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Brampton Mississauga Tax Accounting Blog

School Supply Tax Credit for Teachers

Teachers School Supply Tax Credit

Teachers School Supply Tax Credit Prime Minster Justin Trudeau’s proposal to teachers will be rolled out in 2016. Teachers who dip into their own wallets to buy school supplies are finally being offered an extra token of support. The 2016 budget has introduced a new teachers School Supply Tax Credit for the cost of educational supplies. The […]

Tax implications of the 2016 budget

Tax implications of the 2016 budget

Tax implications of the 2016 budget The 2016 federal budget included a number of measures that will impact Canadian taxpayers. Here are some of the tax aspects of the budget which will impact individuals and small business owners. 1. Reduction of middle-income tax bracket The middle-class income tax bracket would be cut from 22% to […]

Tax Return for Deceased Person

Tax Return for Deceased Person

Tax Return for Deceased Person Tax Return for Deceased Person Death is an inevitable part of life and at some point in time we are all affected by it. During this difficult time, we are hoping this guidance will help provide some ease from a tax perspective for those affected. Legal representative A deceased’s legal […]

2016 Income Tax Deadline

2016 Income Tax Deadlines

Important dates for 2016 (Individuals) Individuals should make note of the below key dates impacting 2016 tax season: 2016 Income Tax Deadlines Generally, your return for 2015 has to be filed on or before April 30, 2016. Since April 30, 2016 falls on a Saturday, individuals have until Monday May 2, 2016 to file. Balance owing […]

2015 INCOME TAX

Brampton Accountant: 2015 Income Tax Checklist

Brampton Accountant: 2015 Income Tax Checklist Brampton Accountant: 2015 Income Tax Checklist. Cheema CPA Professional Corporation is a Chartered Professional Accountant firm located in Brampton, Ontario. We provide professional tax and accounting services. Each year we put together a checklist to help our clients assemble all the information required for personal taxes. This checklist will help […]

Tax Changes for 2016 Tax Season

Personal Tax Changes 2016 Tax Season

Personal Tax Changes 2016 Tax Season Changes and Updates for 2016 Tax season We will discuss the personal tax changes 2016 tax season in this article. Following key changes to existing services, credits, and amounts impact individual taxpayers in the 2016 tax-filing season: Updated notice of assessment – The Canada Revenue Agency (CRA) has updated […]

How to setup a corporation in Canada?

How to setup a corporation in Canada?

 How to setup a corporation in Canada? A corporation is a separate legal entity which can be incorporated at the federal or provincial levels. A corporation is separate from its shareholders and must file a tax return annually regardless of the revenues it makes. A shareholder of the corporation is not liable for debts of the corporation. Although […]

2016 CPP EI RAtes

PAYROLL CPP AND EI RATES

2016 CPP & EI rates Payroll Canadian Pension Plan (CPP) and Employment insurance (EI) rates for Employees and Employers. PAYROLL CPP AND EI RATES: Once an employee reaches the maximum CPP/EI in a relative year, additional CPP or EI should not be deducted. In the event extra CPP or EI has been deducted in error you […]

Universal Child Care Benefits

Universal Child Care Benefits

Universal Child Care Benefits The Universal Child Care Benefits (UCCB) was introduced back in 2006 as a taxable benefit for Canadian families. This benefit is different from the Canada Child Tax Benefit (CCTB). The UCCB was $100 per month per child under the age of six. The government enhanced this benefit in 2015 by increasing the amount […]

Canadian Provincial Tax Map 2015

GST/HST Rates Across Canada

 GST/HST Rates Across Canada With eCommerce more and more businesses are selling goods and services across Canada. This has resulted in confusion on which sales tax rates apply. Majority of Canadian businesses must collect sales taxes from customers and remit them to the government. Depending on the province your business operates in, the rates are different. Based on […]

New to Canada Tax Accountant

Non-residents selling rental property in Canada | Brampton | Mississauga | Oakville

Buying and Selling Canadian Rental Property: Canadian Economy Canada’s solid banking system coupled with a strong economy have attracted investors from all over the world. Non-resident individuals have purchased rental properties across Canada. Owning a rental property in Canada can be profitable if you understand the Canadian tax laws that apply to non-resident individuals. To own a rental […]

