AccXpert TaxServices Newsletter for 2014 Personal Tax Return

Dear AccXpert TaxServices Clients:

Please find enclosed a copy of our 2014 Individual Income Tax Return Checklist. Your review and completion of the checklist should assist you with the assembly of your 2013 personal income tax information and will assist us with the completion of your 2014 individual income tax return. We request that you return the checklist with your 2014 personal tax information as soon as possible. We remind you that our receipt of your information prior to April 15, 2014 Read more

CRA New Service – Manage Online Mail

Commencing February 9, 2015, a new service called Manage Online Mail is being offered by the Canada Revenue Agency (CRA) to electronically deliver mail to Canadians. Online mail is the best way to manage your correspondence from the CRA.

This service will provide you with:

  • quick and convenient online access to notices (notices of assessment and reassessment) and;
  • online access to future eligible correspondence as more becomes available electronically.

With your consent, tax preparers who EFILE your Individual Income Tax and Benefit return can assist you with the registration for online mail. Once you are signed up for online mail, you will receive an email confirming your registration. Read more

Free Workshop Invitation: Cloud Bookkeeping and Year-End Tax Planning

Free Workshop for invited VIP CUSTOMERS only, presented by AccXpert CPA and Quickbooks Online ProAdvisor.

The purpose of this workshop is to teach you as a small business owner how to use Cloud bookkeeping software to effectively and simply record and manage your day to day business transactions for income tax purpose. =&0=& Sunday Nov 30, 2014  & Saturday Dec 13, 2014 =&1=&      Ottawa =&2=& –  Year-end review for tax planning for your business and preparation of annual income tax returns – Bookkeeping using Quickbooks introduction – Quickbooks Online hand-on training =&3=& Bring your own fully charged laptop and power cable,  with latest Google Chrome browser pre-installed If you are interested, please contact AccXpert TaxServices at

CRA Business Tax Reminders Mobile App

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, today took part in a roundtable with businesses to launch the first-ever mobile app for small and medium-sized businesses from the Canada Revenue Agency (CRA). The new Business Tax Reminders mobile app is another example of our Government’s client-focused and technology-driven approach to reducing red tape for businesses.  The new app lets business users create custom reminders and alerts for key CRA due Read more

Small Business Owner Saves Taxes with Income Splitting

A practical example for small business owner saving taxes with income splitting

Mr Li runs a small unincorporated business in Ottawa, Ontario. His business net income is $88,888. His wife does not have a job and no any income. In 2013 income tax return, Mr Li pays $25,700 income taxes (including $4,712 in CPP contributions for self-employment).

If Mr Li paid a salary of $40,000 to his wife, his net business income would be reduced to $48,888. As a result, Li?s tax bill would be $12,204 Read more

Should I report my tips as a taxable income?

restaurant-check-tips  CRA-Taxable Income

Canadians who earn tips and gratuities that they represent taxable income and must be reported on annual income tax and benefit returns. Restaurant servers, hairdressers, valets, taxi drivers, and others who earn tips may not have all of their income recorded by their employers, which means that their T4 slips may not include all of their income.

The Income Tax Act is clear about income from tips: tips are taxable and it is your responsibility to report any that you receive. Read more

CRA extending the filing deadline for tax returns

Heartbleed security bug: Canadian tax services back online

The Canada Revenue Agency says full service has been restored on all of its online systems as of Sunday. A release from the CRA said that ?individuals, businesses and representatives are now able to file returns, make payments, and access all other e-services available through the CRA?s website, including all our secure portals.? ?Our systems are back online. We apologize for the delay and the inconvenience it has Read more

Income Tax for Canadian Non-Residents

It is important to determine a Canadian emigrant?s residency status, because Canadian residents are taxed on their world income.  If a Canadian is intending to emigrate to a foreign country for an indeterminate period of time, he or she may want to consider a non-resident status for tax reasons.   A Canadian is deemed to be a resident unless he/she severs all ties in accordance to the rules laid out by the Canadian Revenue Agency.   It is important to consult an Accountant to make sure Read more

Year-end management bonus – tax deferral for the shareholder

Companies may claim a tax deduction for unpaid management fees or salary at year-end, provided that the fees are paid to the manager or shareholder within 179 days of the year-end date.

If a corporation’s year-end falls within 179 days of the calendar year, a bonus payable may provide for a tax deferral.

For example, if a company has a corporate year-end of Dec 31, 2012 and a profit of $100,000, the shareholders can issue a management bonus of $100,000 to reduce corporate taxable income to zero Read more