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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Repeated Failure to Report Income Penalty 0

August 17, 2012

Far too often I have had new clients come to me after having done their own taxes, making a mistake, and getting penalized by the Canada Revenue Agency (CRA).  The CRA have the ability levy significant penalties if tax returns are not done correctly, usually when income is under reported. If ...

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Kiddie Tax 0

July 16, 2012

One of the best tax saving opportunities for family owned and operated businesses over the years has been income splitting.  This is the practice of splitting income amongst family members to use up all of each family member basic personal tax credit and low tax rates at the lower income ...

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Incorporation vs. Proprietorship 0

July 4, 2012

One 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 ...

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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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