CRA Audit

CRA Audit & Objections

  CRA Audit & Objections Challenge the CRA / Dealing with the CRA? Here’s what you need to know. Every year the Canada Revenue Agency (CRA) audits thousands of small and medium size businesses and issues notices of reassessments.  Many times the result of these reassessments requires these businesses to pay up to thousands and sometimes […]

bookkeeping

Importance of Bookkeeping

 Importance of Bookkeeping What is bookkeeping? Bookkeeping is the process of recording all the financial transactions and events that occur in your business. Purchases, sales, receipts, and payments are all organized in chronological order and accurately recorded so that all the money that flows in and out of your business is accounted for. These records […]

Past Tax Returns

Filing Past Due Tax Returns

 Filing Past Due Tax Returns Filing taxes can be an overwhelming task with numerous things to consider. If you have fallen behind on your returns it is very important to file the past due tax returns and update your records with the Canada Revenue Agency (CRA). By filing taxes you become eligible for government credits […]

Deadline for Self-Employed Individuals to File Their 2014 Income Tax Return

Reminder-Monday, June 15, 2015, is the Deadline for Self-Employed Individuals to File Their 2014 Income Tax Return

Deadline for Self-Employed Individuals to File Their 2014 Income Tax Return Reminder-Monday, June 15, 2015, is the Deadline for Self-Employed Individuals to File Their 2014 Income Tax Return We would like to remind self-employed individuals and their spouses that this year’s filing deadline is midnight on Monday June 15, 2015.  If you had an outstanding balance […]

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Canada Revenue Agency Scams

Canada Revenue Agency Scam Phone Calls & Emails  Over the last several months we have seen an increase in taxpayers receiving fraudulent communications that claim to be from the Canada Revenue Agency (CRA). Taxpayers are contacted by telephone, mail, text message or email. In all these cases, the communication requests personal information, such as a social insurance, […]

Canada Revenue Agency

CRA sued for $32-million – result of multiple CRA audits

CRA sued for $32-million – result of multiple CRA audits Cardel Construction a real estate developer has initiated a lawsuit against the Canada Revenue Agency and is seeking $32 million in damages. CRA audited the books of Cardel and assessed $219-million in taxes, which equates to 150% of the corporate and personal income. The shareholders […]

Chartered Professional Accountants

Chartered Professional Accountant

The New Accounting Designation Over the  years there’s been a lot of confusion when understanding the different accounting designations in Canada. The three accounting designations operating in Canada are; Chartered Accountants (CAs), Certified Management Accountants (CMAs) and Certified General Accountants (CGAs). Each designation has has a different set of regulations and governing bodies. Now in Canada […]

Capital Gain vs. Business Income

Capital Gains vs Business Income

  Capital Gains vs Business Income As indicated in our previous articles, the housing market in Canada has attracted many investors. This has allowed real estate investors to make a quick profit. The popularity has also been fueled by the preferred tax treatment on capital gains. In Canada only 50% of the capital gain is taxable at your […]

Small Business Tax

Small Business Tax Tips

 Small Business Tax Tips A small business owner faces many struggles everyday just to stay in business. The reporting requirements and red tape continues to grow each and every year. At the end of the year, its tax time; the time of the year every small business owner dislikes. Sorting out books and records and paying the […]

Tax Prepration

Tax Preparer

  Preparing Your Tax Return Preparing your tax return can be a complicated process with all the different tax credits available to taxpayers. Tax laws continuously change and it has made it difficult for tax payers to keep up with these changes. At our firm we continuously attend CRA seminars and tax conferences to enhance our knowledge. This […]

Rental income tax

Rental Income Taxed

 How is Rental Income Taxed in Canada? The real estate market in Toronto and the suburbs has been booming over the last several years because of the favorable economic conditions and the low interest rates. Individuals have invested in rental properties of all sorts. Rental income is generated when you rent a property you own. Rental income could […]

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Brampton Tax Accountants

Cheema & Assocaite – Your Local Brampton Tax Accountants  Cheema & Associate CPA Professional Corporation is an accounting firm located in Brampton, Ontario at the main intersection of Kennedy Rd S and Clarence St. Our office address is 143 Clarence st. Suite 5, Brampton ON L6W 1T2. We provide income tax services to all types of clients from Brampton. We […]

