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Yes, we offer virtual consultations, remote services, and online meetings to accommodate clients outside of Calgary.

We offer tax preparation, accounting services, and bussiness consulting to individuals and businesses.

You can schedule a consultation by visiting our contact page and filing out the contact form, or emailing us, or calling us directly.

Our commitment to affordable and reliable service, personalized attention, and expert advice make us a standout choice for your accounting and tax needs.

We use legal tax planning strategies for individuals & businesses in Canada

Tax planning helps reduce tax liability, maximize deductions and credits, and ensure compliance with Canada Revenue Agency (CRA) regulations. Here are essential tax strategies for both individuals and businesses in Canada.

🧑‍💼 Tax Planning Strategies for Individuals

1. Maximize RRSP Contributions (Registered Retirement Savings Plan)

• Contributions reduce taxable income and grow tax-free until withdrawal.
• The 2024 RRSP contribution limit is 18% of your previous year’s earned income, up to $31,560.
• Contribution deadline for 2023: February 29, 2024.

💡 Tip: If your income is lower now, defer deductions to a higher-income year for bigger tax savings.

2. Use a TFSA (Tax-Free Savings Account) for Investments

• Investments grow tax-free, and withdrawals are tax-free.
• The 2024 TFSA contribution limit is $7,000, with a lifetime max of $95,000 (if eligible since 2009).

💡 Tip: Invest in dividend stocks, ETFs, or high-interest savings accounts inside your TFSA for tax-free growth.

3. Claim All Eligible Tax Credits & Deductions

✅ Medical Expenses Credit – Claim if costs exceed 3% of net income.
✅ Child Care Expenses – Up to $8,000 per child under 7.
✅ Home Office Deduction – If you work from home, claim expenses.
✅ Tuition & Education Credits – Students can carry forward unused amounts.
✅ First-Time Home Buyer’s Tax Credit (HBTC) – $10,000 credit (saves $1,500 in taxes).
✅ Charitable Donations – Donations over $200 get a 29%-33% tax credit.

💡 Tip: Combine donations with your spouse’s to maximize tax credits.

4. Split Income with Family Members

• Spousal RRSPs: Contribute to a lower-earning spouse’s RRSP for future tax savings.
• Paying Family Members: If you own a business, paying a lower-income spouse or child shifts income to a lower tax bracket.

💡 Tip: Ensure salaries are reasonable and documented to comply with CRA rules.

5. Defer Taxes on Capital Gains

• Use capital gains exemption ($1,016,836 for small business shares in 2024).
• Sell investments in low-income years to pay less tax.
• Hold investments for at least 1 year to qualify for the 50% capital gains tax inclusion rate.

💡 Tip: Consider Tax-Loss Harvesting to offset capital gains with investment losses.

6. Contribute to an RESP (Registered Education Savings Plan)

• Government matches 20% of contributions up to $500 per year.
• Tax-free growth for your child’s education savings.

💡 Tip: Contribute $2,500 per year to maximize government grants.

7. Take Advantage of Pension Splitting

• If you receive eligible pension income, split it with your spouse to reduce overall tax liability.

💡 Tip: You can split up to 50% of eligible pension income.

🏢 Tax Planning Strategies for Businesses

1. Incorporate Your Business to Reduce Taxes

• The Small Business Deduction (SBD) lowers corporate tax rates to 9% (federal) + provincial rates on the first $500,000 of active business income.
• Defers personal tax until funds are withdrawn.

💡 Tip: Leave income in the corporation to defer personal taxes.

2. Pay Yourself with Salary or Dividends

• Salary: Deductible expense for the corporation + builds RRSP room.
• Dividends: No CPP contributions, but taxed at a lower rate.

💡 Tip: A mix of salary + dividends optimizes tax efficiency.

3. Income Splitting with Family Members

• Pay reasonable salaries to family members working in the business.
• Issue dividends to a lower-income spouse or child (over 18) through a family trust.

💡 Tip: Ensure salaries match the actual work performed to comply with CRA rules.

4. Write Off Business Expenses

• Common deductions:
  ✅ Office rent & utilities
  ✅ Home office expenses (portion of mortgage, internet, property tax)
  ✅ Business meals & entertainment (50% deductible)
  ✅ Vehicle expenses (gas, insurance, maintenance for business use)
  ✅ Professional fees (lawyers, accountants)

💡 Tip: Keep detailed records & receipts to avoid CRA audits.

