Category: Tax Tips

Calculator on financial documents showing bar graphs, symbolizing Alternative Minimum Tax (AMT) calculations in Canada
Financial Freedom, Personal Tax, Professional Corporation, Tax Tips
What Is the Alternative Minimum Tax (AMT) and How Does It Affect Your Taxes?

Understanding the Canadian tax system can be complex, especially when it comes to specialized tax …

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Illustrated checklist and calculator representing estate planning process in Canada with financial graphs and charts
Financial Freedom, Personal Accounting, Personal Tax, Professional Corporation, Tax Tips
Estate Planning in Canada: A Complete Guide with Checklist for Families

Estate planning is a vital step to ensure your assets are managed and distributed according …

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Digital illustration of house and financial graphs representing capital gains tax implications on inherited property in Canada
Accounting Firm, Personal Accounting, Tax Tips
How to Avoid Paying Capital Gains Tax on Inherited Property in Canada

Inheriting property can be both a blessing and a financial challenge in Canada. While receiving …

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Graphic showing the word TAX weighing down on silhouettes of stressed individuals, symbolizing the financial burden of estate taxes in Canada
Personal Tax, Professional Corporation, Tax Tips
Estate Tax in Canada 2025: What It Is, Who Pays It, and How to Minimize It

When it comes to planning for the future, one area Canadians often overlook is the …

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Person using calculator and laptop to evaluate intangible assets for tax filing in Canada
Accounting Firm, Tax Tips
How Intangible Assets Are Treated for Tax Purposes in Canada

Intangible assets play an increasingly important role in the value and operations of modern businesses. …

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What are the Articles of Incorporation?
Personal Tax, Professional Corporation, Tax Tips
What are the Articles of Incorporation?

Articles of incorporation in Canada is a legal document required for the incorporation process and …

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How to Pay the Canada Revenue Agency
Tax Tips
How to pay the Canada Revenue Agency (CRA)

It’s fair to say that many Canadians aren’t fond of paying taxes, and that sentiment …

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Leasing vs. Financing a Car
Tax Tips
Leasing vs. Financing a Car for Your Business in Canada

The decision on whether leasing or financing a car is better for you is dependent …

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Can I Deduct My Home Office Expenses?
Tax Tips
Can I Deduct Home Office Expenses on my Tax Return 2024?

A growing segment of the Canadian population is self-employed, and many are operating their business …

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Income Splitting
Personal Tax, Tax Tips
Income Splitting in Canada for 2025

The federal government’s expanded Tax on Split Income (TOSI) rules came into effect on January …

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How to Maximize Your Passive Income
Tax Tips
How to Maximize Your Passive Income: Smart Tax Strategies for Investors

Generating passive income is a goal for many individuals looking to achieve financial independence and …

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Investment Tax Credits
Tax Tips
Investment Tax Credits: How to Boost Your Returns While Reducing Taxes

Investing in opportunities that align with your financial goals while reducing tax liabilities is a …

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Estate Freeze and How Can It Benefit Your Family's Wealth
Tax Tips
What is an Estate Freeze and How Can It Benefit Your Family’s Wealth

What is an Estate Freeze and How Can It Benefit Your Family’s Wealth Estate planning …

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How to Get a Refund on Non-Resident Taxes Withheld in Canada
Tax Tips
How to Get a Refund on Non-Resident Taxes Withheld in Canada

For non-residents earning income from Canadian sources, understanding withholding tax in Canada is essential to …

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Cross-Border Tax Filing
Tax Tips
Cross-Border Tax Filing: Essential Tips for Non-Residents and Dual Citizens

For non-residents and dual citizens navigating tax obligations between the United States and Canada, cross-border …

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New personal tax credits
Personal Tax, Tax Tips
New Personal Tax Credits 2024

What is a Tax Credit? When filing your tax return, you can claim any tax …

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Canadian Entrepreneurs’ Incentive in Capital Gains Tax Overhaul
Tax Tips
Federal Government Announces Updates to Canadian Entrepreneurs’ Incentive in Capital Gains Tax Overhaul

The recent federal tax changes for entrepreneurs in Canada have brought significant updates to the …

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Tax Planning Strategies for Brampton Contractors in the Gig Economy
Tax Tips
Tax Planning Strategies for Brampton Contractors in the Gig Economy

The Canadian gig economy offers numerous opportunities for independent contractors, but tax season often adds …

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How Tech Firms Can Optimize 2024 Tax Planning
Accounting Firm, Tax Tips
How Tech Firms Can Optimize 2024 Tax Planning

