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Out from behind the eight ball: Top tips on how to save your small business its much-needed money

Small businesses can keep more of their money by taking advantage of a number of ways to save. For instance, try co-sponsoring an event with a complementary business in order to share the expenses as well as the networking benefits. Join a professional organization that offers discounts and other beneficial perks that will help you [...]

By |2019-10-07T11:29:17-06:00January 7th, 2020|Commentary|0 Comments

Personal Investor: Sometimes a TFSA is better than an RRSP

With the March first deadline, many are ready to contribute to their RRSP accounts, but you might want to put your money elsewhere. While RRSP investments grow and can be bought and sold with no tax consequences, they are taxed at withdrawal. TFSA has the benefit of growing tax-free and funds not being taxed at [...]

By |2019-10-07T11:27:14-06:00December 31st, 2019|Commentary|0 Comments

How to calculate capital gains tax for an employee share purchase plan

Employee share purchase plans (ESPPs) are common, but they can be further complicated by cross-border issues. When buying company shares from a U.S. based company, you run into tax issues that are unique to U.S. companies. Often for ESPPs you are buying multiple shares over time, and you are subject to the U.S. exchange rate [...]

By |2019-10-07T11:26:49-06:00December 17th, 2019|Commentary|0 Comments

3 Mistakes to Avoid in Your TFSA

A large majority of Canadian investors contribute to TFSAs. Overall, these plans can be a great way to save for retirement, but some investors make costly mistakes when contributing to these accounts. For instance, exceeding your contribution limit will result in a penalty. Carefully track all transactions in your TFSA, including deposits and withdrawals, so [...]

By |2019-11-22T12:50:41-07:00December 10th, 2019|Commentary|0 Comments

Three reasons why RRSPs still matter — and one of them you probably didn’t

For years, an RRSP was the only tax-assisted retirement savings plan. New plans, such as a TFSA, now appear more attractive, especially to younger employees. However, there are still some advantages of RRSPs. First, they are more effective for those in a higher tax bracket. And, RRSPs may also be better for young people based [...]

By |2019-10-07T11:26:21-06:00December 3rd, 2019|Commentary|0 Comments

The challenge of estate planning with blended families

In estate planning, a question raised by many couples with a blended family, is what to do if one dies before the other and what each of their children (from previous marriages) can inherit. The goal is often how to ensure their wishes are followed if they die first, how to protect their beneficiaries, how [...]

By |2019-10-07T11:25:41-06:00November 26th, 2019|Commentary|0 Comments

The clearance certificate: what it is, and why it matters

When someone passes away, estate executors are responsible to keep seven years of the deceased tax receipts, unless a clearance certificate is obtained. Appropriate documentation is needed, and a TX19 form has to be filled out and filed. Executors, after obtaining the certificate, can distribute the assets of the deceased's estate without worrying about owing [...]

By |2019-10-07T11:25:20-06:00November 19th, 2019|Commentary|0 Comments

Can I reclaim the withholding tax on my U.S. stocks?

Claiming U.S. withholding tax is only possible in recognized tax-deferred registered accounts and non-registered accounts. The U.S. only recognizes an RRSP and not an RESP or TFSA. Therefore, for a registered account, it is only possible for RRSP account and any foreign taxes in an RESP and TFSA cannot be recovered. Outside a registered account, [...]

By |2019-10-07T11:24:28-06:00November 12th, 2019|Commentary|0 Comments

Are you self-employed? Know your tax obligations

Canadians who are self-employed have slightly different tax obligations that they need to be aware of to ensure that they stay on the right side of the CRA. For instance, one difference is that while their tax return can be submitted later (e.g. their 2018 tax return was due on June 17, 2019), but any [...]

By |2019-10-07T11:23:59-06:00November 5th, 2019|Commentary|0 Comments

How will a pension buyback impact your income tax return?

Public sector pensions use formulas based on the length of service made by an employee to determine that employee's pension when he or she retires. A pension buyback allows an employee to buy an amount of service, or time, that increases the pension's value. This buyback amount can be tax deductible, but usually, it will [...]

By |2019-09-09T10:54:11-06:00November 5th, 2019|Commentary|0 Comments