Today: Monday, July 24, 2017, 5:46 pm (PST)

  • 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 ...

  • Angela Hardbattle

    What is a Schedule 91?

    Tax Question: What is a schedule 91 as part of a T2 corporate tax return?  Facts: Schedule 91 is for non-resident corporations that carried on business in Canada or disposal ...

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

    Protecting your Company: Bank Reconciliations

    Tax Question: How does preparing bank reconciliations help to detect and prevent possible fraud? Facts: A bank reconciliation explains the difference between the balance in the bank account per the ...

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

    Protecting your Company: Segregation of Duties

    Tax Question: What duties should be segregated to help prevent fraud? Facts: Segregation of duties means that key duties are divided among two or more people so that no one ...

  • Angela Hardbattle

    Corporate Departure Taxes

    Tax Question: Are there any consequences when a corporation leaves Canada and takes up residence in a new country? Facts: Generally, a corporation is a resident of Canada if its ...

  • Grant  Gilmour

    Tax Rules for Bad Debts

    Tax Question: How do income tax rules treat bad debts? Facts: There are two provisions in the Income Tax Act (ITA) for bad debts. Discussion: The first way to claim ...

  • Dave Sran, BBA Hons, CPA, CGA

    Shareholder loans on a balance sheet

    Tax Question: What are Shareholder Loans on a Balance Sheet? Facts: The Shareholder Loans category may appear as a short term or long term liability on a Balance Sheet. Shareholder ...

  • Dave Sran, BBA Hons, CPA, CGA

    Capital Leases on a Balance Sheet

    Tax Question: What are Capital Leases on a Balance Sheet? Facts: The Capital Leases category appears as a long term liability on a Balance Sheet. A Capital Lease is a ...

  • Angela Hardbattle

    Foreign Accrual Property Income

    Tax Question: What is Foreign Accrual Property Income (FAPI) and what affect does it have on my corporate taxes? Facts: If you are a Canadian resident and own a foreign ...

  • Dave Sran, BBA Hons, CPA, CGA

    Payroll tax rates for 2017

    Tax Question: What are the payroll tax rates changes for 2017 for withholdings? Facts: Payroll tax rates change every year and it is important for you to know the correct ...

  • Diane Sawyer

    What are important tax dates for 2017?

    Tax Question: Are you hoping to never miss a corporate filing deadline? Facts: Canada Revenue Agency (CRA) has a number of dates and deadlines of importance to corporations. Failure to ...

  • SEO

    Are your customers finding you on the web?

    What is SEO? SEO is short for Search Engine Optimization and it is the brains behind that magic that finds the ”things” we go looking for on the Internet. Pay ...

  • Angela Hardbattle

    What are the CRA program accounts?

    Tax Question: The Canada Revenue Agency (CRA) has issued me a business number. Now what do I do? Facts: In Canada, once a company is assigned a business number then ...

  • Long-term debt on a Balance Sheet

    By Gilmour Group Admin  Tax Question: What is Long-Term Debt on a Balance Sheet? Facts: The Long-Term Debt category appears as a long-term liability on a Balance Sheet. The balance ...

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