While tax season may seem far off, early preparation is important for both individuals and businesses in Canada. Taking advantage of this quiet period can help optimize tax savings, reduce liability, and allow ample time to explore strategies that align with your...
Freelancing in Canada can offer flexibility and the freedom to work on your terms, but it also comes with important tax responsibilities. Unlike traditional employees, freelancers are responsible for managing their taxes, which includes reporting income, registering...
Over the last decade, cryptocurrency has emerged as a popular investment option, capturing the attention of both seasoned investors and newcomers alike. However, as with any investment, it's important to understand the potential benefits and risks associated with this...
Whether you’re drowning in debt, dreaming of a tropical vacation, or simply want to stop living paycheck to paycheck, these seven tips will help transform the way you manage your money.
Explore the 7 strategies you need to improve your company’s financial health and position your business for success in the years to come.
To help demystify the process and keep your tax audit on track, here are some essential dos and don’ts when dealing with CRA auditors
As the tax season begins to wind down, Canadian taxpayers are reminded of the fast-approaching deadlines to file their 2023 tax returns and settle any outstanding tax liabilities. Whether you’re filing as an individual or a business, staying informed and organized...
As we (hopefully) start saying goodbye to the last of the snow and the days grow longer, we Canadians know it’s not just the promise of spring in the air - it’s also tax season. A time often associated with stress and worry, especially around finances. However, tax...
In the journey of life, love, and finances often intertwine in the most unexpected ways. For couples navigating their path together, merging financial affairs represents a significant milestone - one that is legally acknowledged through the act of filing joint taxes....
Understanding and utilizing effective tax-saving strategies can have a profound impact on your financial stress and overall success. Effective tax planning is not only a smart way to reduce your tax liability, but also plays a big role in maximizing your...
In the wake of economic uncertainties and fluctuating markets, businesses are increasingly looking for effective ways to tighten their belts and save on expenses as they move into 2024. It’s smart business as cost management is crucial for maintaining profitability...
The end of the year is creeping closer, and you know what that means: the holidays are on their way! Whether you're a small startup or a multinational corporation, the festive season provides a perfect opportunity to thank your employees for their hard work and...
For unprepared businesses, filing tax returns can be a nightmare especially when you don’t have the right skills and knowledge. What deductions and tax breaks are you eligible for? What tax bracket do you fall into? What expenses can you write off? It can become...
As summer starts winding down, the vacations start to wrap up, and work and school move back into full swing, it's back to the good old routine for many Canadians. The resumption of everyday workplace habits usually means more coffees, social networking lunches, wine,...
As we approach back to school season, it’s yet another reminder to parents of how quickly those child-rearing expenses can add up. That’s why we’re serving up our own reminder that, thanks to established tax laws in Canada, caregivers can access various child tax...
A ‘green home’ is any residence that is specifically designed, or has been retrofitted, to use significantly less energy and resources compared to a standard home. While being an eco-friendly way to reduce one’s overall carbon footprint, a green home can also save you...
The prospect of buying a new home can be both exciting and intimidating, especially for first-time buyers. It’s a big financial move, often the biggest that many will make over the course of their lifetime! That’s why it’s important to know which programs, credits,...
There has been a massive uptick in employees working remotely, and with that comes the added bonus of being able to work from different locations… including different countries! However, no matter where you decide to call ‘home’ for a few months or a few weeks, the...
Congratulations, you’ve made the decision to purchase a new vehicle! However, you’re now faced with the choice of putting it under your name or your company’s name and weighing up the pros and cons for each side. Before committing to what name to put on the ownership...
Utilizing investments is one of the most overlooked ways to minimize your tax burden. By structuring your investments to take advantage of tax laws, you can pay less tax, keep more of your returns, and achieve more financial growth. Below are five ways that you can...
Whether you’re filing personal or corporate income taxes, the front half of the year is chalk-full of deadlines that you need to be aware of. Overlooking important dates can lead to significant financial penalties so you want to make sure you’re doing everything you...
We’ve turned the page on 2022 which means it’s time to start looking ahead towards the new fiscal year and a new annual forecast. Creating a comprehensive financial forecast provides you with insights into your company’s yearly budget. It also allows for you to...
With the end of December approaching and the New Year on the horizon, many businesses have been hard at work starting to plan their corporate budget for 2023. And why not? Being proactive when it comes to your business’s finances is an admirable habit to get into....
Jack Frost is nipping at noses and the holiday lights have begun to pop up all over the city. It can only mean one thing… the holiday season is upon us! While we love this time of year as much as anyone, we’re also very aware of how expensive it can quickly become. If...
Love it or hate it, we have more technology at our fingertips than ever before. This means more methods of automation, new tools to keep our finances straight, and additional ways to keep ourselves fiscally accountable. However, mistakes can still happen. While some...
If you feel like the time has been passing fast, you’re not alone! We’re already mid way through September, which means we’re waving goodbye to Q3 and saying hello to Q4. Which means it's time to start the task of Q4 preparation! To ensure you’re prepared to tackle...
