CRA Collections Departments Working Again Written by Bryan Petersen, Chief Virtual Accountant I read an article this morning about the Canadian Revenue Agency collecting on back taxes. Their collection departments are back in full force once again to the levels they had prior to the COVID revamping. The CRA originally shut down their collections departments […]
Expensing Tradesperson’s Tools on a Tax Return Written by Bryan Petersen, Chief Virtual Accountant Every year we have tradespeople, whether it be a mechanic or similar, give us their receipts for their tools because they want to expense them on their tax return. Now, first of all, there is a Canada employment amount of $1,257
Selling a House? Put the Info on your Tax Return! Written by Bryan Petersen, Chief Virtual Accountant Did you sell a house in 2021? If you did, you have to put that information on your tax return. This legislation, I believe, came out in 2016. It forces all Canadians to, even though you are not
Selling Rental Properties from a Tax Perspective Written by Bryan Petersen, Chief Virtual Accountant So I was asked a question recently that I think is important to cover here. A client of ours owns a rental property that they’re looking to sell, and they were wondering if it was a good idea to do so.
When Are Taxes Due? Written by Bryan Petersen, Chief Virtual Accountant I figured we’d better go over some due dates, seeing as there’s some confusion amongst a lot of people about when exactly your taxes are due to be paid. Some people think taxes are due at the end of March, and they come to
Gathering & Storing Tax Return Information Written by Bryan Petersen, Chief Virtual Accountant I don’t think I’m smashing any headlines by saying that you need to be organized in order to do a proper personal tax return. It starts right at the beginning of the year. Obviously we’re too late for 2021, but it’s 2022
New Email Requirement for CRA Accounts Written by Bryan Petersen, Chief Virtual Accountant According to a recent CRA report and some verbiage on their website, they’re going to be requiring everyone with a CRA My Business Account to register with an email address. I know, in my experience, that I still have a couple of
Should You Do Your Own Taxes? Written by Bryan Petersen, Chief Virtual Accountant Yesterday I received a call from a potential new client, and I thought the topic was quite fitting for the season we’re about to go into – tax season. This potential client and his partner had a new baby last year. They
Understanding Your Hired Professionals Written by Bryan Petersen, Chief Virtual Accountant When hiring a professional, it is important for you to understand exactly what it is they do. Whoever you are hiring – whether it be for accounting work, investment advisory, legal guidance – you need to make sure that what they are doing, you
What Is The Correct Price Point for your Business? Written by Bryan Petersen, Chief Virtual Accountant Recently, we’ve been working on some commercials for our firm, and some feedback on the advertisements that we’ve been putting out has been quite interesting. This leads me to today’s topic, which is pricing. We price all of our