5. Invest Business Profits Tax-Efficiently

• Use a Holding Company to invest retained earnings tax-efficiently.
• Consider corporate-owned life insurance for tax-free wealth transfer.

💡 Tip: Excess cash in an operating company may impact small business tax rates—use a holding company instead.

6. Take Advantage of SR&ED Tax Credits

• Scientific Research & Experimental Development (SR&ED) credit refunds 35% of R&D costs for Canadian-controlled private corporations (CCPCs).

💡 Tip: Keep detailed records of R&D activities to qualify.

7. Claim the Capital Gains Exemption on Business Sale

• The Lifetime Capital Gains Exemption (LCGE) shields $1,016,836 in gains when selling qualified small business shares.

💡 Tip: Structure your business properly to qualify for the exemption.

🚀 Final Thoughts

Strategic tax planning can save thousands for both individuals and businesses. Whether you’re looking to lower personal taxes or maximize corporate deductions, planning ahead is key!

Year-End Tax Planning Tips:

✔ Defer income to the next year if your tax bracket will be lower.
✔ Prepay deductible expenses (e.g., rent, utilities, medical expenses).
✔ Sell investments strategically to manage capital gains and losses.
✔ Contribute to an RRSP before the deadline to reduce taxable income.

Here are some essential tips for tax season in Canada to help you maximize your return and avoid penalties:

1. Know Your Deadlines

• The personal income tax filing deadline is April 30 (or the next business day if it falls on a weekend).
• If you're self-employed, the filing deadline is June 15, but any taxes owed must still be paid by April 30.

2. Gather Your Documents Early

• T4 (Employment Income)
• T5 (Investment Income)
• RRSP contribution receipts
• Medical expenses, tuition receipts, charitable donations
• Business or rental income records (if applicable)

3. Maximize Your Deductions & Credits

• RRSP Contributions: Reduce taxable income if contributed before the RRSP deadline (usually March 1).
• Childcare Expenses: Claim daycare, babysitting, and after-school program costs.
• Medical Expenses: If expenses exceed a certain percentage of your net income, you may claim them.
• Home Office Deduction: If you work from home, you may be eligible for deductions.
• Tuition & Education Credits: Students can claim eligible tuition fees.

4. Use Tax Software or a Professional

• CRA-certified tax software can simplify the process.
• If your tax situation is complex (e.g., self-employed, multiple income sources), consider hiring a tax professional.

5. Avoid Late Filing Penalties

• If you owe taxes and miss the deadline, you’ll face a penalty of 5% of the balance owed plus 1% per month.

6. Watch for CRA Benefits & Credits

• GST/HST Credit: Tax-free payments for low- to moderate-income individuals.
• Canada Workers Benefit (CWB): For low-income earners.
• Climate Action Incentive Payment (CAIP): Available in certain provinces.

7. Check for COVID-19-Related Benefits (if applicable)

• If you received COVID-19 benefits (e.g., CERB, CRB), ensure you've accounted for any tax owed.

8. Sign Up for Direct Deposit & CRA My Account

• Faster refunds and easier access to tax documents.

• The deadline for individuals is April 30 (or the next business day if it falls on a weekend).
• If you're self-employed, you have until June 15, but any taxes owed are still due by April 30.

You can file your taxes through:

• Online tax software (e.g., TurboTax, Wealthsimple Tax, UFile)
• A tax professional or accountant
• Paper return (mail it to the CRA)
• Community tax clinics (free for eligible low-income individuals)

• If you owe taxes, there’s a 5% penalty on the balance plus 1% per month late.
• If you don’t owe anything, you won’t be fined, but you could miss out on benefits (like GST/HST credits).

You must report:

• Employment income (T4 slip)
• Self-employment income
• Investment income (T5 slip)
• Rental income
• Government benefits (e.g., CERB, EI, CPP)
• Foreign income (if you’re a Canadian resident for tax purposes)

Common deductions include:

• RRSP contributions (reduces taxable income)
• Childcare expenses (daycare, babysitters, after-school programs)
• Medical expenses (if they exceed a certain percentage of income)
• Union/professional dues
• Home office expenses (if you work from home)

• Canada Workers Benefit (CWB) – for low-income earners
• GST/HST Credit – tax-free payments for eligible individuals
• Climate Action Incentive Payment (CAIP) – for residents of certain provinces
• Disability Tax Credit (DTC) – for individuals with disabilities
• Tuition & Education Credit – for students

Yes, benefits like CERB and EI are taxable, and you may owe tax if not enough was deducted at the source.

