Sybille Schaufler Accounting Blog

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:

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. 

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.  

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.

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.

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: 

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.