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WE MOVED

Our new office is located at

1215 Queensway East, Unit 51

Mississauga ON L4Y 0G4

Office IMG 430x287

Plenty of parking available

 

Apps for your business

Green ledger sheets, calculator, rolodex. If you look at them with a dose of melancholia, try to let go your sentiments. To keep up with the world as a small business owner, you have to have an online presence, use social media and be able to do almost everything from your computer or phone. In the world of accounting and bookkeeping, the same is true. There are new tools available that will make you more productive and better organized. Let’s look at some of the hot gadgets and how you can make them work for you.

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One Dollar Transfers

Those lucky ones who have more than one property are often looking for ways of transferring some of them to the next generation at no cost and no tax consequences. Whether to children or grandchildren (or anyone else for that matter), no one wants to be hit with additional financial burden on the property that has been in the family for years. You may have heard about transfers for one dollar which allow to simply pass the title to the property to family members. You hire a lawyer, draft a transfer agreement at the nominal value, sign, receive $1 from your children and the deal is done. This works from the legal standpoint. Unfortunately, Canada Revenue Agency (CRA) has different view on the matter, to the chagrin of property owners.

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Lease or buy

 The question whether to lease a vehicle or simply buy it is one that we hear most often from our clients. The answer, unfortunately, is not a simple one. You need to compare lease and financing rates, look at the amortization of the vehicle if it is owned and its value for resale purposes. Last, but by far not least element to consider is the lease buyout price, often the key element in determining the value of the deal. Your personal (or business) cash flow is also not to be ignored.

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Tax aspects of divorce and separation

Legal vs. CRA definitions and approach

Marriage is a voluntary, legal and binding contract between two people of opposite or same sex who are eligible to enter into this union. Spouses are either of a man or woman who are legally married to each other.

While the definition of spouses has been slightly broadened by some of the provincial legislations, mainly for the purpose of spousal support, Canada Revenue Agency has not followed those changes and “spouse” applies only to a person to whom one is legally married.

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Your Florida home and taxes

This winter, as many of us will travel south of the border in search of sun and fun, you may be toying with an idea of purchasing a US property to enjoy in the years to come. Here are some tax considerations to keep in mind when making this decision:

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When your tax return is being reviewed…

You filed your income tax long time ago in April, you paid your tax bill and even received a notice from Canada Revenue Agency (CRA) confirming your tax assessment and payment. You assume that your 2011 file is closed and go off to your regular, non-tax related activities of life. And all of a sudden you find in your mail box another letter from CRA that start as follows: “we regularly conduct review programs as an important part of the self assessment tax system…”

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Tel. 416-521-9188
Beata & Eva
We are an accounting office with two practitioners and staff.
We work closely with our individual and business clients to help them achieve tax savings and use accounting system to their advantage.

We offer:

  • Full service accounting for small and medium companies
  • Personal tax planning, including estates and trusts

  • Business consulting