tag:blogger.com,1999:blog-90722123489161850342011-08-03T19:33:22.263-06:00We are a Professional Corporation specializing in all areas of small business accounting and tax services. The management of Elliott & Company are both Certified Management Accountants. We have accounting technicians that specialize in Simply Accounting and Quickbooks software. Our company has been in public practice serving entrepreneurs over the past 13 years, with an additional 40 years accounting experience behind us.ELLIOTT and COMPANY, Cert. Management Accountantshttp://www.blogger.com/profile/18429248486255288851noreply@blogger.comBlogger231100tag:blogger.com,1999:blog-9072212348916185034.post-87540881018497182962010-01-03T19:16:00.003-07:002010-01-03T19:23:29.284-07:00

Ottawa, December 31, 20092009-125Government Announces 2010 Automobile Deduction Limits and Expense Benefit Rates for BusinessThe Minister of Finance, today announced the automobile expense deduction limits and the prescribed rates for the automobile operating expense benefit that will apply in 2010.All of the limits and rates in effect in 2009 will continue to apply in 2010. Specifically:The

ELLIOTT and COMPANY, Cert. Management Accountantshttp://www.blogger.com/profile/18429248486255288851noreply@blogger.com41tag:blogger.com,1999:blog-9072212348916185034.post-77640544787985673442009-04-06T21:48:00.003-06:002009-04-06T21:51:21.831-06:00

This election could benefit your company by you not having to remit all of the GST you collect. This works best if your GST paid on purchases (input tax credits) are low. The Quick Method of accounting is a simple way to calculate the GST/HST you have to remit. It is generally available for small businesses with annual worldwide taxable sales or supplies (including GST/HST, zero-rated supplies,

ELLIOTT and COMPANY, Cert. Management Accountantshttp://www.blogger.com/profile/18429248486255288851noreply@blogger.com0tag:blogger.com,1999:blog-9072212348916185034.post-25416577926886067002009-01-27T22:54:00.000-07:002009-01-27T22:55:18.008-07:00

Government Announces 2009 Automobile Deduction Limits and Expense Benefit Rates for BusinessThe automobile expense deduction limits and prescribed rates for the automobile operating expense benefit that applied in 2008 will apply in 2009. Specifically:· The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes will remain at $30,000 (plus applicable

ELLIOTT and COMPANY, Cert. Management Accountantshttp://www.blogger.com/profile/18429248486255288851noreply@blogger.com0tag:blogger.com,1999:blog-9072212348916185034.post-23121553232137430602009-01-27T19:35:00.005-07:002009-01-27T22:50:33.060-07:00

Budget 2009 supports small businesses by:· increasing the amount of small business income eligible for the reduced federal tax rate of 11% to $500,000 from the current limit of $400,000 as of January 1, 2009.· Introducing a temporary 100% capital cost allowance rate for computers acquired after January 27, 2009 and before February 1, 2001.For individual taxpayers:the government will boost the

ELLIOTT and COMPANY, Cert. Management Accountantshttp://www.blogger.com/profile/18429248486255288851noreply@blogger.com0tag:blogger.com,1999:blog-9072212348916185034.post-27462407007045311752008-12-15T18:11:00.000-07:002008-12-15T18:13:24.158-07:00

This fall, the federal government announced a nice little perk for Canadians with investment income. Starting January 1, 2009, everyone 18 and over, can contribute up to $5,000 to a Tax Free Savings Account (TFSA). Nearly every type of investment can be deposited there. The beauty of these is that they are not taxed when income is earned. For example, if you deposit $5,000 to a GIC, the

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Ottawa, December 24, 20072007-1112008 Automobile Deduction Limits and Expense Benefit Rates for BusinessThe ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes will remain at $30,000 (plus applicable federal and provincial sales taxes) for purchases after 2007. This ceiling restricts the cost of a vehicle on which CCA may be claimed for business

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Ottawa, October 30, 20072007-083Canada’s Government Delivers Broad-Based Tax Relief for Individuals, Families and BusinessesThe Honourable Jim Flaherty, Minister of Finance, today presented the Government’s 2007 Economic Statement, which proposes broad-based tax relief for all Canadians, including a further reduction of the goods and services tax (GST)."Given the uncertainty in the global economy

ELLIOTT and COMPANY, Cert. Management Accountantshttp://www.blogger.com/profile/18429248486255288851noreply@blogger.com0tag:blogger.com,1999:blog-9072212348916185034.post-43870679042403352662007-06-06T18:29:00.000-06:002007-06-06T18:34:32.812-06:00

There’s a new government incentive that your company might be able to take advantage of (started May 2, 2006). Timing: you have 1 year from your fiscal year end to file. The link is below for you to read through. In a nutshell, you get an ITC (Investment Tax Credit) on the corporate tax return for up to $2,000 per apprentice (for their first 2 years of apprenticeship) if they are in a

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These claimable expenses include:home mortgage interestproperty taxeshome insuranceutilitiesbusiness phonelandscaping costsThe claimable percentage of these expenses is based on your dedicated home office space divided by the total square footage of your liveable home area space.

