Monthly Archives: January 2013

How To End Your Fight With Canada Revenue Agency (CRA)

cra auditThe first thing you have to remember with a CRA audit or another issue involving Canada Revenue Agency is that you’re in an unfair battle, meaning that they have unlimited resources to work against you.

It’s interesting when you take a look back at how many court cases have actually gone through to the Supreme Court. That’s really the end fight but most of the cases that make it that far either have a lawyer involved or it’s a large enough company that they can afford to spend the money needed to go that route.

 

When You Need A… Continue reading

What You Should Know About The Canadian Tax Free Savings Account (TFSA)

tfsaShould individuals have a tax-free savings account?

Yes. They truly are the best thing since sliced bread.

TFSAs are the government giving us the capability to earn money tax-free. If you have any investments that are not stuck in RRSPs or are not in a holding company, they should be in a tax-free savings account.

If you can pull money out of a corporation at a tax preferential rate and then put money into your tax-free savings account, you should be doing it. You cannot borrow money and put it in your tax-free savings account and deduct the interest.

When… Continue reading

6 Things That Can Trigger a CRA Audit

cra auditThe difficult part with predicting whether or not you will be targeted for a CRA audit is that Revenue Canada has so many different ways they choose who they are going to audit. Whether it’s because they are looking at a specific industry or transactions that have occurred, it’s fairly unpredictable for the most part.

I always advise my clients to assume that they will get audited because over the life of your business, the chances are very high you will be audited in some capacity.  You need to be prepared.

There are definitely a few things to watch for… Continue reading

3 Creative Canadian Mortgage Tips

The key when attempting to get a new mortgage or financing for anything is echoed by the famous motto and mantra of the Boy Scouts: Be prepared! It’s true out in the wilderness and it’s equally true in the world of financing. If you are about to make one of the biggest commitments in your life, make sure you know these 3 Canadian mortgage tips first.

1. Create a Packagecanadian mortgage tips

If you walk into a bank, financing company or mortgage broker with some sort of package organized with all the important and relevant information, you are going to be much… Continue reading

Surviving The Post-Christmas Sales Slump

kelowna accountantWhen you think about what’s going to happen after the holiday season, everybody talks about January and February being generally slower months. It takes people a little while to get “back in the saddle” when it comes to spending money again.

What Opportunities Are Available?

This is really the time you have to dig deep into your business. When you really think about it – when is the right time to move your business to the next level? It’s when you actually have time to do it.

When I think about January and February, I think about people getting upset… Continue reading

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