2022 Vehicle Allowance Rates

Jan 19, 2022

2022 CRA Vehicle Allowance Rates 2021 was a very challenging year and we hope that 2022 will be much better. If you reimburse yourself or your employees for business use of a personal vehicle the CRA vehicle allowance rates for 2022 have increased by $0.02 per km. The...

Employee Taxable Benefits

Jan 13, 2022

Employee taxable benefits are to be calculated and included in your employee’s income on their T4 slips each year.  With the calendar year coming to a close, it is a good time to evaluate if you have any taxable benefits to report for your employees. The most...
Withdrawing from Family RESPs

Withdrawing from Family RESPs

Nov 17, 2021

Withdrawing from Family RESPs: Flexible planning possibilities. A Registered Education Savings Plan is an excellent way to save for you children’s post-secondary education. (Check out our previous post, What is a Registered Education Savings Plan?) If you have...

What is a Registered Education Savings Plan?

Oct 19, 2021

What is a Registered Education Savings Plan? Registered Education Savings Plans (RESPs) are a simple and effective way to save for you child’s post-secondary education.  The main benefit of an RESP is its tax-advantaged nature. Similar to an Registered...

New Standard for Compilation Engagements

Oct 6, 2021

New Standard for Compilation Engagements (CSRS 4200) For the majority of our corporate clients, we perform a compilation engagement to prepare financial statements and a corporate tax return.  You may be familiar with a compilation engagement being referred to by the...

Designated beneficiaries of registered retirement accounts

Sep 16, 2021

Designated beneficiaries of registered retirement accounts (RRSP, RRIF, TFSA.) As the saying goes, the only guarantees in life are death and taxes, and unfortunately there are tax issues to deal with upon the death of an individual.  If you have registered retirement...