• Log into CRA My Account
• Use the "MyCRA" app
• Call the CRA tax information line

You can pay:

• Online banking (CRA as a payee)
• CRA’s My Payment system
• Pre-authorized debit
• At a bank or Canada Post location

The CRA recommends keeping tax records for at least 6 years in case of an audit.

You can correct errors using the CRA's "Change my Return" service in CRA My Account or by submitting a T1 Adjustment form.

Yes, you can file for past years. If you’re owed a refund, there’s no penalty, but if you owe taxes, interest may apply.

Starting a corporation in Canada is a big step that comes with legal, financial, and operational responsibilities. Here are some key tips to help you set up and run your startup corporation successfully.

1. Choose Between Federal or Provincial Incorporation

• Federal Incorporation: Provides nationwide business name protection and allows you to operate in any province.
• Provincial Incorporation: Limits name protection and registration to a specific province but may have simpler requirements.

💡 Tip: If you plan to operate across multiple provinces, federal incorporation might be better.

2. Register & Incorporate Properly

• Choose a unique business name and check availability using NUANS (Newly Upgraded Automated Name Search).
• File incorporation documents through Corporations Canada (federal) or your provincial registry.
• Obtain a Business Number (BN) from the Canada Revenue Agency (CRA).
• Register for permits and licenses based on your industry and location.

💡 Tip: Some industries (e.g., construction, healthcare, finance) require additional licenses.

3. Understand Tax Obligations & Benefits

• File a corporate tax return (T2) annually, even if you have no income.
• Take advantage of the Small Business Deduction (SBD) to reduce corporate tax rates.
• Register for GST/HST if your revenue exceeds $30,000 per year (or earlier if you want to claim input tax credits).
• Keep financial records for at least 6 years for tax and legal purposes.

💡 Tip: A tax professional can help you maximize deductions and reduce tax liability.

4. Open a Business Bank Account & Manage Finances

• Open a corporate bank account to separate business and personal finances.
• Use accounting software like QuickBooks, Xero, or Wave to track expenses and income.
• Set up a payroll system if you hire employees.

💡 Tip: Good financial management helps with securing loans and investor confidence.

5. Protect Your Business with Legal Agreements

• Draft a shareholder agreement if multiple owners are involved.
• Register trademarks, patents, or copyrights to protect intellectual property.
• Get business insurance (liability, property, cybersecurity, etc.).

💡 Tip: A lawyer can help draft contracts and agreements to protect your business.

6. Hire & Manage Employees Properly

• Register for payroll deductions with the CRA.
• Follow employment standards laws (minimum wage, overtime, workplace safety).
• Offer competitive salaries and benefits to attract top talent.

💡 Tip: Check for government grants and wage subsidies for hiring employees.

7. Secure Funding & Manage Cash Flow

• Explore funding options:
  • Government grants & loans (e.g., Canada Small Business Financing Program, IRAP)
  • Angel investors & venture capital
  • Bank loans & lines of credit
  • Crowdfunding & bootstrapping
• Keep track of cash flow to avoid running out of funds.

💡 Tip: Apply for funding early—some grants have limited availability.

8. Develop a Strong Marketing & Sales Strategy

• Build an online presence (website, social media, SEO).
• Leverage digital marketing (Google Ads, Facebook Ads).
• Network through industry events and business associations.
• Offer competitive pricing and customer incentives.

💡 Tip: Consider influencer marketing or partnerships for brand exposure.

9. Stay Compliant & Maintain Corporate Records

• File an Annual Return with Corporations Canada or your provincial registry.
• Maintain corporate records, including meeting minutes and financial statements.
• Renew business permits and licenses as required.

💡 Tip: Missing filings can lead to penalties or even dissolution of your corporation.

10. Plan for Growth & Scaling

• Expand strategically by entering new markets or offering new services/products.
• Automate and streamline operations for efficiency.
• Consider exporting with support from Export Development Canada (EDC).

💡 Tip: Have a long-term strategy for scaling while maintaining financial stability.

