Tax Question:What are assets on my company’s financial statements? Facts: An asset is considered a resource with economic value that can be measured in a monetary unit that is controlled by the corporation and expects to deliver a future benefit. Discussion: Assets can be classified as either current or long term, can be tangible or intangible. They […]
Tax Question:What is an Income Statement? Facts:An Income Statement is the part of the financial statements prepared for owners, investors, and bankers that shows revenues and expenses for a defined period of time, usually the fiscal year. It is a summary of the financial performance of the corporation during the reporting period. Discussion:Income Statements may also be […]
Tax Question:What is a Balance Sheet? Facts:A Balance Sheet is the part of the financial statements prepared for owners, investors, and bankers that summarizes the assets, liabilities, and the shareholder’s equity for a specific date in time, usually the year end. Discussion: The Balance Sheet is also referred to as a Statement of Financial Position. The Balance […]
Doing Business in the USA Cross-Border Seminar and Professional Briefing Delta, BC, Thursday, May 7, 2015 – 8:15am to 4:00pm More information and registration
I was recently involved in an interesting case in which I obtained a receivership order for a secured creditor of an insolvent dentist. This case involved two interesting issues. The first was the need to have the Royal College of Dental surgeons involved to ensure the protection of the patient’s private health information. The second issue involved […]
Indian Prime Minister’s three nation visit to Germany, France and Canada with the thrust on “Make in India” can easily be seen as a mood of this 12 month old Government. The growth in the GDP in 2014-15 and with IMF projecting India as overtaking China in growth rate in 2017-18, these is just the reflection of […]
There is an old saying “never look a gift horse in the mouth”. This is generally understood to mean that if somebody is giving you a gift, you should just accept it. You should be aware, however, that accepting gifts in certain circumstances could result in legal problems for the recipient of the gift. For […]
International Referral, the world’s largest exclusive network of advisory firms is delighted to introduce Mostafa Mohsin of M M CPA Professional Corporation. Mostafa has joined IR as our exclusive Tax (Accountants) member in Canada- East. He is a Chartered Professional Accountant and Certified General Accountant with over ten years of experience in Canadian taxation & accounting and advising […]
Tax Question:What is the tax treatment of capital gains in a corporation? Facts:Some corporations have resources available to invest in stocks, bonds, real property or other appreciating assets. Even though the value of such assets can appreciate over time, only when the investment is sold (realized), is a gain or loss reported. The gain or loss […]
by Angela Hardbattle, CPA, CA Tax Question:What is the tax treatment of dividend income in a corporation? Facts:Dividends are a distribution of after tax profits to its shareholders. They are a return on the risk borne by the shareholder for investing in the corporation. Discussion:Depending on the type of dividend received, the tax treatment can be different. Dividends […]
Many of us already know that if we earn business or employment income, we may be eligible to get a deduction for meals and entertainment expenses as much as 50%. We wish this could be that simple the way it sounds. Even we have spoken with many seasonal tax preparers who also has fallacy about […]
We often get question from our clients: “what is my 2014 tax brackets?” In Canada, we have marginal tax rate applicable to individual tax payers. This means the higher income you have you will have to pay more taxes. While filing your 2014 tax return, many of the low income earning families won’t pay any […]