Watts Advisors Accounting & Tax Blog
Important Dates and Deadlines for 2014 0
January 10, 2014As 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 ...
Read MoreIncrease in Effective Tax Rate for Non-Eligible Dividends 0
December 4, 2013Starting in 2014 the Canada Revenue Agency (CRA) has changed the way that non-eligible dividends are taxed. This change will effectively increase the tax rate for non-eligible dividends. This will cause business owners to re-evaluate the way in which they draw income from their business (dividends vs. Salary). Let’s look ...
Read MoreImportant Dates for 2013 0
February 6, 2013As 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 ...
Read MoreIncorporation 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 MoreStarting a New Business 0
June 14, 2012Starting 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 ...
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 MoreShareholder Loans 0
March 1, 2012One 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 ...
Read MoreImportant Dates For 2012 0
February 7, 2012As 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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