Can I have tax free income?

There are a surprising number of kinds of income that are not subject to tax under the Income Tax Act.  Here are some examples: Strike pay from a union. (Supreme Court of Canada, 1990 decision in Fries) A union’s cash gift to a member is also usually tax-free. Damages or Read more…

Warning about Fraudulent Calls from CRA

Here are some recent examples of CRA fraud attempts: ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Caller identifies themself as from CRA and that there has been crimes committed against the CRA and that your file has been submitted to the Federal Court and that there is a warrant out for your arrest.  The call display is area code Read more…

Using Online Accounting Systems

So you have decided to take your accounting online.  You are always on the go and it makes life easy for you.  Here are some things for you to consider. 1. Some online systems are not as robust as the desktop.  Wave for example doesn’t let you put in a Read more…

What to do when CRA comes calling

Business owners fear the dreaded call from the Canada Revenue Agency(CRA).  After all we have all heard stories about how CRA has taken people’s houses, their boats, frozen banks account.  They have lots of power. But you don’t have to be afraid.  Although CRA does have a lot of power, Read more…