For many years, the IRS offered an Offshore Voluntary Disclosure Program (OVDP) for taxpayers with delinquent returns or FBAR to apply for penalty relief by filing three years of Form 1040 “Individual Income Tax Returns” and six years of FBAR. This program came to an end on September 28, 2018 due to a slow down […]

Facts about Ashlee’s tax situation Ashlee has some great ideas for products and wants to sell them online via Amazon and Shopify.  She has a full-time job where she earns a salary of $90,000 annually. Wants a tax-efficient business structure that allows her to pay minimal taxes and reinvest her profits. Her customers will be […]

Are you considering purchasing or lease a vehicle for work?  If so, you must be wondering how to claim this expense on your tax return.  It is important for you to determine the cost and benefits as this may have an impact on your choice of vehicle and whether to purchase or lease. Automobile Deduction […]

Are you an employee or a contractor?  This is a question consistently asked from our clients and business owners.  The CRA has laid out specific criteria for you to know the difference.  However, interpreting their rules can be tricky and getting this wrong can be a costly mistake. In this blog, here is what we […]

If you are an employer who wishes to claim the full 75% Canada Emergency Wage Subsidy (CEWS) and has not claimed the 10% Temporary Wage Subsidy (TWS), you must complete Form PD27 to make an election for your TWS to be equal to 0%. Make sure you fill out this form, either by clicking on […]

In response to the Covid-19 crisis, the Canadian government introduced a wage subsidy to enable employers to keep employees working or incentive for employers to re-hire employees that were previous laid off. This program provided a subsidy of 75% of employee’s wages for the period from March 15 to July 4. To qualify for this […]

U.S. Citizens and green card holders living in Canada Tax filing deadlines and payment deadlines For U.S. citizens (and green card holders that have not expatriated) that are living in Canada, the personal tax payment deadline is April 15th. The actual filing deadline is automatically extended to June 15th. This means if you anticipate you […]

The COVID-19 pandemic has taken us all by surprise and the business landscape as we know it is changing rapidly.  It is normal for us to feel stressed, worried, or overwhelmed, especially when it comes to our finances and growth of our business.  During these times of uncertainty, what should we focus on? In Japanese, […]

By now everyone has either heard of or applied for the 75% Canada Emergency Wage Subsidy (CEWS).  The program was originally intended to cover a 12-week period, from March 15 to June 6, 2020.  Finance Minister Bill Morneau announced an extension of this program by an additional 12 weeks to August 29, 2020.  If you […]

When is it better to pay a salary vs. a dividend as the owner/manager of a corporation?  There are pros and cons to each method and as the owner of a business you should be aware of your options before deciding on what is better for your unique tax situation and why.  The following article […]