Quadrant Accounting

“A whole host of federal tax changes come into effect in the new year. Some will hit your paycheque, others your bills — and if you’re a small business owner, there are a couple of changes coming for which you’ve likely been preparing for months.” http://bit.ly/2B2EMuD

“Changes in your marital status can have a big implication on your taxes and on your financial situation,” says Boivin. “This might be a good time to sit down with your financial professional and review your overall situation.” http://bit.ly/2T4jfJe

“Total insolvencies in Alberta in November 2018 — including actual bankruptcies and proposals — for were up 20.2 per cent from November 2017.” http://bit.ly/2T6GySz

“Record debt burdens, rising borrowing costs and, in some cases, bigger payday loans are driving many Canadians to seek relief, according to several licensed insolvency trustees who spoke to Bloomberg.” http://bit.ly/2T7AKbi

“Buy stocks low in a private placement and you could be lucky enough to face a problem if they have grown into something much bigger by the time you move them into an investment account” http://bit.ly/2ARBwSR

“People are focusing on the immediate priorities. If you take a long-term approach and you have a financial plan, these turns in the market don’t touch you.” http://bit.ly/2SWJAIS

“It’s a common misconception that incorporation somehow gives you access to magical tax deductions that a sole proprietorship does not. That’s not really accurate.” http://bit.ly/2ACGDq1

“Directors are jointly and severally liable for some of the tax debts of the corporation of which they are a director.” http://bit.ly/2SDxHHK

“Your income tax file may be selected for review randomly, or for reasons such a discrepancy between the figures you cited and those of a third-party, such as your employer. An unusual change in your activities, such as an increase in medical expenses or child care costs, may also trigger a closer look from the tax collector.” https://tgam.ca/2Ar5UDy

“I plan to convert a portion of my RRSP to a RRIF and withdraw $10,000 annually starting 2019…Is this a good strategy?” http://bit.ly/2ArDdGl

“When you earn money from renting out part of your home, it may qualify as either rental or business income for taxation purposes, which is why it’s important that you know which category your income falls under come tax time.” http://bit.ly/2AqiNh1

“If you’re a parent who pays for child care that enables you to work, you may be entitled to some tax relief when you file your 2018 tax return.” http://bit.ly/2AkVSUf

“One of the great lessons of history is that it is not so much periodic downturns that can cause problems for long term investment plans so much as it is specious beliefs about supporting fundamentals that can really wreak havoc. Often, we have decent information in front of us but we get distracted and focus on, and believe, something else.” http://bit.ly/2AgPJZ7

“Think longer-term, as saving now means more flexibility in the future.” http://bit.ly/2A5DFtO

“Registered plans must avoid investments or transactions that are structured so as to “artificially shift value into or out of the plan or result in certain other supplementary advantages.” “ http://bit.ly/2S5kreN

“When saving and planning for retirement, it pays to take a long-term approach with today’s decisions – and to personalize them.” http://bit.ly/2A1NGs6

“The tide is shifting and there is a new wave of family business owners coming along: those that recognize the value gained from an external support network.” http://bit.ly/2ryW5OL

“If an investment becomes delisted and moved to over-the-counter (OTC) then it no longer qualifies, with the exception being Canadian public companies, which can become OTC and still be considered a qualified TFSA investment.” http://bit.ly/2rxqddr

“The cash-based nature of the food and beverage sector, in addition to the growing use of electronic sales suppression software within this industry, make it an ongoing area of tax non-compliance concern.” http://bit.ly/2ru4djy