When calculating your taxes, it is important to understand your deductible expenses and eligible tax credits that you can claim. Deductible expenses are subtracted from your income before it can be subjected to taxation. Understanding these expenses will help you go a long way in reducing tax liabilities. Tax credits, on the other hand, are […]
“We are only tenants, and shortly the great Landlord will give us notice that lease has expired” – Joseph Jefferson. Overview The IASB published IFRS 16 Leases in January 2016 with an effective date of January 1, 2019. The new standard will replace existing IAS 17 rule and will require lessees to
Human beings have a natural tendency to remember good times and push to the back of their minds some more difficult issues in life. Basically most of us have a tendency not to focus on things that are not perceived to be likely to happen in the short term and can overlook the inevitability of […]
“Risk comes from not knowing what you are doing.” -Warren Buffett New ERM Framework In September 2017, the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) published its revised enterprise risk management (“ERM”) framework which is now titled ERM – Integrating with Strategy and Performance. The original framework called ERM – Integrated Framework was […]
IFRS 15, Revenue from Contracts with Customers was issued in May 2014 and replaces IAS 11 Construction Contracts, IAS 18 Revenue and various interpretations. IFRS 15 establishes a single model of accounting for revenue arising from contracts with customers. IFRS 15 requires entities to recognize revenue reflecting the transfer of goods or services to customers […]
“Action is the foundational key to all success.” — Pablo Picasso According to the study done by the Royal Bank of Canada, one in four business owners who are at the age of 50 of small and medium-sized business want to sell their business within the next five years. Unfortunately, 77 percent of owners do not […]
Tax Planning challenges for Private Corporations – Items need to consider
Every organization is formed on some overarching goal & objective, such as building a profitable business by satisfying a need or a not-for-profit organization dedicated toward a charitable focus that guides its actions.
We would like to refresh your memory with the Corporate Rates. As we remember previous year brought us a new federal government, which also brought us some tax changes. Some of the taxes are more technical in nature. The federal general tax rates are unchanged and remain at 15% for 2016. However, some provincial general, […]
When you’re getting ready your tax returns, you want to make sure you prepare your tax returns in such a way that the Canadian Revenue Agency (CRA) doesn’t approach you for a tax audit.