SJ Chartered Accountants - Newsletter Archive

Overspending and the holidays often go hand in hand.
"It's too easy for people to say, 'Oh, I'll just get this one more gift for so and so,'"
But how about promising yourself a frugal holiday instead? While it's common to associate frugal with cheap, experts say there's a big difference between the two. more..

Fraud Alert!
One of our clients was almost a recent victim of cheque fraud. The client had sent a
cheque of 50,000 to a supplier in Montreal via regular mail. Two weeks later a stop payment was issued on the cheque and a new cheque issued as the supplier had reported
more..

The migration to IFRS in Canada
Canada is making the move to International Financial Reporting Standards (IFRS) for Canadian Public Companies. The IFRS will replace the existing Canadian Generally Accepted Accounting principles (GAAP) and are being promoted as a single set of globally accepted high-quality accounting
standards more..

Federal Economic and Fiscal Statement
Minister of Finance Jim Flaherty presented the Economic and Fiscal Statement of the federal government this afternoon. Measures are proposed to offer temporary relief to seniors with registered retirement investment funds (RRIFs) and to private pension funds affected byglobal financial market turbulence more..

Ways to reduce your 2008 taxes - Use your capital losses

Under the tax rules, you can use your 2008 capital losses to reduce the current year's taxes on your capital gains.In addition, you may be able to carry your 2008 capital losses back to 2005, 2006 and 2007, and use it to reduce your capital gains

more..

Are You Overpaying Employment Insurance Premiums?
If you employ family members in your business, do you review whether employment insurance (EI) Premiums should be paid?
We continue to hear of situations where the EI status of family employees is determined for the first time  when the family member applies for EI benefits.If the government rules at that time that
the employment relationship is non-arm's length in nature,
more..

Plan to contribute to your tax-free savings account starting in 2009 The 2008 federal budget contained a new tax measure, creating the tax-free savings account (TFSA).

Starting January 1, 2009, Canadians who are 18 years of age or over can contribute up to
more..

Canadian corporate income tax rates
If you've wondered how corporate tax rates compare in the various Canadian provinces and territories, please refer to our table of tax rates in effect for 2008, more...

CRA warns taxpayers against mail scam
The Canada Revenue Agency (CRA) is warning taxpayers against a recent fraudulent scheme in
which some Canadians have received a letter that appears to be from the CRA. more...

What you need to know about Ontario Corporate Tax Harmonization
If you own a corporation which is liable to pay Ontario corporate income and capital taxes,
you may have heard of plans to combine the Ontario corporate tax return (Form CT23) with more...

Personal income tax rates for 2008
Curious to know what your tax rate would be in a different province? To find out, more...

Late GST/HST filing: Due diligence defence
The Canada Revenue Agency (CRA) has updated GST/HST Policy Statement P-237, which outlines its position regarding accepting a due diligence defence against a penalty imposed for more....

Tax-free savings account info
The Canada Revenue Agency has published a calculator and brochure relating to  tax-free savings accounts (TFSA). more...

What Happens After You File That Tax Return
By now, most Canadian taxpayers (excepting the self-employed and their spouses, who have until June 15) will have filed their 2007 income tax returns. more...

Good news for senior citizens!!
Beginning with 2007 income tax returns, Canadian residents can split pension income with a spouse or common-law partner. more...

How to reduce your taxes? Consider hiring your family members!
If you're not self-employed, consider setting up a home-based business - even part time. You would be able to pay your family members, even your kids some salary for working. more...

What do you need to know about the GST change?
The GST & HST rate has gone down by 1%, effective January 1, 2008, fees for professional services rendered before January 1, 2008 will be taxed at 5% if the billing is issued after December 31, 2007. more...