How to Read a Balance Sheet

The balance sheet is one of the primary components of a set of financial statements. It discloses the assets, liabilities and shareholders' equity of the company as of a particular date which is usually the company's fiscal year-end date.
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Tax Planning Strategies for Corporations-Part 2

There are many areas that can be addressed on this topic, so for the purpose of this article we will select a few of the more common items that often apply to the particular situation at hand. One of the most frequent items to come up is executive compensation, and in particular the choice of bonus versus dividend.
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Tax Planning Strategies for Corporations-Part 1

The subject of corporate tax planning is often associated with a profitable year for a company. This is because there is no tax to pay in a loss year, but there is potentially a lot of tax to pay in a profitable year, and therefore the business is naturally interested in finding legal ways to minimize this tax burden.
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Business Valuation

There are various reasons for valuing a business, the most common one being that a business owner wants to sell the business as a going concern and needs to know how much to charge for it. Click here for more

Income Tax Issues for Real Estate Developers

There different income tax implications for real estate development depending on the phase of development. We will evaluate the implications for the pre-construction period, construction period and post-construction period. Click here for more

Alimony and Maintenance

The terms "alimony" and "maintenance" have been replaced by the term "support amount" in the Income Tax Act, effective January 1, 1997. Prior to 1997, all payments for marriage breakdown or support of a child were deductible on the payer's income tax return. Click here for more

Tuition and Bursaries

Tax credits for tuition are intended to cover post-secondary education and courses that are directly related to an individual's employment or business. Click here for more

Finding the Right Chartered Accountant for the Audit of your Business

Choosing the right firm for your audit review is a challenge- find out what to look for in a Markham area Chartered Accountant here... Click here for more

Income tax implications of U.S. resident or company doing business in Canada

Don't let an accounting oversight make a mess of your Canadian business efforts- learn about the do's and don'ts of working or running your business in Canada. Learn more here... Click here for more

Income tax implications of moving to USA

Understanding the Income Tax implications of moving from Canada to the USA is essential for a business or an individual. Learn more here... Click here for more


Shareholders' Agreements

Don't let your business fail as a result of a dispute between your shareholders- an up to date Shareholders' Agreement is designed to prevent this- learn more here... Click here for more


Scientific research & Experimental Development

Research and Development costs are not just good for your business- they can be good for your taxes too. Learn more about how your R&D can work for you during tax season... Click here for more


Incorporation vs Proprietorship

Incorporation or proprietorship? It not as clear cut an answer as you think. Learn the advantages of both here... Click here for more


Stock Option Benefits

Stock Options are a great benefit- but a costly one if you haven't done your homework! Taxes can eat a large amount of your benefit away if you haven't planned ahead- learn how to make the most of it.. Click here for more


Markham's Best Choice For Your Business Audit

Why choose Simkover and Associates for your next audit report? We're local, we're experienced and we're ready to help. Click here for more


Depreciation & Capital Cost Allowance

Depreciation is a complicated tax concept that is easy to get wrong- and disposing of company assets is not as straight forward as it seems. Click here for more


Tax Implications of Vehicles(2)

Whether it a company car or yours, you can write off some of the costs associated with doing business- but you must be careful on how you do it! Learn the right way here Click here for more


Tax Implications of Vehicles

You know that you can write off some of the costs of owning a car but do you know that you must log your mileage? Or that only certain kinds of travel are permitted? Click here for more


Registered Retirement Savings Plan

An RRSP works to your benefit in many ways- not just at retirement but in your current tax year too. Learn more about how planning for your retirement works for you today! Click here for more


Travel Expenses

Travel expenses are a write off- but not all expenses are allowed under Canadian Tax Law. Knowing how it's properly done could mean the difference between a profitable journey and an expensive one. Click here for more


Year-End Tax Planning

In Canada, there are a number of strategies that could be followed to reduce the tax burden by legitimate means. Click here for more


First-Time Home Buyer's Credit

This is a tax credit based on $5,000 for first-time home buyers, An individual is defined as a first-time...Click here for more


Ontario HST

The new Ontario 13% HST becomes effective on July 1, 2010. It is not too early to start thinking about how harmonization will affect your business. Here are some things that all businesses, not just Toronto Chartered Accountants, need to consider as July 1 approaches: Click here for more


Home Renovation Tax Credit

The home renovation tax credit pertains to work performed or goods acquired after January 27, 2009, and before February 1, 2010. Costs incurred during January 2010 can be claimed on the 2009 income tax return...
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Tax-Free Savings Account (TFSA)

This plan permits the account-holder to save money outside of the RRSP plan without incurring any tax on interest or capital gains earned on these funds. A corporate Chartered Accountant should be consulted for specific situations, but the following is a summary of the major highlights of this plan:
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Business Fraud-what to watch for

Business fraud is much more widespread than many people think, causing annual losses in the billions of dollars in Canada. It can be conducted by employees, managers, officers, directors, suppliers, competitors or customers. Here are some of the "red flags" to watch for:
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Associated corporations

There are various tax implications of associated corporations. Two companies are associated if one controls the other, both are controlled by the same person or corporation, or both are controlled by the same group of people.
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Tax filing deadlines and penalties

The CRA has a whole assortment of tax filing deadlines and penalties, some of which are more severe than others depending on the particular circumstances. For example...
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Capital gains and losses

A capital gain refers to a gain from the disposition of property that would not otherwise be included in ordinary income. Some other categories are excluded from the definition of capital gain, for example...
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Registered Education Savings Plan (RESP)

These plans are an incentive program to encourage people to accumulate savings to provide for the post-secondary education of children or grand-children. The main features are as follows:
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Home Office

Many small businesses find it convenient to work from home and also take advantage of the tax breaks. All costs related to maintaining the home can be prorated to the space...
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Tax Planning for Individuals

We should all pay our taxes- but with some planning, we can avoid paying more than we have to this is what Tax Planning is all about.
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