Today: Friday, November 17, 2017, 3:21 pm (PST)

  • Dave Sran, BBA Hons, CPA, CGA

    Small business tax changes

    Tax Question: What are the updates to the proposed Canadian tax changes for private corporations and what will this mean for your company? Facts: In October 2017, the Canadian government ...

  • Angela Hardbattle

    Declaration of Tax Residence for Entities

    Tax Question: What is a Declaration of Tax Residence for Entities and why do Canadian financial institutes require it? Facts: In December 2016, an additional section was added to the ...

  • Dawn Loeffler, BA (Hons), CPA, CA
Staff Accountant, Gilmour Knotts

    Working Capital

    Tax Question: What is Working Capital? Facts: Working Capital is the measure of operating liquidity of a company. It is calculated as current assets less current liabilities. Discussion: Working Capital ...

  • Dawn Loeffler, BA (Hons), CPA, CA
Staff Accountant, Gilmour Knotts

    Debt Service Ratio

    Tax Question: What is the Debt Service Ratio? Facts: Debt Service Ratio is a calculation used to help determine the financial health of a company based on the ratio of ...

  • Dawn Loeffler, BA (Hons), CPA, CA
Staff Accountant, Gilmour Knotts

    Debt to Equity Ratio

    Tax Question: What is the Debt to Equity Ratio? Facts: Debt to Equity Ratio is a calculation used to help determine the financial health of a company based on how ...

  • Dave Sran, BBA Hons, CPA, CGA

    Realized vs. unrealized gains and losses

    Tax Question: What is the difference between realized vs. unrealized gains and losses on foreign exchange? Facts: Foreign currency transactions need to be reported in Canadian dollars when they are ...

  • Angela Hardbattle

    Non-residents who Buy Rental Real Estate

    Tax Question: How do non-residents who buy rental real estate in Canada ensure they are tax efficient? Facts: There is a 5% federal goods and services tax (GST) charged on ...

  • Dave Sran, BBA Hons, CPA, CGA

    Lifetime Capital Gains Exemption

    Tax Question: How is the Lifetime Capital Gains Exemption used when selling a business? Facts: There are two methods to sell a business: An asset sale where you keep control ...

  • Dave Sran, BBA Hons, CPA, CGA

    Capital dividends

    Tax Question: How do I save taxes using capital dividends? Facts: The Canadian tax system allows a corporation to take out tax-free dividends using a Capital Dividend Account (CDA). The ...

  • Dawn Loeffler, BA (Hons), CPA, CA
Staff Accountant, Gilmour Knotts

    Passive investment income proposed tax changes

    Tax Question: What are the proposed tax changes on passive investment portfolios held inside a private corporation? Facts: The Canadian government is proposing changes on tax treatment of passive income ...

  • Angela Hardbattle

    What is a Schedule 20?

    Tax Question: What is a schedule 20 as part of a T2 corporate tax return? Facts: Schedule 20 is used to calculate an additional tax on non-resident corporations. This tax ...

  • Dawn Loeffler, BA (Hons), CPA, CA
Staff Accountant, Gilmour Knotts

    Income sprinkling proposed tax changes

    Tax Question: What are the proposed tax changes on sprinkling income using private corporations? Facts: The Canadian government is proposing restrictions on income sprinkling to family members through dividends and ...

  • Grant Gilmour

    What are the proposed Canadian tax changes?

    Tax Question: What are the proposed tax changes to private corporations that the Canadian government made in July 2017 and what do these changes mean for my company? Facts: On ...

  • Grant  Gilmour

    What is the difference between GST and PST?

    Tax Question: How does PST work and how is it different from GST? Facts: PST (Provincial Sales Tax) is a provincially levied retail sales tax that is generally applied to ...

  • Dawn Loeffler, BA (Hons), CPA, CA
Staff Accountant, Gilmour Knotts

    What are Cut-Off Procedures and Controls?

    Tax Question: What cut-off procedures and controls should I have in place and why are they important for my company? Facts: One of the fundamental accounting concepts is the matching ...

  • Angela Hardbattle

    What is a T1134?

    Tax Question: What is a T1134 information return relating to controlled and not-controlled foreign affiliates? Facts: If a Canadian corporation or individual has an interest in a foreign affiliate, whether ...

  • Raj Mehan

    How are Holdbacks Treated for Tax Purposes?

    Tax Question: How are holdbacks treated for tax purposes? Facts: The construction industry has special tax rules relating to when the income is recognized for tax purposes. Discussion: A holdback ...

  • Dave Sran, BBA Hons, CPA, CGA

    What are Participating vs Non-Participating Shares?

    Tax Question: Why should I be concerned about participating and non-participating shares in my company? Facts: Shares in a corporation can be participating or non-participating, among other features. Participating shares ...

  • Dawn Loeffler, BA (Hons), CPA, CA
Staff Accountant, Gilmour Knotts

    Class 10 vs 10.1 Assets

    Tax Question: How do I determine if my new vehicle is a Class 10 or Class 10.1 asset and what are the tax implications?  Facts: Any vehicle with a purchase ...

  • Angela Hardbattle

    What is a T106?

    Tax Question: What is a T106 information return of non-arm’s length transactions with non-residents?  Facts: A T106 is an annual information return where a corporation reports its non-arm’s length activities ...

  • Dawn Loeffler, BA (Hons), CPA, CA
Staff Accountant, Gilmour Knotts

    What is a Trust Audit?

    Tax Question: What is a Trust Audit? Facts: Some professionals such as Real Estate Agents and Lawyers keep trust accounts (funds held on behalf of their clients). There are special ...

  • Dawn Loeffler, BA (Hons), CPA, CA
Staff Accountant, Gilmour Knotts

    What is Audit Shield?

    Tax Question: What is Audit Shield?  Facts: Audit Shield is an insurance program for the cost of defending an audit. Audit Shield Accountancy Insurance partners with more than 2,700 accounting ...

  • Dawn Loeffler, BA (Hons), CPA, CA
Staff Accountant, Gilmour Knotts

    GST on Real Property

    Tax Question: How is GST reported and paid on the purchase of taxable Real Property? Facts: For tax purposes, Real Property refers to land and anything permanently affixed to the ...

  • Angela Hardbattle

    What is a Schedule 97?

    Tax Question: What is a schedule 97 as part of a T2 corporate tax return?   Facts: Schedule 97 is an additional information schedule for non-resident corporations that must file ...

  • Dawn Loeffler, BA (Hons), CPA, CA
Staff Accountant, Gilmour Knotts

    Tax Treatment of Reserves

    Tax Question: What is the tax treatment of reserves? Facts: A common reserve to record on financial statements is an allowance for customer receivables that are considered to be bad ...