If you are a shareholder in a Canadian corporation and need to decide between taking dividends vs. salary, the choice depends on various factors, including tax efficiency, CPP contributions, RRSP room, and business structure. Here's a breakdown:

1. Salary:

A salary is paid as employment income from the corporation and is subject to payroll deductions (e.g., income tax, CPP, EI if applicable).

Pros:
✅ Creates RRSP Contribution Room – RRSP room is based on 18% of earned income (up to annual limits).
✅ CPP Contributions – Contributing to CPP means you'll receive benefits in retirement.
✅ Consistent Income – Helps with mortgage applications and personal financial planning.
✅ Deductible for the Corporation – Reduces corporate taxable income.

Cons:
❌ CPP Contributions – Both the employer (corporation) and employee (you) must contribute, increasing costs.
❌ Higher Personal Tax Rate – Salaries are taxed at marginal tax rates, which may be higher than dividends in some cases.
❌ Payroll Administration – Requires setting up payroll remittances to the CRA.

2. Dividends:

Dividends are distributions of after-tax corporate profits and are taxed in the shareholder's hands at a lower rate due to the dividend tax credit.

Pros:
✅ Lower Personal Tax Rate – Eligible and non-eligible dividends are taxed at lower rates than salary.
✅ No CPP Contributions – No payroll deductions, meaning more cash flow today.
✅ Less Paperwork – No need for payroll setup or remittances.

Cons:
❌ No RRSP Room – Dividends are not considered earned income for RRSP purposes.
❌ No CPP Benefits – You won’t contribute to CPP, reducing future retirement benefits.
❌ Fluctuating Tax Rates – The taxation of dividends can change with federal or provincial policies.

3. Which is Better?

It depends on your situation:

• If you need steady income, RRSP room, and CPP benefits → Salary is better
• If you want tax efficiency and flexibility → Dividends is better

In Canada, a corporation owner (i.e., an incorporated business owner) generally cannot claim their personal home mortgage payments as a business expense. However, they may be able to claim a home office expense under certain conditions. Here’s how it works:

1. Home Office Expense Deduction for Employees of Their Own Corporation

If you, as a corporation owner, work from home and are an employee of your corporation, you may be able to deduct a portion of your home expenses if:

• You have a formal employment agreement stating that you are required to use part of your home for business purposes.
• The workspace is used exclusively and regularly for business activities.
• You do not receive full reimbursement for home office expenses from the corporation.

However, mortgage payments themselves are not deductible for home office expenses. Instead, you may claim a portion of:

• Mortgage interest (but not principal payments)
• Utilities (electricity, heat, water)
• Property taxes
• Home insurance
• Maintenance costs

The deductible portion is typically calculated based on the percentage of your home’s square footage used for business purposes.

2. Corporation Paying Home Expenses Directly

If your corporation pays for your mortgage or home expenses directly, this would be considered a shareholder benefit (i.e., a taxable benefit to you personally). This means you would have to include the amount as personal income, making it an inefficient tax strategy.

3. Renting Home Office Space to Your Corporation

An alternative approach is to have your corporation rent office space from you. You can charge fair market rent to the corporation, and the corporation can deduct this rent as a business expense. However:

• You must report the rental income on your personal tax return.
• You can deduct related expenses, including a portion of mortgage interest, property taxes, utilities, etc.
• The rent charged should be at fair market value to avoid scrutiny from the Canada Revenue Agency (CRA).

Conclusion

You cannot directly claim mortgage payments as a home office expense, but you may be able to deduct mortgage interest and other home-related expenses if you qualify. Alternatively, renting space to your corporation is a possible tax strategy but must be done correctly to comply with CRA rules.

In Canada, self-employed means that you work for yourself rather than being employed by a company or organization. You operate your own business or provide services independently. This can include freelancers, independent contractors, business owners, and gig workers.

Key Features of Being Self-Employed in Canada

1. No Employer – You don’t have a boss; you manage your work and income.

2. Tax Responsibilities – You must file taxes as a self-employed individual and may need to register for a GST/HST number if your income exceeds $30,000 annually.

3. No Automatic Benefits – Unlike employees, you don’t receive employment insurance (EI), health benefits, or pension contributions from an employer (though you can contribute to the Canada Pension Plan (CPP) and optional self-employed EI).

4. Flexibility & Risk – You control your schedule and earnings but also take on financial risks.

5. Legal & Business Structure – You can operate as a sole proprietor, in a partnership, or incorporate your business for legal and tax advantages.