Watts Advisors Accounting & Tax Blog
Incorporation vs. Proprietorship 0
July 4, 2012One 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 ...
Read MoreLifetime Capital Gains Exemption 0
April 20, 2012The 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 ...
Read MorePrincipal Residence Exemption 0
April 13, 2012Recently 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 ...
Read MorePersonal Tax Return Checklist 0
March 6, 2012Below 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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