You are using an outdated browser.

This website is not compatible with your web browser.

Please upgrade your browser or activate Google Chrome Frame to improve your experience.

CPA, CGA, CMA, CA…what does it all mean?

Canada’s accounting profession is now represented by a single national body – Chartered Professional Accountants of Canada (CPA Canada).

The Chartered Professional Accountant (CPA) designation came from the belief that Canada needed a single, unified accounting profession.  Built on the strengths of the three legacy designations (Chartered Accountant (CA), Certified Management Accountant (CMA) and Certified General Accountant (CGA)), public interest will be served by common codes of conduct, disciplinary systems and licensing regimes.

CONTINUE READING POST –>

SHARE THIS:

Common Accounting Letters You May Have To Sign

Have you ever been to your accountant, lawyer or financial advisor’s office and before leaving you’ve signed a dozen letters and documents!  Have you ever wondered why there are so many letters and signatures required and what they all mean? For professional accountants, some letters are required by our standards and some are used to ensure all parties are under the same understanding for the work being performed. The following will discuss some common letters and their purpose.

CONTINUE READING POST –>

SHARE THIS:

The Benefits of using CRA Online Services for Individuals and Businesses

Your accountant may be recommending that you sign up for online services available through the Canada Revenue Agency (CRA). Like online banking, CRA’s online services provide a secure portal that gives you access to the following information:

  • My Account – for individuals – information about your personal income tax and benefit information
  • My Business Account – for business owners – provides an opportunity to interact electronically with CRA on various business accounts, such as GST/HST, payroll and corporate income taxes.

CONTINUE READING POST –>

SHARE THIS:

T1135 – Foreign Income Verification Statement

On June 25, 2013, Canada Revenue Agency (CRA) has introduced a revised Foreign Income Verification Statement (T1135) to crack down on international tax evasion and aggressive tax avoidance.  All Canadian resident taxpayers are required to file the T1135 if at any time in the year the total cost amount of all Specified Foreign Property to the taxpayer was more than C$100,000. This includes:

CONTINUE READING POST –>

SHARE THIS:

New CRA Business Number Review Project

As the owner of a corporation, you are likely aware that you are required to file an Annual Report with BC Registry and advise them of any changes to directors, addresses, phone numbers, etc. However, are you aware that you are also required to notify CRA with this same information? CRA does not have access to the provincial registry and they are finding their records are not up-to-date for many corporations.

CONTINUE READING POST –>

SHARE THIS:

Post-secondary students and tuition deduction

Post-secondary students are always looking for tax breaks to help with their tax burden. One major tax deduction is your tuition and education amount each year. If your tuition fees are more than $100 in a calendar year to any one institution for courses taken at the post-secondary level, be sure that you get your T2202A form (Education and Textbook Amounts Certificate) from your educational institution each year. These days, the form is normally available online through your school, sometime in February.

CONTINUE READING POST –>

SHARE THIS:

ArchivesArchivées

Proud member of: