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Richard Fonagy
The New Canadian Tax Free First Home Savings Account
The Canadian First Home Savings Account (FHSA) is an initiative introduced by the Federal Government to assist prospective first-time...
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Richard Fonagy
- Jun 23, 2022
- 1 min
Are Your Expenses Reasonable or Should You Be Worried? How To Confirm:
This may be one of the most important websites to avoid an audit: If you want to compare your clients NAICS code to what CRA expects to...
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Richard Fonagy
- Jun 23, 2022
- 1 min
Why you should never mix personal and business expenses in your corporation?
Audit Tip: Do you know what one of the major reasons not to mix personal and business expenses? Has nothing to do with accounting, any...
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Richard Fonagy
- Jun 7, 2022
- 3 min
Associated, Affiliated, Connected, Non Arms Length - When are these applicable to your corporation?
Affiliated, Connected, Associated Non Arm Length- What is the difference and when is it used? For those interested The Income Tax Act...
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Richard Fonagy
- Jan 4, 2022
- 2 min
Joint Ownership of Investment Accounts and Taxation: how to report:
Joint Ownership of Investment Accounts and Taxation: how to report: Where there is a loan of property, if the borrowing spouse pays...
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Richard Fonagy
- Jan 2, 2022
- 4 min
New Measures for Qualifying for the Disability Tax Credit for 2021
Disability Tax Credit The Disability Tax Credit (DTC) is a non-refundable tax credit that is intended to recognize the impact of...
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Richard Fonagy
- Nov 17, 2021
- 2 min
Can You Deduct The Downpayment For A House On Your Taxes? One Partner in A Law Firm Did- Here's How:
How A Partner In A Law Firm Deducted the Down Payment For Buying A House For Tax Purposes? Very Ingenious And Why To Challenge Canada...
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Richard Fonagy
- Nov 10, 2021
- 13 min
Everything You Need To Know About Sales Tax In Canada:
GST, PST & HST Canada – The Definitive Guide to Canadian Sales Taxes Introduction Sales taxes in Canada are imposed at two levels. The...
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Richard Fonagy
- Nov 10, 2021
- 14 min
Accounting for Construction Processes Explained in Depth- Including Tax Treatement
How to Organize Bookkeeping & Accounting for Canadian Construction Businesses Introduction In the last few years, there have been...
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Richard Fonagy
- Oct 30, 2021
- 1 min
What you need to know about deducting Motor Vehicle Expenses for your Rental Properties:
Motor Vehicle Expenses The following guidelines are provided by Canada Revenue Agency: If you own one rental property, you can deduct...
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Richard Fonagy
- Oct 30, 2021
- 2 min
Ever wonder if your expenses need to be capitalized or can be written off in the current period?
Capital vs Expense General rules regarding whether an item should be capitalized (capital expense) or can be expensed (current expense):...
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Richard Fonagy
- Oct 27, 2021
- 3 min
Whats in a Trial Balance- and who Invented It & What Errors will it not Detect?
Just a little history for those interested SOMETIMES WE JUST USE IT AND TAKE IT FOR GRANTED A trial balance is a list of all the general...
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Richard Fonagy
- Oct 25, 2021
- 4 min
How Is Investment Income Earned In My Corporation Taxed? It Can Be Costly!
As a business owner, you may have surplus cash accumulating in your corporation. Perhaps you have been setting aside funds for a large...
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Richard Fonagy
- Oct 24, 2021
- 2 min
What are the CRA Accounts required and Optional when opening up a New Corporaton?
There are 3 Different Tax Accounts: RC - main tax account Automatically assigned when incoporating a new corporation you do not need to...
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Richard Fonagy
- Oct 23, 2021
- 2 min
Want To Know How to Calculate GST/HST On Reimbursable Client Expenses?
Suppose you incur expenses on a project that you will be re-billing to a client. When an expense includes sales tax and you’re in the...
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Richard Fonagy
- Oct 20, 2021
- 2 min
New Rules on Passive Income
The new rules for passive income When business income is distributed as salary (or when an unincorporated business owner earns business...
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Richard Fonagy
- Oct 20, 2021
- 3 min
The Theory of Integration
Income from your CCPC can be distributed to you as salary (or bonus) if you are an employee, or dividends as a shareholder. If you...
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Richard Fonagy
- Oct 20, 2021
- 3 min
Earning Investment Income In a Corporation Reaps No Benefits
Earning investement income inside of you corporation will not shield you from higher tax rates. That is because investment income earned...
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Richard Fonagy
- Oct 19, 2021
- 2 min
Are You Running a Hobby or Business?
Expectation of profit where there is no hobby element does not appear to be required: So what does the Stewart case actually say? First,...
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Richard Fonagy
- Oct 1, 2021
- 4 min
What You Need To Know To Dissolve A Corporation- Look No Further
Owning your own business is an exciting and busy time. Unfortunately, sometimes that business comes to an end. This can be a complex...
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