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A Tax-Free Savings Account (“TFSA”) is an account used for the purposes of holding registered investments or savings with tax-free gains. With a TFSA, there is a limit each year for the amount of money that can be contributed to the account. This account is considered to be one of the most important savings accounts […]

Should you lease or buy a car? Many people will justify purchasing a more expensive vehicle for the related tax deductions. But what they don’t realize is that this still results in more money out of their pockets. What we have to do is run the numbers to determine what the best option is when […]

Two of the most common mistakes I see many doctors make is either not deducting enough business expenses on their tax returns or deducting too many expenses and thus exposing themselves to the risks of a CRA audit. Let’s talk a bit about what expenses you should claim on your taxes and what expenses you […]

It is credible to state that several physicians prefer to obtain life insurance through Medicine Professional Corporations to owning the life insurance personally. However, the question arises, of whether the benefits of owning life insurance through a Medicine Professional Corporation truly outweighs the benefits of personally owning and paying for life insurance. Toronto Accountants state […]

It is credible to state that a large portion of Ontario-residents are unaware of the several benefits one could reap by applying for the GST/HST New Housing Rebate. First off, it must be understood that home buyers must pay a portion of GST and HST taxes on the homes that they purchase. However, the GST/HST […]

This is the latest in our “Ask SRJ” series, where we answer questions to topics that are currently trending. The Voluntary Disclosure Program (VDP) is set up by the Canada Revenue Agency (CRA), in order to give the taxpayers a means through which they could voluntarily disclose the errors or unreported tax issues that they […]

In assessing income for personal injury matters, it is typically more difficult to project the economic loss of a self-employed individual. However, compensation packages for employed individuals can be quite complex. Without properly identifying and interpreting the details of an employee’s compensation, a claim for loss of employment income may be overstated or understated. This […]

  As political donations made towards political parties has been known to be a great way for Canadian citizens to become more involved in provincial and federal politics, the question remains, whether one would receive any tax credit for such contributions. Accountants of Toronto suggest that residents could in fact receive tax credits for such […]

Many business owners don’t understand that full value of their company when it comes time to sell. A common refrain I get from a business valuation client in Toronto is “My business is only worth what someone is willing to pay”. Here’s the problem with that mentality: as a business owner, you have likely put […]

The most recent federal budget has implemented several changes to the income tax act. In this article we will cover some of the corporate tax changes. SRJ Chartered Accountants advises its small business clients in Toronto on both corporate and individual tax matters. Eligible capital property The most recent federal budget proposes a change to […]