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How to choose your Accounting Professional

Calculator imageMany businesses do not realize the benefits of hiring an accounting professional. In our daily business practice, we have come across clients who have had their tax return prepared by a "friend" or someone who prepares tax returns "on the side" Usually, when the client approaches us, it is because they have a problem – which is often a tax audit. The client doesn’t know why they were selected.

Six Deduction the Taxman Doesn't Want You To Have

TaxmanIt’s interesting how what is not ok with family and social development, is perfectly fine with the law.

For example, it’s perfectly legal for a sibling to pay their brother or sister to do their chores. But I believe most parents would veto this idea, because although ok by law, it’s the principle that counts.

Will you be able to afford your home in retirement?

Guess Article By: Ian Webster, Financial Planner

People looking ahead to life after work often have little idea how much money they spend now, let alone 5 or 10 years into the future.

Expenses never really go away. After all, you have to live somewhere. With the rate of home ownership in Canada hovering near 70 per cent, and with household debt near a record high, most people’s financial health is closely tied to the value of their principal residence.

Deducting Legal and Accounting Fees

By: Michael L. Williamson, Tax and Accounting Specialist

Many business owners are fully aware of some of the common legal expenses, such as drafting a shareholder’s agreement, reviewing the contents of a lease agreement, reviewing an employment agreement, etc.  The list is extensive.  You might also know that these expenses are all deductible to the business.  The business gets the tax break. 

Inheritance and Taxes

By: Michael L. Williamson, Tax and Accounting Specialist

Lately, I have been posed with this question: do I have to pay taxes on the property that I inherit from my relative? Let’s take a look at this important question.

Is there an Inheritance Tax in Canada?

Canada does not have an estate inheritance or a death tax. In general, there are no taxes levied by CRA on the beneficiaries; without being brazen, when a person dies they leave the Canadian tax system. On death they are subjected to tax for the very last time and the estate pays any tax that is owed to the government.

How will the New Government Affect your Taxes?

Income tax

Depending on your tax bracket, the new government may either cost you or save you big bucks. 

Here are some of the Liberals’ promised tax changes and what they mean to you- When these promised will take effect is currently uncertain:

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Williamson Accounting is a firm that provides a high standard of accounting for Small Businesses in the Greater Toronto and Surrounding areas.

Small Business Accounting and Tax

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ON, M2J 4G8

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