Ask the Accounting Expert – Jenn Nadeau

Ask the Accounting Expert – Jenn Nadeau Small Business Job Credit The Government has implemented a new small business job credit for the years 2015 and 2016 to help lower the amount of Employment Insurance (EI) paid by small businesses.  You will be eligible for the credit if you meet all of the criteria in […]

Ask the Accounting Expert – Jennifer Nadeau

  Ask the Accounting Expert – Jennifer Nadeau There are two ways to extract funds from a corporation, either pay a dividend or receive a wage.  The payment of dividends comes from after-tax corporate profits whereas wages are a deductible expense to the company.  Both are taxed differently in the hands of the individual.  Now […]

Ask the Accounting Expert – Jennifer Nadeau

Ask the Accounting Expert – Jennifer Nadeau Have you ever wondered how long you need to keep old income tax records? According to the Canada Revenue Agency’s website “generally, you must keep all required records and supporting documents for six years from the end of the last tax year they relate to”. For individuals this […]

Ask the Accounting Expert – Jennifer Nadeau

Ask the Accounting Expert – Jennifer Nadeau Paying Tax by Installments Now that the 2014 tax season is over you might think that you have until next April 30th before you have to pay your 2015 income tax.  However you are required to pay instalments during year if your net tax owing will be more […]

Ask the Accounting Expert – Jennifer Nadeau

Ask the Accounting Expert – Jennifer Nadeau In the last couple of weeks I’ve had a lot of individuals bring in their medical receipts hoping to use these expenses as a credit on their personal tax return.  This is a great way to reduce the amount of tax owing for the year however there are […]

Ask the Accounting Expert – Jennifer Nadeau

Ask the Accounting Expert – Jennifer Naeau If you haven’t already heard, the government has implemented a number of tax changes for 2014/2015. The Family Tax Cut This credit is available to couples with at least one child under the age of 18.  It allows the higher income spouse to transfer up to $50,000 to […]

Ask the Accounting Expert – Jennifer Nadeau

Ask the Accounting Expert – Jennifer Nadeau Moving Expenses If you moved in the last year for a new job or to attend a post secondary institution full time, don’t forget to include the eligible expenses on your tax return. The move must be at least 40 km’s and the amount you can deduct is […]

Ask the Accounting Expert – Jennifer Nadeau

Now that 2014 has come and gone it’s time to look at your RRSP’s and determine whether additional contributions are necessary before the March 2, 2015 deadline. Your RRSP deduction limit for 2014 can be found on your 2013 Notice of Assessment.  You can contribute up to 18% of your earned income from 2013 up […]