Apprenticeship Job Creation, Co-op Education, and Disability Tax Credits
At TGC, we strive to make or save our clients money any way we can. One of the ways we do this is by using a variety of tax credits, some of which many are unfamiliar.
New Tax Rules on Sale of Principal Residence
Effective October 3, 2016, new tax rules have been introduced concerning the sale of a principal residence and the principal residence exemption.
Here’s what’s new:
- It used to be common practice to exclude the sale of a principal residence from your personal tax return
We have a new look!
Besides us, change is one thing you can always count on. At TGC we have undergone some changes of our own recently. We’re still the same friendly, high quality firm you’ve always known, we just got a fresh look. We’ve updated our logo, email addresses, website, branding, and some internal processes. Our new email addresses are @tgccpa.ca. Feel free to peruse our new website, but in the meantime, here are six fun facts you might not know about TGC:
1. We’re 20 people strong. When the firm was established in 1994, we started with a partner and a receptionist. Since then, we have been on a path of growth and evolution, bringing our team to 20 today!
Protect Yourself Against Fraud
Article from the CRA on how to protect yourself against fraud:
"Know How to Recognize a Scam
There are many fraud types, including new ones invented daily.
Taxpayers should be vigilant when they receive, either by telephone, mail, text message or email, a fraudulent communication that claims to be from the Canada Revenue Agency (CRA) requesting personal information such as a social insurance number, credit card number, bank account number, or passport number."
Why Keeping Your Corporate Minute Book Current is Important
Do I Really Need to Keep Annual Minutes For My Corporation?
In short – the answer is yes – here’s why:
- The Business Corporations Act specifically mandates that these records be kept
- In the event of a government audit, a copy of the minute book is often requested to confirm current and past information.
- If a sale of the corporation is being considered, the buyer will want to review the minute book as part of due diligence.
- If a dispute among directors or shareholders arises, there may be disagreement regarding prior matters.
As Good as Gold!
We are thrilled to have been given the Platinum award for Oakville’s Best Accounting Firm! A big thank you to those who voted in the Oakville Beaver reader’s survey and to all of our clients – we couldn’t have done it without your support!
This honour means the world to us, and we will continue to strive to be a valuable business partner and trusted advisor to our clients.
We are also very excited to announce that our Founder and Managing Partner, Bianca Tino, has been awarded Gold as Best Accountant.
Happy Back-to-School Season!
Now that the leaves are changing, the weather is cooling down and the kids are headed back to school, we thought this might be an appropriate time to talk a bit about RESPs and how they may be useful for you.
What is an RESP Anyways?
A registered education savings plan (RESP) is essentially an agreement between an individual (the “subscriber”) and a person or organization (the “promoter”). Under this agreement, the subscriber, say the parent, makes payments into an account for the beneficiary, say the student. The promoter, say the bank, agrees to pay educational assistance payments (EAPs) to the student in additional to portions of the original contributions. EAPs are basically made up of any money earned on the contributions plus any other financial assistance received for the RESP.
The Oakville Girls Softball Association
Today’s children are heavier, fatter, rounder and weaker than they were a generation ago.
Only 1 in 20 kids get the recommended 60-minutes of physical activity each day. And the problem is especially bad with young girls.
Daily activities such as walking to school, physical education classes, after school activities, chores and general playing have been replaced with a sedentary lifestyle in front of the TV or computer, eating junk food. We need to get our children active and summer is the perfect time to start!
But just running around isn’t enough. Kids have specific physiological and social needs, and their fitness activities need to match their specific stage of growth and development.
Organized team sports provide children with a great opportunity to get physically fit and active. Team sports are fun and enjoyable. And children learn better when they are with friends who are the same age, working together as a team, and learning at the same pace as their peers.
One of the best team sports is girls softball.
Community Spotlight - What is This?
One of our blog initiatives is to profile some of our partners in the community. The backbone of our business is relationships and we are very proud to partner with ambassadors in our community. If you would like us to blog about your organization / initiative, please contact one of the members of the TGC team.
To incorporate, or not to incorporate: that is the question!
Many entrepreneurs face this issue when deciding how to lay down the legal foundation of their business. Unfortunately, there is no simple answer to the question as it depends on each individual’s unique circumstances. In order to help make that decision, the following factors should be considered:
• Limited liability: The main advantage of incorporating is the limited liability of an incorporated company. Unlike a sole proprietorship where an individual is fully liable for all debts of the business, in a corporation, liability is generally limited to the assets of the company.
• Income control and tax planning opportunities: A corporation can control the timing of income being distributed to individual owners which can represent a real advantage in terms of tax planning opportunities. For example, income can be deferred within the corporation until an individual’s personal income is lower and thus, pay lower taxes.