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.
An employee who makes tips (aka gratuities) as part of their income is obligated to declare that income on their personal tax return.
Written by Gwyneth James MBA CPA Okay, I know…accounting is the farthest thing from your mind right now, but hear me out. There are just a few items that you need to take care of while you sip your glass of eggnog. If you have a vehicle you use for business or employment, don’t forget … Read more
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
The biggest change, once one retires, is the lifestyle change: what do you do when you used to go to work. This can be a hard adjustment. Another big change is in the area of finances and taxation and that is what we will look at here. Debt Debt is simply much more difficult to … Read more
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
Written by: Gwyneth James MBA CPA, CGA Senior Partner You’ve been moving around and renting for the past five years or more, but now want to buy a home. Unfortunately, the only savings you have are in RRSPs. Don’t cash them in! The Home Buyer’s Plan (HBP) allows you to “borrow” up to $25,000 of … Read more
Written by: Suzanne Cody CPA, CGA Senior Partner When you need equipment you don’t necessarily have to buy it, you have options. You could lease it instead. Leasing is often a good alternative to applying for a loan. Equipment financing is designed specifically for the purchase of business equipment. There are three main options for … Read more
Written by: Gwyneth James MBA CPA, CGA The Tax Free Saving Account (TFSA) has been around now for ten years and is pretty popular with good reason – everyone should have one. There is no tax deduction for contributions to a TFSA. The ‘tax free’ relates to any investment earned by the TFSA. It is … Read more
Written by; Suzanne Cody CPA, CGA, Senior Partner Just exactly what are financial ratios? In business, they are a measure of a company’s financial and operating performance. They are used to demonstrate the value of the business. They can be used to compare a business to other businesses in both similar and different industries as … Read more
In partnership with the Chartered Professional Accountants of Canada’s (CPA Canada) financial literacy program, we are very pleased to be presenting a special clinic to help improve the financial literacy of the Peterborough business community. We will be hosting a 60-minute session titled Understanding Financial Statements. This is a basic session explaining the terms … Read more