Non-residents - Child Tax Benefits

Non-resident eligibility of child tax benefits and GST/HST rebate

Tracking Canadians emigrating to other parts of the word has become a serious challenge for the Canada Revenue Agency (CRA). Over the past several years the CRA has begun targeting non-residents claiming child tax benefits and GST/HST rebates. This has created confusion among taxpayers in determine if they qualify for these benefits while they are residents/non-residents. Although a taxpayer […]

Goods and Services Tax/Harmonixed Sales Tax (GST/HST) New Housing Rebate

CRA Auditing – HST New Housing Rebates

The Canadian Market The housing market in Toronto and the suburbs has been booming over the last several years. This has allowed investors from all over the world to cash in. The strategy was to purchase a newly constructed home or condominium unit from the builder and sell it a few months later for profit. This strategy seemed like people […]

Why did the CRA audit me?

CRA uses Facebook to audit

CRA uses Facebook to audit The CRA only provides a generic description on how they select files for audit. According to the CRA website, they select files based several different conditions, such as “the potential for errors in tax returns or indications of non-compliance with tax obligations.” Techniques used by the Canada Revenue Agency (CRA) […]

Professional Corporation

What is a professional corporation?

What is a professional corporation?  A professional corporation operates much like a business corporation with few exceptions. A professional corporation has to abide by the regulations set by the Business Corporations Act (Ontario) and by the respective governing body. A professional corporation  can-only carry on activities of its profession. A professional corporation must meet the requirements of its […]

Should I use the VDP program offered by the CRA? Is this program right for me?

Voluntary Disclosures – Should I Apply?

  What is Voluntary Disclosures Program (VDP)? The VDP is a Canada Revenue Agency (CRA) administered program which allows taxpayers to disclose or amend historical tax returns due to inaccuracy or unreported tax information. Under the program the CRA will not charge penalties or prosecute the taxpayer. The program also promises to grant partial interest relief if […]

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Business Transfers To Family Members

Inadequate Succession Planning   According to reports published by CIBC it is expected that 30% or close to 310,000 Canadian business owners will sell or transfer ownership of their businesses in the next five years. The growing number of transfers has a significant impact on the Canadian economy and predecessor owners. The lack of effective tax planning and knowledge  has resulted in […]

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CRA’s Offshore Tax Informant Program

The Program Over the past year the Canada Revenue Agency (CRA) has implemented an ‘Offshore Tax Informant Program’ in hopes of fight international tax evasion. The CRA promises to compensate individuals who help catch tax evaders. Program Success  The Financial Post has reported  that this program has generated over 1,000 calls and has led to over 100 active […]

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Tax Free Savings Account and benefits

What is a Tax Free Savings Accountant (TFSA)   The Tax-Free Savings Account (TFSA) is a flexible, registered, general-purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs. The TFSA complements existing registered savings plans like the Registered Retirement Savings Plans (RRSP) and the Registered Education Savings […]

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Canadian Tax Deadlines 2013-2014

  Important dates for Individuals Tax return filing due dates Employees file –> 2014 personal tax return is due April 30, 2015 Self-employed –> If you or your spouse carried on a business the 2013 personal tax return is due June 15, 2015. (If you have tax owing the payment still has to be made by April […]

Blog

Brampton Mississauga Tax Accountant Blog

One of the most critical decisions that every business owner has to make at the end of the year is file their taxes. There are a lot of resources catered towards taxes in general but only limited resources catered towards small business in Brampton, Mississauga, and Oakville. Our blog is catered towards helping business owners make better tax filing decisions that will allow them to remain in control while reducing stress.

We are a company that is specializes in helping small business owners in the Mississauga, Brampton, and Oakville area. At Cheema CPA Professional Corporation we understand the needs of business owners. We service business owners from Brampton, Mississauga, and Oakville. The goal of this blog is to educate our current and prospective clients. This blog allows us to deliver directly the current tax and accounting issues faced by business owners all over Mississauga, Brampton, and Oakville. We continuously build on our strong tax knowledge by attending seminars put on by the Chartered Professional Accountants of Ontario which allows our firm to bring the best stratiges to our small business clients. This knowledge is reflected in

If you have a question posit it on our questions page and will try our best to respond immediately. If you would like to suggest topics for future blog posts please contact us.

To confirm the information in this blog always visits the CRA website.

Brampton Mississauga Tax Accounting Blog

Brampton Mississauga Tax Accounting Blog