Tax Minute – Underused Housing Tax Act
On June 9, 2022 Bill C-8 received Royal Assent making the Underused Housing Tax Act (“UHTA”) law, requiring certain owners of residential property in Canada to file returns annually.
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Meet Mowbrey Gil team members, Mitchell and Jamie!
Everyone has an idea of who an accountant is and what they do for fun but believe it or not, “accountant life” isn’t all spreadsheets and golf clubs. As part of a new blog series, we’ll be highlighting the weird and wonderful passions that Mowbrey Gil staff have outside of the office. For the first […]
Read MoreThree Inspiring Ways Supporting Charity Can Help Your Business
Charitable giving can have a significant impact on your business, with a minimal impact on your bottom line.
Read MoreTax Minute – Cryptocurrency and Your Business
Did you know that only coins and notes issued by the Royal Canadian Mint are legal tender in Canada? That means that cryptocurrencies are not legal tender but are instead treated as a commodity. Knowing this, you might now ask: How can businesses accept cryptocurrency as payment for good and services, and what are the tax implications?
Read MoreTax Minute – Is It Time For A Prescribed Rate Loan?
A prescribed rate loan is a loan made from a higher income earning spouse to a lower income earning spouse, adult family member, minor child or family trust at the “prescribed rate of interest”. The use of such a loan can transfer income from a higher income earner to a lower income earner, tax the income at lower tax rates and reduce the family’s overall tax burden.
Read MoreWhat In the Accountant Does That Mean?
Have you ever been sitting with your accountant, and they use a term like “trial balance,” … and you tilt your head a little bit? Well, we have the blog for you. Not everyone understands all accounting principles, and it can feel overwhelming to begin to learn. We’re listing all the accounting terminology basics so […]
Read MoreTax Minute – Federal Budget 2021
With less than two weeks’ notice before the Federal Budget, there was speculation and apprehension as to what was going to be delivered on April 7th. Some of the apprehension stemmed from the historic spending of the government in the preceding few years, plus there was uncertainty as to what, if any, impact the confidence-and-supply […]
Read MoreTax Minute – New Reporting Requirements – Bare Trust
In the past, bare trusts typically did not have any reporting requirements and were disregarded for income tax purposes. The draft legislation, if passed as drafted, imposes new reporting requirements on bare trusts requiring them to file income tax returns.
Read MoreWrite-offs That Businesses May Not Know About
A tax write-off is a business expense approved by the Canada Revenue Agency (CRA) that ultimately lowers your taxable income. In other words, it’s a tax deduction. Here are a few overlooked write-offs for businesses.
Read MoreThe Do’s and Don’ts of Business Taxes
When you’re focused on businesses successes and challenges, taxes can easily slip your memory. It’s easy to forget to stay organized and prepared for the tax year-end, especially for small businesses without an established payroll department. We complied the top do’s and don’ts to help you prep for your business’ filing. DO: Keep track of […]
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