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: Should I Incorporate My Business?
Incorporation isn't always the right choice, but it can be difficult to know for sure what the best solution is for your small business. While they offer many benefits over a Sole Proprietorship, they are often also more expensive.
TTT: Know Your 2024 Taxes Early
Do you dread tax season? Is it a stressful time of year for you? Wondering what you're going to owe? There is a good way around this, and it just takes some preparation and a little bit of forecasting. Of course, that can be tough, but that's why we bring in the professionals.
TTT: 2024 Tax Review Season
It's time for the 2024 Tax Review season to begin! The dreaded brown envelopes from the CRA have started pouring in, and that means it's time for me to start reminding people to actually open and read all their mail. If you don't respond to these notices, it could cost you THOUSANDS!
TTT: Paying Your Kids
Small businesses are excellent ways to write off various expenses so you don't have to pay taxes on them. One very popular method of doing this is by hiring your kids to work for your business. This is great for you and for them, and can be very lucrative for everyone involved. BUT, just because they are your kids does NOT mean you and they are exempt from tax and labour laws!
TTT: Capital Gains Rising
The current federal government has introduced a new, much higher Capital Gains tax system that they say is meant to target the wealthy. While it may impact them, it could also impact a lot of other people, too. It takes effect next month; are you ready?
TTT: Mortgage Expenses
How much room do you have in your monthly budget? Do you think you could handle a 50% increase in your mortgage payment? You know, if that $1,600 monthly expense turned into $2,400? This is a reality that many people will be facing this year as their mortgages come up for renewal. Are you ready?
TTT: Home Office & Automobile Expenses
There are lots of things you can deduct from your taxes, and your Home & Automobile expenses are some of the big ones, especially if you are self-employed! However, the CRA looks at these very closely and audits them often. So make sure you do it right, otherwise you could be in for a nasty surprise!
TTT: RRSP Over Contributions
RRSP, RESP, TFSA, FHSA... The acronyms add up. And so do the contributions! Each account has different limits and different rules about what happens if you add more money than you're supposed to. The penalties often add up quickly, so it's very important to stay on top of them!