Ensuring compliance with Canadian taxes is crucial for any startup. Understanding which taxes you owe, …

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Tax Documents And Calculator, Representing Income Tax Preparation.
Tax Tips
Ottawa’s Initiative: Proposing Sales Tax Exemption for Counselling and Psychotherapy Services

Did you know that 1 in 5 Canadians experiences a mental illness in any given …

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Tips to Pay Taxes for Ecommerce in Canada
Tax Tips
Tips to Pay Taxes for Ecommerce in Canada

Did you know? e-commerce retail sales in Canada have experienced significant growth since 2017. Commencing …

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How a T5 Slip Should Be Prepared
Personal Tax, Tax Tips
How a T5 Slip Should Be Prepared

The main purpose of a T5 slip is to pinpoint the various types of investment …

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Tax Depreciation
Tax Tips
Capital Cost Allowance (CCA) – What is Tax Depreciation?

As a business proprietor, you’re probably familiar with the array of tax advantages. Beyond the …

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CPP EI Self Employment
Tax Tips
How to Pay CPP & EI For Self-Employed Business Owners

For individuals who are self-employed, navigating the process of completing their personal Income Tax & …

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Benefits of Tax-Free Investing
Tax Tips
Unlocking the Power: Embracing the Benefits of Tax-Free Investing

For most Canadians, investing in a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings …

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RRSP Deadline 2013 for 2012 RRSP Contribution
Tax Tips
RRSP Deadline 2022 & Contributions

Many Canadians may have challenges saving money for retirement due to the different situations and …

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How to Pay Airbnb Host Taxes in Canada?
Tax Tips
How to Pay Airbnb Host Taxes in Canada?

Do you wish to determine whether your Canadian Airbnb income is taxable or not?  Have …

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What are Stock Options and How are They Taxed in Canada?
Corporate Tax, Tax Tips
What are Stock Options and How are They Taxed in Canada?

What is a stock option? Stock options are a financial tool that permits the option …

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Tax Deductions when Moving to a New Job in Canada
Tax Tips
Moving Expenses Tax Deductions in Canada

If you are relocating for a new job in Canada some of the expenses you …

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The Tax Benefits of Shareholder Loans
Corporate Tax, Tax Tips
Tax Benefits of Shareholder Loans

As a shareholder of an incorporated business you should consider the possibility of issuing shareholder …

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How to Pay Less Tax on Rental Properties
Personal Tax, Real Estate, Tax Tips
How to Pay Less Tax on Rental Properties

Let’s face it! We all want to pay fewer taxes. The first step always is …

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How to Qualify for Ontario Interactive Digital Media Tax Credit (OIDMTC)
Corporate Tax, Personal Tax, Tax Tips
How to Qualify for Ontario Interactive Digital Media Tax Credit (OIDMTC)

As there is a notable shift in the world due to digital technology forces, the …

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How Much Does it Cost to Buy a Dental Practice? - Ultimate Guide
Corporate Tax, Personal Tax, Tax Tips
How Much Does it Cost to Buy a Dental Practice? – Ultimate Guide

Buying a dental practice is a very stressful and time-consuming process. It can be a …

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Tax Planning Tips for Canadian Doctors
Corporate Tax, Personal Tax, Tax Tips
Tax Planning For Doctors In Canada

It is important for Canadian doctors to have a plan in place for their taxes …

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Corporate Capital Gains Tax Rate for Canadian Corporations
Corporate Tax, Professional Corporation, Tax Tips
Corporate Capital Gains Tax Rate for Canadian Corporations

New tax rules were implemented in 2019 by the Government of Canada regarding investment income …

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How to File Taxes if Self-Employed in Ontario
Tax Tips
How to File Taxes if Self-Employed in Ontario

Self-Employed Taxes in Ontario Being self-employed as a sole-proprietor or part of a partnership would …

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What is a TFSA (Tax-Free Savings Account)
News and Tax Updates, Tax Tips
What is a TFSA (Tax-Free Savings Account)

A Tax-Free Savings Account (“TFSA”) is an account used for the purposes of holding registered …

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How to Prioritize Paying Off Medical School Loans
Personal Tax, Tax Tips
How to Prioritize Paying Off Medical School Loans

One of the questions I get a lot from my clients is when should I …

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The 4 Most Common Tax Write Offs and Deductions for Small Business
Corporate Tax, Professional Corporation, Tax Tips
Most Common Tax Write Offs and Deductions for Small Business

