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All businesses need bookkeeping. At the very least, recording income and expenses allows a business to determine its profitability. Bookkeeping also prepares a business for completing annual financial statements, which may be required by law. Finally, regular bookkeeping means “the books” can be queried at any time for a current snapshot of how the business…

Canadian news is mired in ethical debates these days, from questions over government officials’ rising salaries, to charity speaking fees, travel expenses, and even substance abuse. What’s the common thread in all this? Lots and lots of lawyers’ fees! These lawyers no doubt have their work cut out for them. But let’s take a look…

As Stephen Poloz begins his tenure as the new governor at the Bank of Canada, there has been a lot of talk about Mark Carney’s last policy decision to hold the interest rate steady at one percent. While the rate addresses the expectation of moderate growth in the Canadian economy, it also forms the basis of the…

It’s not the end of the world. If you are an honest person who keeps reasonably good records, you should have little to worry about. Reasons CRA Audits People In Canada, we use a self-assessment tax system which means each Canadian is responsible for reporting income and expenses for each taxation year. CRA says they…

Are you ready for the $1 trillion giveaway? It’s been estimated that baby boomers in Canada stand to inherit as much as $1 trillion over the next twenty years. So the question is: are you ready? According to studies, as many as 70 per cent of individuals who come into a lump sum of money…

Have you ever considered how many degrees of separation exist between you and your money? When it comes to people, the theory is that everybody on this planet is separated by only six other people. This is referred to as “Six Degrees of Separation,” popularized by John Guare, who wrote a play in 1990 and later a…

There is a major battle going on in the financial services industry, and your welfare is at stake. At war is the Government of Canada, represented by the Canadian Securities Administrators (CSA) and the entire financial services industry including investment firms, mutual fund companies, banks, insurance companies and just about everyone else who handles your…

Most people would agree that you shouldn’t have to pay someone else’s tax bill. Despite all of the myths surrounding tax filing, this one is actually in accordance with Canadian law. If a relative of yours were to die owing money, you have no obligation to pay their debts. It doesn’t matter who they are, parents,…

If you’re a parent, you know that feeling when your child doesn’t want to listen to you. Sometimes you just want to send them to their room and make them stay there until they’ll listen. When I was growing up, my “time outs” for being defiant were dealt with in a little more physical manner.…

The budget did not propose many large scale changes to the Federal Income Tax laws. The federal personal income tax rates remain unchanged, as do the federal general and small business corporate income tax rates. However, there were some relatively minor changes to the Federal tax laws. The following tax measures introduced by Finance Minister…