As Calgary continues its cleanup after last weekend’s devastating floods, many of our friends and neighbours are left without homes. The Alberta government has pledged $1 billion in restoration efforts, and that includes emergency funding for those displaced by the floodwaters. They are eligible to receive pre-loaded debit cards valued at $1,250 for each adult […]
At the end of every A1 Accounting blog post, we ask you, the reader, if we can help. We love to help, especially when it comes to small businesses and their taxes. But now, we’re all being called upon to help in a different way. The floods that last week struck our beautiful city and […]
Business expenses are great. But you’d better have proof of them if the Canada Revenue Agency (CRA) comes knocking on your door. In Canada, you need to keep your tax records for at least six years. Straight from the horse’s mouth: “Generally, you should keep your supporting documents for six years. Have the receipts and documentation to support […]
By now, we’ve all filed our taxes. Right? If you haven’t, you either haven’t finished your fiscal year as an incorporation, or you’ve missed the deadline for sole proprietors and individuals. You’d better hop to it! Let’s talk about how to get ready for next year. Sure, you should have started this planning back in […]
Many of us may need to belong to a professional society or club. Membership can bring the opportunity to network, open yourself up to new clientele, and improve your professional develop with knowledge sharing. The Canada Revenue Agency will let you include some membership dues as business expenses. The fee must be for membership in […]
Your deadline is coming. Sole proprietors have until June 15 to file their income taxes. Luckily, June 15 falls on a Saturday this year, so you have an extension to the next Monday, or June 17. You will need a T-2125, Statement of Business and Professional Activities. You will then report your self-employment income on […]
If you’re self-employed and in the trades, your taxes can benefit from taking on an apprentice. The Canada Revenue Agency offers a non-refundable tax credit for apprenticeship job creation. The credit is the federal government’s attempt to encourage employers to create long-term jobs. If your business is eligible, the tax credit is equal to 10 per […]
You’re going it alone in a sole proprietorship. That’s great. It means you’ve taken charge of your career and become an entrepreneur. When it comes to taxes, though, you might be surprised to find out what the balance reads after you’re done calculating your income and deductions via business expenses. It can sometimes be a […]
Those crazy Americans. Did you know they get to use the interest they pay on their mortgage as a tax deduction? Just like any tax deduction, there are rules and strict applications but our U.S. friends do get to claim their mortgage interest on their tax return. That isn’t so in Canada. Unless you run […]
You gotta spend money to make money, right? As a business owner, you sometimes have to acquire property that loses its value over time. You might need computers or smartphones for to get started, or you might add a building for office space as your business grows. Under Canadian tax law, you are not permitted […]