No doubt about it, little things can add up to make a big difference when it comes to tax rebates. Half the battle, however, is knowing what those ‘little things’ are so you can get a handle on what needs to be tracked and accounted for at the end of the tax year....
When preparing to launch your business, one of the most important decisions that you’ll have to make is what type of legal and tax structure it will have to best support your goals. What you choose must comply with tax law, so it’s important to fully understand the...
A note to the reader: We here at Isaac Achal Professional Corporation would like to dedicate this blog to one of our own, Abigail Singh, who sadly passed away this last month. Abigail, you touched so many lives and you are, and will always be, truly missed. The loss...
If you’ve been daydreaming about hitting the road or taking off to the nearest beach, trust us, you’re not alone! A vacation can give you the time to unwind that you’ve desperately needed, especially after tax season, but it can also put quite the ‘ding’ on your...
While filing income tax doesn’t usually make it on peoples ‘top 10’ of their most exciting yearly endeavors, receiving a tax refund is always exciting! I think we can all agree that it’s a much better experience than owing money! If you’re one of the lucky people that...
Tax season can be a delicate equilibrium – we love it when we get a return but we’re not as fond of it when we end up owing. Couple that with the ambiguity of not knowing what tax deductions to claim, and if we actually qualify to claim it, and we can end up missing...
Chances are you’ve heard terms like ‘trusts’ and ‘partnerships’ before – but what do they really mean in relation to your business and filing your taxes? Below, we’ll discuss both in depth so that you have an understanding of each and their importance relative to your...
When it comes to owning and operating a business, deciding how to pay yourself can be a tricky decision to make. If your business is a corporation, meaning that it is considered to be a legal entity separate from you as an owner, you have options! You can pay yourself...
Gifts are something thoughtful that show the people around us that we appreciate and value them. Whether you’re thinking about gifting something to your customers or your employees, it’s important to be aware of the potential tax implications. After all, nobody likes...
Corporate tax season is just around the corner and for many the prospect can be quite daunting - especially if this is your first time handling your business finances. One of the best things that you can do is to start preparing early. By doing this you‘ll avoid the...
Did you know that according to the Canadian Federation of Independent Business (CFIB), 20 percent of small businesses in Alberta don't expect to survive this pandemic?...
New to the world of corporate tax returns? Not quite sure how they differ from the personal taxes you've been filing for years? Our Chestermere accountant breaks down the major differences between the two in this week's article. Knowing your T2s from your T1s is part...
Wondering how you can best structure your estate planning to make it more tax efficient? Here's a few tips from our Chestermere accountant. Estate planning can be a touchy subject. Along with the morbid nature of the exercise, there can be a lot of unpleasant or...
Wondering how good bookkeeping can help keep your business afloat and save it money over the long run? Our Chestermere accountant breaks down the five main ways it can do so in our article this week. Bookkeeping is the basis of all accounting work. Without the...
Worried about being audited by the CRA? Roughly 30,000 Canadians a year receive the dreaded letter in the mail stating they're about to be audited. But there are ways you can lower your risk of being one of those unlucky people. Here are the top four. Trust but...
Unaware of how important payroll compliance is to your business? In addition to keeping your employees happy by paying them on time and the correct amount they're owed, proper payroll compliance will keep the CRA happy and off your back. Running a business is a lot...
The federal government is extending the Canada Emergency Wage Subsidy (CEWS) program until the end of August after it was initially set to expire at the beginning of June. But the much-ballyhooed economic response measure has seen a lot less interest and engagement...
Did you know that the CRA is temporarily changing how it conducts audits and reassessments due to COVID-19? Our Chestermere accountant takes a closer look and breaks down all the changes for you in our article this week. While changes to the CRA's audit and...
Not up to speed on the changes Canada has made to personal income taxes this year due to the COVID-19 pandemic? Our Chestermere accountant outlines them all in the article below. Read on to find out more. The federal government has enacted numerous measures to help...
Having trouble keeping up with all the changes announced by the federal government when it comes to their COVID-19 economic response plan? Our Chestermere financial experts and Chartered Professional Accountants has been keeping track of all the latest developments,...
Wondering what the latest details surrounding Canada's COVID-19 economic response plan are? Our small business accountant Chestermere financial expert has dug through the federal government's plan so you don't have to, and rounded up the most important points. The...
Are you worried about the impact the upcoming coronavirus-related recession will have on your finances? Not sure if you'll be able to weather the storm? Our Chestermere accountant has put together a helpful list of tips that will help make your finances more...
Are you worried about your business' ability to survive the current COVID-19 induced recession? Not sure what you should do to stay afloat in these turbulent times? Our Chestermere accountant has cobbled together three ways you can make your business more...
Have you been wondering if you should incorporate your business? Not sure what the benefits of doing so would be? Our small business accountants Chestermere experts are here to help shed some light on the issue. At some point or another every small business usually...
