Summit Certified Management Accountants

Don’t be a doormat to the CRA

admin — Tue, 14 Feb 2012 14:15:03 +0000

Think like the rich for tax savings

admin — Fri, 03 Feb 2012 17:30:18 +0000

Small business owners should beware the taxman’s test

admin — Mon, 23 Jan 2012 14:33:14 +0000

New Address:

admin — Mon, 23 Jan 2012 14:31:51 +0000

1099 Kingston Road, Suite 238
Pickering, Ontario
LiV 1B5

Unreported income – risky business

admin — Wed, 14 Dec 2011 15:26:09 +0000

Do you have unreported or under-reported income? New developments and old powers for the CRA may reveal unreported income.

Recent actions by the Canada Revenue Agency may give you reasons to start declaring unreported income. CRA has broad powers to require the production of documents and information including the right to compel the production of third party information under Section 231.1 of the ITA.

CRA recently received the rigth to assess Ebay power sellers.

CRA can ask construction suppliers for their customer’s order amounts.

CRA can review your assets and bank accounts without your permission.

This is pretty scary stuff. If you have any kind of weath or assets, these penalties can get very serious, very fast.

Come on in and talk to an accountant and we will get you on the road to peace of mind.

Local Business: Three thing I learned from my chiropractor

admin — Fri, 25 Nov 2011 15:09:46 +0000

1. Be passionate about your job and the people you service
2. Focus on helping people
3. Remember it’s also a business

PS. His name is Dr. Will and he can be reached at the Bayly St Chiropractic Center. 905 839 4723

T4s are a focus this year for the CRA.

admin — Thu, 03 Nov 2011 18:25:20 +0000

T4s are a focus this year for the CRA.

The fine is $1000 per business with no or late T4s. In prior years, a strategy was to post management salaries to business income on the T1. CRA is does not consider this to be in compliance with filing requirements.

Is this greek to you? Give us a call to see how this applies to your business.

Jamie Abbott, CMA
905 492 6383

Incorporation – is it right for your business?

admin — Tue, 05 Jul 2011 18:13:01 +0000

A recurring question I receive is – what are the benefits of incorporation?

They are:
Limited Liability
Opportunities to Manage Income Swings
Ownership/Succession Vehicle
Prestige/Professional Image
Tax Planning Opportunities
Capital Gain Benefits

Is a corporation right for you. That depends on your situation and your plans. There are lots of pros and cons. We can review the alternatives and help decide what’s right for your business.

Why it might be better to leave income inside your business.

admin — Tue, 29 Mar 2011 13:37:24 +0000

Top 10 Tax Saving Ideas for 2010

admin — Tue, 01 Mar 2011 23:55:28 +0000

Top Ten Tax Saving Ideas for 2010
1. Deduct home office expenses for self employed individuals, commission employees and T2200 employees.

2. Deduct automobile expenses if eligible

3. Deduct tax credits for

• Medical Expenses
• Public Transit
• Child Fitness Tax Credit
• Tuition and Education Credit
• Charitable Donations

4. Deduct Child Care Expenses

5. Deduct Carrying Charges

6. RRSP Deductions

7. Apply business losses (if any) against employment income or carry them back against prior years.

8. Consider RESP for your children.

9. Keep your receipts.

10. Avoid scams and “too good to be true” offers.