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Trust No Accountant

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Sanjeey Khatter, like many Canadians today, was in the dark as to how to file his taxes. Therefore he took on a tax preparer to assist him with his financial needs. What occurred after was an unfortunate mixture of poor judgment and severe carelessness.

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by MadanCA Team on February 10, 2016 @ 7:23 pm

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Personal Tax Saving Advice for Mississauga Residents

Interview with Justin Goulet This is news director Justin Goulet and I am here in the studio with Allan Madan, Chartered Accountant. The tax season is upon is so he is going to give you some helpful tips to survive this season. Justin: Allan, how are you today? Allan: I am doing well Justin, and … Continue reading Personal Tax Saving Advice for Mississauga Residents

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INCOME TAX TIPS FOR SOLE PROPRIETORS

Do you own your own company? Are you interested in how you can save taxes on a one-person business? In this article, I will show you several real-world management tips. I will explain how using these sole proprietorship hints can help save you money and reach your goals. Before we do that, however, let us … Continue reading INCOME TAX TIPS FOR SOLE PROPRIETORS

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Should I use an Accountant or Tax Software?

As we advance technologically into the millennium era, we have become more and more dependent on technology as a channel to accomplish things in our life. The ever so growing trend is encouraging families and individuals to steer away from human interaction and look towards technological alternatives. This can be seen in the world of … Continue reading Should I use an Accountant or Tax Software?

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FINANCIAL PLANNING FOR CANADIANS: STARTING EARLY, STARTING SMART

WHY CANADIANS SHOULD START PLANNING THEIR FINANCES As Canadians, many of us may know the importance of preparing our finances for the future. However, it is a topic that is most dreaded. The idea of financial planning may get pushed into the back of our minds and forgotten about, only appearing around tax season. When … Continue reading FINANCIAL PLANNING FOR CANADIANS: STARTING EARLY, STARTING SMART

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Accounting Services for Various Company Sectors

Accounting is the broad term related to each and every monetary sector (public or private) which measures, processes as well as communicates the financial information about economic entities. It is generally known as “language of business” that measures result of an organization’s economic activities for conveying the information to various users like investors, managers, creditors, … Continue reading Accounting Services for Various Company Sectors

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Tax Credits for Hamilton Industrial Manufacturing and Processing Corporations

SR&ED Tax Credit Program Manufacturing and processing companies that have qualified expenditures  related to research and development activities may be eligible for the very lucrative scientific  research & experimental development tax credit.  Incorporated Canadian-controlled private corporation (CCPC) can generally claim an investment tax credit (ITC) of 35%, a 100% refund on qualified SR&ED current expenditures … Continue reading Tax Credits for Hamilton Industrial Manufacturing and Processing Corporations

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Tax Tips for Seniors

Tip 1 – Always file a tax return even if you have no income Many retired individuals that have low or zero income assume they do not have to file a return.  This is a big mistake and can lead to a loss of hundreds of dollars in benefits and credits.  These include GST/HST Credit, … Continue reading Tax Tips for Seniors

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Tax Implications for Room and Board

Employers need to include room and board somewhere in the calculation of their nanny’s payroll. The Canadian Revenue Agency (CRA) states that free housing and meals provided to an employee is a taxable benefit and must be reported.  However, most employers charge up to the maximum amounts allowed by Employment Standards.  Each province’s maximums are … Continue reading Tax Implications for Room and Board

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Financial Advice and Retirement Income Planning Mississauga

Nathan Parkhouse is an experienced financial advisor. After working with several financial firms, he opened his own private practice ‘Parkhouse Financial’ in 2006. He is devoted to tax efficient wealth creation and preservation and focuses on retirement income planning. Nathan is a Certified Financial Planner (CFP), Chartered Investment Manager (CIM), Financial Management Advisor (FMA), and … Continue reading Financial Advice and Retirement Income Planning Mississauga

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The new U.S. Foreign Account Tax Compliance Act and what it means for US residents (including US citizens) in Canada

On February, 2014, the government of Canada and the U.S. has finalized the Foreign Account Tax Compliance Act (FATCA) which will come into effect on July 1, 2014. This agreement will provide the Internal Revenue Service (IRS) with better access to information about US residents’ foreign bank activities and means trouble for US residents who … Continue reading The new U.S. Foreign Account Tax Compliance Act and what it means for US residents (including US citizens) in Canada

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