Tips on Tips
An employee who makes tips (aka gratuities) as part of their income is obligated to declare that income on their personal tax return.
Better Together – A Success Story
We are pleased to announce that today we presented a $3,500 cheque to Peterborough’s Brock Mission Homeless Shelter. The cheque represents the result of a September fundraising event held for the Brock Mission where our firm accepted over 1,400 gallons of shredding material from the community in exchange for a donation to the Brock Mission. … Read more
Record Keeping: I need more space – what documents can I shred & which do I keep?
Originally posted September 11, 2019 – Updated August 22, 2022 Do I need to keep records when I have hired an accounting service? According to the law, you must retain and protect any records related to your personal or business tax returns even if you hired Cody & James, or another third party to prepare … Read more
The Importance of Naming Beneficiaries
A number of clients have recently needed an explanation on the difference between beneficiaries named in a Will and beneficiaries named to a particular investment. When an individual dies, the value of all assets held on the date of death are subject to a Provincial “Estate Administration Tax” (usually called Probate tax) except those that … Read more
Are GIC’s a Good Investment for Me?
GICs, or Guaranteed Investment Certificates, were once very popular. Essentially a GIC is a loan you make to a financial institution for a fixed rate of interest for a fixed period time. With interest rates currently very low the GIC seems to have fallen out of favour but let’s give it a second chance. The … Read more
Don’t Miss the 2019 Tax Changes!
Written by Gwyneth James MBA CPA, CGA Senior Partner If you have been a little busy lately managing work, kids, or other responsibilities you may have missed a few changes to tax- and employment-related rates for 2019. Here’s a quick recap: The maximum rate per kilometer that an employee or shareholder is allowed to claim … Read more
Giving Employees Holiday Bonuses
Written by: Gwyneth James MBA, CPA, CGA Holiday Bonuses! Don’t give out bonuses to your employees before reading this! At this time of year, you may be wondering about the rules for giving your employees bonuses and gifts for Christmas or year-end. The CRA has specific rules about giving employees gifts and bonuses that determine … Read more
Joining Forces with a National Accounting Organization!
Media Release – September 5, 2018 Business partners Suzanne Cody and Gwyneth James are pleased to announce that they have joined Porter Hétu International, a Canadian-based organization of accounting firms. Cody & James CPAs, a local firm that provides full-service accounting for small to medium-sized businesses, will now be able to provide assurance engagements (reviews … Read more
Have You Set Up Your Shares?
Written by: Suzanne Cody CPA, CGA Senior Partner Have you set up your shares? One of the most important things you need to do when creating a new corporation, in addition to preparing Articles of Incorporation, is to set up share classes. Do you really own your corporation? Unless it is restricted by its articles, … Read more
3 Things You Need To Do When Starting Up A Corporation
Written by: Suzanne Cody CPA, CGA As busy as you are when you are just getting things going, it is important to be mindful of Tax issues. There is a great deal of juggling going on with so many puzzle pieces to put together when setting up a newly formed corporation. If you want to … Read more