Watts Advisors Accounting & Tax Blog
Important Dates for 2015 0
May 27, 2015I 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 ...
Read MoreImportant 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 MoreCRA raises prescribed interest rates – 4th quarter 2013 0
December 2, 2013For 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 ...
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 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 MoreDeductible Employment Expenses 0
March 27, 2012There are a few instances where you are able to deduct expenses against employment income. The content of this blog will just cover the most common expenses of standard employment arrangements. There are specialized rules for commission employees and other unique circumstances as well as more specialized expenses that will ...
Read MoreEmployee vs. Contractor 0
February 10, 2012Employment 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 ...
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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