Sybille Schaufler Accounting Blog

Sybille Schaufler Accounting is pleased to provide a variety of resources on accounting, taxation and other related subjects that we hope will be helpful to both individuals and businesses.

If you have any questions, simply contact me, and I will be happy to discuss your needs with you.

Why Should I Engage with You as My Accountant?

Regardless of the business climate, all companies need assistance with accounting matters. As a qualified professional accountant, it is essential to engage with us for several reasons:

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How does my accounting professional adapt to my business needs?

An accounting professional plays a crucial role in helping a business adapt to its changing needs. Here are some ways in which you and your business can benefit:

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Incentives for Zero-Emission Vehicles (iZEV) Program

When considering a fuel-efficient vehicle such as a hybrid, or an alternative fuel model you should know that the Canadian Government, as well as some provinces, provide rebates. 

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First Home Savings Accounts Help Save Taxes

 

First Home Savings Accounts, or FHSAs combine the concept of Tax-Free Savings Accounts and Registered Retirement Savings Plans. For people aged 18 and older, like an RRSP, contributors receive a tax deduction on contributions and TFSA-like tax-free withdrawals when using the savings to buy a home. Further, any investment gains earned in the account are tax-sheltered.

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Early Planning Can Save Taxes in 2023

Did you get a nasty surprise when your accountant or tax preparer handed you your tax return? It is a good idea to start early and plan for 2023. Here are some suggestions on how you can save money on your Canadian income tax for this year: 

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Avoid Penalties by Filing Taxes on Time

Despite the strike affecting the CRA and the public sector workers, you will not avoid penalties if you file your taxes later than the May 1st deadline. 

Filing your Canadian income tax on time is essential to avoid penalties and interest charges. In this blog post, we will discuss the importance of filing your Canadian income tax on time and the penalties you may be subject to if you are late.

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Identify CRA Email Scams at Tax Time

The Canada Revenue Agency (CRA) might email you:

  • to let you know that a new message is available on your CRA website account.
  • to send you a link for a webpage, form, or publication that you requested during a call or meeting with a CRA representative.  
  • to let you know about tax credits and benefits for individuals or online services such as My account.
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Phone Scams, the CRA and Tax Season

Numbers from the Canadian Anti-Fraud Centre show that direct calls remain the number one means of solicitation for fraudsters.

Although the CRA may contact you via phone to review your income tax and benefit return, it's important to note that legitimate government employees will always identify themselves with their ID number and first name.

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Watch For Tax Season CRA Scams

It’s tax time again. If you are like others, you may feel overwhelmed by the process. Sadly, scammers are aware of this and take advantage of people's fears by trying to steal money and gain unauthorized access to personal data and financial details. The Canada Revenue Agency has seen a dramatic increase in the sophistication of scam attempts, so it is essential that you learn the difference between legitimate communication and a scam from the CRA. The best way to protect yourself from potential fraud is by learning the signs.  

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Make sure you claim investment fees on your tax return

When preparing your taxes, a deduction that is often overlooked is carrying charges and interest expenses. These charges are costs you incur to earn income from an investment, but only expenses for non-registered accounts will qualify.

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5 Tips For Managing Your Cash Flow

A cash flow projection can act like an early warning system for any period. A leading cause of business failure is a lack of cash flow management, but by taking some simple steps in managing it, you will find it can improve your business outcome.

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Taxation and Shareholder Loans

Shareholder loans refer to loans made by shareholders of a corporation to the corporation or from the corporation to the shareholder.  

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Tax Deductibility of Medical Expenses in Canada

Now that we are into the 2022 income tax season, it is a good time to talk about the medical expense deduction on your personal tax return.

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Preparing For Your 2022 Tax Returns

As we head into 2023, simplifying the process of filing your tax returns for 2022 is easily done through proper planning. Taking time to prepare your records can speed up the process of receiving a refund and reduce the cost of services provided by your accountant as they work to meet the tax filing deadline.  

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Informational Resources

Click on a topic to let us show you how we can help.

 

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