As a business owner, you care about two things and two things only, that’s increasing …

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Should You Lease or Buy a Car? How to Determine Which Approach Will Save You More in Taxes
Tax Tips
Should You Lease or Buy a Car? How to Determine Which Approach Will Save You More in Taxes

Should you lease or buy a car? Many people will justify purchasing a more expensive …

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3 Largest Expenses for Doctors, Physicians, Surgeons
Tax Tips
The 3 Largest Expenses Doctors, Physicians and Surgeons Can Deduct from Their Tax Returns

Two of the most common mistakes I see many doctors make is either not deducting …

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Ask SRJ: What are the Benefits of owning Life Insurance through a Medicine Professional Corporation vs Personally owning it?
Tax Tips
Ask SRJ: What are the Benefits of owning Life Insurance through a Medicine Professional Corporation vs Personally owning it?

It is credible to state that several physicians prefer to obtain life insurance through Medicine …

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Ask SRJ: Do I Qualify for the GST/HST Housing Rebate?
Tax Tips
Ask SRJ: Do I Qualify for the GST/HST Housing Rebate?

It is credible to state that a large portion of Ontario-residents are unaware of the …

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Ask SRJ: What is the Voluntary Disclosure Program and how can it help personal tax filings?
Tax Tips
Ask SRJ: What is the Voluntary Disclosure Program and how can it help personal tax filings?

This is the latest in our “Ask SRJ” series, where we answer questions to topics …

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Quantifying Damages - Assessing Personal Income of Employed Individuals
News and Tax Updates, Tax Tips
Quantifying Damages – Assessing Personal Income of Employed Individuals

In assessing income for personal injury matters, it is typically more difficult to project the …

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Can you receive a Tax Credit for Political Donations?
Tax Tips
Can you receive a Tax Credit for Political Donations?

As political donations made towards political parties has been known to be a great way …

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How can Physicians, Dentists, Surgeons and other dental and medical specialists Benefit from SR&ED?
SR&ED, Tax Tips
How can Physicians, Dentists, Surgeons and other dental and medical specialists Benefit from SR&ED?

As Chartered Professional Accountants in Toronto in Mississauga we work with doctors who are capable …

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Business Valuation in Toronto – Beyond the Financial Statements
Professional Corporation, Tax Tips
Business Valuation in Toronto – Beyond the Financial Statements

Business valuation in Toronto relies on many financial documents and other key information. A Chartered …

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Selling Your Business? The Importance of Business Valuation Services in Toronto
Tax Tips
Selling Your Business? The Importance of Business Valuation Services in Toronto

Many business owners don’t understand that full value of their company when it comes time …

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2014 tax update: Individuals
Tax Tips
2014 tax update: Individuals

Tax season is right around the corner and it’s time to brush up on the …

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Personal Charitable Donations vs. Corporate Charitable Donations
Tax Tips
Personal Charitable Donations vs. Corporate Charitable Donations

Have you ever been in a situation where you, the business owner had to decide …

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The Quick method of accounting for GST/HST
Tax Tips
The Quick method of accounting for GST/HST

The quick method is a simplified accounting option available to Canadian small businesses for purposes …

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Valuing a Small Business
Tax Tips
Valuing a Small Business

A small, privately held Canadian business according to Industry Canada is one that consists of …

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Going Into Business Without an MBA: The Benefits of Consulting with a Chartered Accountant in Toronto
Tax Tips
Going Into Business Without an MBA: The Benefits of Consulting with a Chartered Accountant in Toronto

Businesses generally start with a great idea and a lot of passion. Often, these two …

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Top 4 Reasons to Incorporate Your Business with a Chartered Accountant in Toronto; Number 3 Is Something Every Business Owner Should Consider
Tax Tips
Top 4 Reasons to Incorporate Your Business with a Chartered Accountant in Toronto; Number 3 Is Something Every Business Owner Should Consider

As the global economy gradually recovers, new and exciting opportunities are emerging throughout Canada for …

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Donating Shares of a Public Company
Tax Tips
Donating Shares of a Public Company

There are plenty of ways to help support a charity – the most popular being …

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Valuing A Professional Medical, Dental, or Chiropractic Practice
Tax Tips
Valuing A Professional Medical, Dental, or Chiropractic Practice

There are four main considerations unique to valuing a medical service practice. Each contributed to …

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Supporting A Personal Injury Claim For A Child or Young Adult
Tax Tips
Supporting A Personal Injury Claim For A Child or Young Adult

