News

It’s that time again….

Another year, another tax season. Many people engage a professional to prepare their tax return assuming that will ensure nothing is missed, but even the pros can only work with what information they are given and there is a limit to the number of questions they will ask. Here are some areas that frequently get … Read more

The New Income Splitting Program

We are all looking for ways to pay less income tax.  Recently, the federal government announced a new income splitting program for families.  The main beneficiaries of this are two parent families in different tax brackets. …read more about this: Income Splitting

Cody & James purchases BGS Accounting and Bookkeeping

We’re growing!  BGS Accounting and Bookkeeping is hanging up its pencil and we’re pleased to announce the recent acquisition of its fine clients.  We look forward to offering them the benefits of our services.

TCP Accounting changes to Cody & James

Brand new name, same great accounting firm! Gwyneth took on a partner, Suzanne Cody CGA, and changed the name…but that’s the only thing we’ve changed.

Investment Tax Credits – SR&ED

One of the many Investment Tax Credits offered to businesses is for SR&ED expenditures – Scientific Research and Experimental Development. These tax credits are intended to encourage research and development in many different sectors and are available to all sizes of business, not just large corporations. Even sole proprietors can claim them. Making a successful … Read more

Capital Gains

The majority of taxpayers only encounter capital gains in two possible scenarios: (1) they sell mutual funds, shares or bonds as part of their investment portfolio or (2) they sell a cottage. The taxpayers must pay income tax on the gain they realized – the difference between the selling price and the amount they paid … Read more

Closing Your Business

You’ve had a good run, but now it’s time to wrap things up and close your business. Often, people think they can just walk away and ignore the business, but it’s not that easy. This is another example of how your business resembles your child!… to read more, download: “Financial Notes” Connection Article September 2012

Using Your Home for Business

As a sole proprietor, you are allowed to deduct a portion of your home expenses as a cost of operating your business, but this deduction must be applied with discretion… to read more, download: “Financial Notes” Connection Article August 2012

Using Your Vehicle for Business

If you use your vehicle for your business you can recognize that usage as an expense to your business. Vehicles that are used 90% or more for business can be owned by the business… to read more, download: “Financial Notes” Connection Article June 2012

Income Splitting

Income splitting is a tax strategy that involves transferring income from a higher-earning spouse to a lower-earning spouse or adult child… to read more, download: “Financial Notes” Connection Article March 2012

Cody & James Chartered Professional Accountants