Tax Tip Thursdays with The Mad Accountant on 105.5 HITS FM
We are on the radio every Thursday morning at 8:10, with Morning Den host Dan Pollard, giving YOU our latest tax tips. You can listen to highlights and full episodes below, and even engage in discussion with us using the blog posts at the bottom of the page. Hear something you like? Please don’t hesitate to give us a call.
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TTT: Interest & Deductions
Do you know what you can and can't deduct? How about interest?
TTT: Opening a Business?
Lots of individuals and business owners think they can do their taxes and manage their books properly all on their own. Some are correct! But 9 times out of 10, we are able to find several mistakes that have cost the client money. Accountants are always worth the investment. Keep more of YOUR money in YOUR pocket!
TTT: Why Use an Accountant?
Lots of individuals and business owners think they can do their taxes and manage their books properly all on their own. Some are correct! But 9 times out of 10, we are able to find several mistakes that have cost the client money. Accountants are always worth the investment. Keep more of YOUR money in YOUR pocket!
TTT: New Bare Trust Rules
With updates published about the new Bare Trust rules for 2024/2025, there are a lot of challenges coming the way of both the tax payer and accountant alike. Make sure you understand what's going on and how it changes so you can be prepared.
TTT: Lifetime Capital Gains
Budget 2024 has been a contentious one for lots of reasons, and the new Canadian Entrepreneurs Initiative (CEI) is not exception. While it is problematic for lots of reasons, it actually does benefit small businesses.
TTT: Tracking Investments
If you have investments (stocks, options, real estate -- anything), it's very important to keep track of it. Especially if you have kids! These affairs all need to be tracked anyway for tax purposes, but if these things ever get passed on to your kids they will definitely be looking for the info.
TTT: MyCRA & MyBusiness Accounts
Have you created your MyCRA account yet? What about for your business? These are absolutely essential these days, especially for businesses. In fact, we cannot do our jobs without access to your MyBusiness account, so you need to create one! Read here for instructions.
TTT: Don’t Over Deduct Taxes!
What are you "writing off" with your small business? Are you looking at every possible expense you could and saying it's for your business? Well, be careful. The CRA does pay attention to these things, and they do not take kindly to it when they catch people deducting things they shouldn't. If you get caught, it can be very expensive!