Accounting Blog for Businesses in Burlington, Oakville & Hamilton | SB Partners

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What’s New This Tax Season?

Personal Tax Updates Every year there are new rules and regulations around what credits and deductions you can claim on your income tax filing, and what you need to do to claim it. Brent Sousa, Senior Manager of Assurance & Advisory at SB Partners …

Capital Gains Increase Deferred

On Friday, January 31st, 2025, the Canadian government announced that taxpayers will not need to include the proposed increase in the capital gains inclusion rate in their 2024 tax filings.

Tax Planning for Canadian Snowbirds: Understanding the Tax Implications of Spending Time in the U.S. and Abroad

Flying as a Non-Resident Alien Through Tax Planning The snow is flying, and the snowbirds are heading to the sun. The migration is filled with anticipation of warmer days ahead but a lack of planning before departure can leave a sunny destination …

Tax Implications on U.S. Property Purchases

A client (Canadian resident) recently asked whether he was required to complete tax form T1135 for a condo purchased in Florida for CAD$125,000 equivalent. The simple answer – it depends!

Pulling the Trigger: Pros and Cons of the “Shotgun Clause”

What is it? The shotgun clause is a common tool in Shareholders’ Agreements that function as follows:

Optimize tax deductions from your rental properties with a good plan

Expense this, deduct that Investing in real estate is a great addition to investment portfolios. Whether you hold property waiting for the value to increase, or utilize it for rental income, investing in real estate has been a popular choice for …

There are many myths about business tax

Many people believe that if you run a business it will be a great tax break due to the expenses you can write-off. This is not exactly the case. Also, consider the time and effort it takes to collect and remit taxes—a task that non-business owners …

Reporting Requirements of Charities & Non-Profit Organizations

The current reporting requirements for Charities & Non-Profit Organizations have left a lot of our clients wondering what exactly they are required to file. This article is intended to act as a general guideline for the reporting requirements of …

Recession Proofing Your Business

Opportunities for Business Owners during Recessionary Periods Recessions need not be all doom and gloom for business owners. In times of economic downturn, some opportunities open for business owners, and in some cases their families as well, that …

Charitable Donations - Ensuring Legitimacy

Charitable donations make all sorts of sense: they support worthy causes, donors can be eligible for tax write-offs and let’s face it, helping others makes us feel good. You may budget for a certain amount each year to be distributed to your …

Legitimate Business Expenses to Deduct on Your Income Taxes

Before you start preparing for your income tax return, it is wise to familiarize yourself with all the business expenses you may legitimately deduct from your income taxes.

Accepting Cash for Jobs can be a Risky Business

We all know about the underground economy – a quiet, cash-in-the-pocket exchange for a product or service. For many people, conducting business in this manner is considered a ‘win-win’ since tax savings are had on both sides of the transaction. But …

Gifts and Awards for Employees

For employers who want to reward their staff achievements, or acknowledge team members at certain personal milestones, it is important to always keep in mind the tax implications that these gifts can carry.

Changes to GST/HST Reporting for Dentists

The Canada Revenue Agency’s (CRA) decision to revoke the administrative arrangement with the Canadian Dental Association marks a significant change for GST/HST registered dental practitioners.

Changes to Reporting for Digital Platform Owners and Sellers

Reporting changes for digital platform owners and sellers changed in 2024, are you aware of how the requirements affect you?

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Get in touch with us

Do you have a question for SB Partners? Need help to understand your business financials or value? We’re here to help with all of your accounting needs, please get in touch today.

Email us at help@sbpartners.ca or give us a call at 905-632-5978 or toll-free at 1-866-823-9990.

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