ELLIOTT and COMPANY, Cert. Management Accountantshttp://www.blogger.com/profile/18429248486255288851noreply@blogger.com0tag:blogger.com,1999:blog-9072212348916185034.post-30445312993496454112007-04-19T10:16:00.000-06:002007-04-19T11:04:43.655-06:00

This type of trust (testamentary: included in the will) is very useful for a family with young children. The survivors benefit from this in future tax savings. The tax savings result from the trust earnings being taxed in the child's hands. Since the children make little or no income, no taxes are incurred.Here's an example of how this testamentary trust works: When the insured dies, his/her

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1)Qualified Small Business Exemption: If the owner of this business ultimately sells the shares of the business, they may qualify for up to a $750,00 lifetime capital gains exemption. There are 4 criteria that need to be met to qualify for this tax-free capital gain. See February blog notes for these 4 rules.2) Income splitting: You may pay a reasonable salary, and /or bonus and to your family

ELLIOTT and COMPANY, Cert. Management Accountantshttp://www.blogger.com/profile/18429248486255288851noreply@blogger.com0tag:blogger.com,1999:blog-9072212348916185034.post-48026964280598017192007-03-20T20:55:00.001-06:002007-06-23T07:50:13.587-06:00

Business Tax Updates:Increased Capital Cost Allowance ("CCA") for Buildings - Non-residential buildings are eligible for a CCA rate of 4% under Class I of Schedule II to the Income Tax Regulations. The Federal Budget proposes that the CCA rate for buildings used for manufacturing or processing in Canada of goods for sale or lease be increased to 10% and that the CCA rate for other non-residential

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Personal Income Tax Updates:New Child Tax Credit - This is a new non-refundable child tax credit for parents in the amount of $2,000 (indexed) for each child under the age of 18 years at the end of a taxation year. Conditions: a child resides together with the child's parents throughout the year, either of those parents may claim the credit. In other cases, the credit will be claimable in respect

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Individuals can still claim a $500,000 exemption against capital gains from qualifying shares of a small business corporation.To qualify for this exemption, individuals must meet the following conditions:1) Determination test - The corporation must be an SBC at the time of the sale, all or substantially all (greater than 90%) of its assets must be business assets.2) Ownership period test - The

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Eligible dividends are taxed at a reduced federal rate, by way of an enhanced gross-up (45%) and tax credit(27.5%) for these dividends received by individuals and trusts. This helps to balance out the inequitable tax treatment between a non-CCPC and a CCPC.Ineligible dividends are those that have existed up to this point, based on an assumed 32% corporate tax rate, the existing gross-up of 25%

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Child Care Expense CRA rules:The lower income earner has to claim the child care expenses. These expenses are allowed to a maximum of 2/3rds of earned income (rental, business, salary, bonuses). Dividends are not earned income so these payments are not included. The lower income earner should consider drawing a salary, if possible, to allow for the deduction of the incurred Child Care expenses.

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Bank of Montreal Online Tax Filing ServicesContact your local Bank of Montreal branch; orContact your cash management sales representativeNational Bank of CanadaCorporate Electronic ServicesTelephone: (514) 394-2057 option 3Fax : (514) 394-6341Email : info@sibn.bnc.caRoyal Bank of Canada Payment Filing Service, On-line Tax FilingVisit www.rbcroyalbank.com and select "24 hour

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The 2007 Automobile Deduction Limits remain the same as the rates in year 2006.The limit on the deduction of tax-exempt allowances paid by employers to employees using their personal vehicle for business purposes for 2007 will remain at 50 cents per kilometre for the first 5,000 kilometres driven and 44 cents for each additional kilometre. For the Yukon Territory, Northwest Territories and

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* Increasing the basic personal amount-the amount that an individual can earn without paying federal personal income tax-so that it grows each and every year and remains above previously legislated levels in 2006 and 2007. The basic personal amount will be $8,929 in 2007 and will continue to increase incrementally, reaching at least $10,000 in 2009.* Permanently reducing the lowest personal

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This plan recognized by CRA under bulletin IT-339R2 was introduced as a cost efficient and tax effective means of providing health and dental benefits for small and medium sized busineses. This plan is an inexpensive way for incorporated employers and sole proprietors to provide tax free health and dental services for themselves and their dependents, their employees and their dependents. These

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Alberta corporate tax – Alberta Finance ABCIT (use Alberta Access number 20...)Federal Corporate tax – TXINS (use Business number)Federal GST/HST return – GST34Federal GST/HST remittance – GST58Federal Payroll Deductions Monthly – 0013 EMPTX

ELLIOTT and COMPANY, Cert. Management Accountantshttp://www.blogger.com/profile/18429248486255288851noreply@blogger.com2tag:blogger.com,1999:blog-9072212348916185034.post-46325771368953182262007-02-02T19:25:00.000-07:002007-02-02T20:38:58.613-07:00

This election could benefit your company by you not having to remit all of the GST you collect. This works best if your GST paid on purchases (input tax credits) are low.The Quick Method of accounting is a simple way to calculate the GST/HST you have to remit. It is generally available for small businesses with annual worldwide taxable sales or supplies (including GST/HST, zero-rated supplies,

ELLIOTT and COMPANY, Cert. Management Accountantshttp://www.blogger.com/profile/18429248486255288851noreply@blogger.com0tag:blogger.com,1999:blog-9072212348916185034.post-86986433475799386342007-02-02T17:24:00.001-07:002010-01-13T07:07:24.301-07:00

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