Why we #LoveLocalPtbo!
We are long-standing and proud members of the Greater Peterborough Chamber of Commerce. As such, we were pleased to support and be a part of the #LoveLocaPtbo campaign. Check out why we love our community so much;
Tax-Deductible Interest – What is eligible & what is not!
Written by: Gwyneth James MBA CPA, CGA Senior Partner There are many examples in income tax where the interest paid on a loan can be deducted from taxable income: mortgage interest on a rental property, loan interest on a business line of credit, and credit card interest on business credit cards, to name a few. … Read more
The Accounting Zone – July 2017
The latest edition of The Accounting Zone is now available. Click here to read our current newsletter publication. To subscribe to our newsletter, click here.
Driving A Vehicle for Business Use
Written By: Amanda Beard, Bookkeeper Do you drive a vehicle for business use? Did you know the Canada Revenue Agency (CRA) requires you to keep a log of business trips and receipts to claim vehicle expenses? Eligible vehicle business expenses include fuel, repairs and maintenance, insurance, licenses and registration fees, leasing costs, loan interest and … Read more
The Nightmare of RRSP Over-Contributions
Written by: Gwyneth James MBA CPA, CGA, Senior Partner For many years, taxpayers have been able to contribute to special investments called RRSPs (Registered Retirement Savings Plans) which are deducted from taxable income, but taxed when they are withdrawn – typically in retirement years. There is a limit on the amount you’re allowed to contribute: … Read more
4 Reasons Why You Need a Bookkeeper
Written by: Suzanne Cody, CPA CGA As soon as you start a business, you need to start keeping track of every transaction no matter how small. Every movement of money in and out of your account needs to be recorded. Depending on the volume of these transactions, you may or may not be able to … Read more
The Accounting Zone – February 2017
Hot off the press! The February 2017 Accounting Zone is here! Read the latest issue! Sign up for the Accounting Zone newsletter.
Should You Incorporate a Service Based Business?
Written by: Suzanne Cody CPA, CGA Single shareholder corporations are probably one of the most common types of corporations created in Canada. When making the decision to incorporate, you should be aware of the pitfall of becoming an incorporated employee. As many contractors are finding out, tax-wise, it’s the most dangerous. It is known as … Read more
New and Often Overlooked – Preparing for Your 2016 Personal Tax Return
Written by: Gwyneth James MBA CPA, CGA, Senior Partner Another year, another tax season. And as with most tax seasons, there are a few changes to be aware of. This year the change that has caused the most attention – and misinformation – is the declaration of the sale of your principal residence. NO, the … Read more
Are you Buying a Rental Property & Can’t Decide If You Should Own It Personally?
Written by: Suzanne Cody, CPA, CGA, Senior Partner If you are planning to delve into real estate as a source of income, there’s a lot of decisions you will need to make. One very common one is how to structure the ownership of the property. Two of the most common structures are personal and corporate. … Read more