recently I have received a few questions about the tax rules surrounding your principal residence.   The general idea behind the Principal Residence Exemption is that you are not taxed on gains you realize when you sell your residence.  But like many tax guidelines in Canada the rules are more complicated than that to ...

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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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Welcome to My Blog 0

January 6, 2012

Hi everyone, thanks for taking the time to have a look at my blog.  My name is Steve Watts, I'm a Chartered Accountant located in Langley, British Columbia.  I have been working for public practice accounting firms since 2005 and have recently started my own accounting practice. I'm hoping to use ...

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