A personal injury can happen to anyone at any age – children, university students, working …

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Evaluating An Offer For Your Business
Tax Tips
Evaluating An Offer For Your Business

Business valuations in Toronto are important for every business owner. One of the best times …

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Valuation Methodology
Tax Tips
Valuation Methodology

Corporate business valuation in Toronto and Canada is based on the concept of fair market …

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Business Damages
Tax Tips
Business Damages

Your business in Toronto may have an insurance claim for loss of profits if it …

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Special Interest Purchasers
Tax Tips
Special Interest Purchasers

Corporate business valuation in Toronto and Canada is based on the concept of fair market …

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SRJCA- Accounting & Tax Firm for the Ontario Real Estate Industry
Tax Tips
SRJCA- Accounting & Tax Firm for the Ontario Real Estate Industry

It’s that time of the year again where we all start sifting through hoards of …

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How you may be able to reduce your property tax by over 5 % in a year?
Tax Tips
How you may be able to reduce your property tax by over 5 % in a year?

Property prices rise in Canada by an average of 4.8% a year and local municipalities …

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Personal taxes in Canada - What's new?
Tax Tips
New in the 2012 Personal Tax Returns

With less than 40 days left to file your taxes, most people are rolling up …

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What books and records must you keep for your business?
Corporate Tax, Professional Corporation, Tax Tips
What books and records must you keep for your business?

If you are carrying on a business in the form of a sole-proprietoriship, partnership, corporation …

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5 Tips to reduce taxable income in Canada
Tax Tips
5 Tips to reduce taxable income in Canada

Interested in how you can lower your taxes? Want to learn ways you can reduce …

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How to reduce your debt.
Personal Tax, Tax Tips
How to reduce your debt.

In Canada, we have some of the highest debt per capita on the world.  Small …

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Tax Tips & Implications of owning a Cottage or Recreational Property
Tax Tips
Tax Tips & Implications of owning a Cottage or Recreational Property

As per CRA guidelines, individuals (Note: Couples- are considered one individual) are entitled to have …

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Want to develop an app or website - See how the government will fund your project!
Tax Tips
Want to develop an app or website – See how the government will fund your project!

If you’ve developed an interactive website, mobile application or any digital media product in Ontario, …

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Child Care Expenses - Tax Benefits & Tips
Tax Tips
Child Care Expenses – Tax Benefits & Tips

Child care expenses can be deducted from income if you as the parent incur these …

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Employee or Not Employee…that is the question!
Tax Tips
Employee or Not Employee…that is the question!

Employee vs. Self-Employed (Contractor) Assessing the nature of a business relationship to determine whether an …

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Who can incorporate in Canada? – Professional Corporations
Tax Tips
Who can incorporate in Canada? – Professional Corporations

As Chartered Accountants in Toronto and Mississauga we are often asked if individuals are allowed …

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Holiday Spending Tips!
Tax Tips
Holiday Spending Tips!

Don’t break the bank this holiday season! With the holidays just around the corner, most …

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Should I incorporate my business?
Tax Tips
Should I incorporate my business?

Should I incorporate my business? As Chartered Accountants in Toronto and Mississauga new clients often …

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Home Buyers’ Plan – How to use RRSPs to help fund your first home!
Tax Tips
Home Buyers’ Plan – How to use RRSPs to help fund your first home!

What is the Home Buyers’ Plan? Under the federal government’s Home Buyers’ Plan, you can …

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Variable or Fixed Rate Mortgage Rates? That is the question.
Tax Tips
Variable or Fixed Rate Mortgage Rates? That is the question.

I am at the age now where most of my close friends are settling down …

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5 mistakes of borrowing to buy a car!
Tax Tips
5 mistakes of borrowing to buy a car!

As Chartered Accountants in Toronto we often see individuals make big mistakes that cost thousands over …

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The Tax Impact of Buying Back Gold and Silver Jewellery
Tax Tips
The Tax Impact of Buying Back Gold and Silver Jewellery

With Gold and Silver touching every day new highs, many independent jewellery stores are being …

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5 fantastic tips to reduce your taxes on employment income!
Tax Tips
5 fantastic tips to reduce your taxes on employment income!

Every year you work extremely hard with the intention to make more money so you …

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Private Health Service Plans: How your family’s medical bills can save your business a lot of money…
Tax Tips
Private Health Service Plans: How your family’s medical bills can save your business a lot of money…

Private Health Service Plans (“PHSPs”) have been around for a number of years, yet people …

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