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LATEST NEWS
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Improve Your Chance for a Business Loan
Getting approved for a business loan or line of credit is more difficult than qualifying for a personal loan. Here’s what you can do to improve your chance for a business loan.
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5 Financial Tips for Your 30s
Here are 5 financial tips for your 30s, to help you get ahead
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6 Essential Accounting Terms
Want to increase your accounting knowledge so you can have more informed, insightful discussions with your account this quarter?
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October 2022
Effective October 17, 2022, all new business authorization requests need to be confirmed by the client
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Disability Tax Credit
The DTC is a non-refundable tax credit. By non-refundable, we mean it reduces any taxes owing on your tax return.
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Are There Inheritance & Estate Taxes in Canada?
Clients regularly ask, are there Inheritance & Estate taxes in Canada? The good news is there is no inheritance tax in Canada on money or property you inherit. As a result, you do not report receiving it on your personal tax return. Why may you ask? It is the executor’s responsibility to file all personal […]
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September 2022
The CRA announced that the prescribed interest rates are increasing from October 1, 2022 to December 31, 2022.
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July 2022
The first installment of the climate action incentive payment (CAIP) was sent out today & recipients will receive both the April & July payment in one lump sump. The next installments will be October 15, 2022 & January 15, 2023. For more information on CAIP & what the CRA is auditing these days, check out […]
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Cryptocurrency
This taxation year was the first time we saw a lot of cryptocurrency (crypto) transactions, so we thought it might be interesting to share some tax information about it.
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Registered Education Savings Plan (RESP)
A Registered Education Savings Plan (RESP) might be the appropriate investment for the special children in your life.
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RRSP Over-contribution
A Registered Retirement Savings Plan (RRSP) is a great way to save for retirement. It offers flexible investing with tax-free investment growth in the plan. Withdrawal(s) usually happens during retirement when you are in a lower tax bracket resulting in lower tax withholdings. As a bonus, your RRSP contributions reduces your taxable income. The best part […]
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April 2022
Start your donation planning for the 2022 tax season! The Alberta government will match Sport, Physical Activity & Recreation Donation Fund Program donations made between April 1 & August 30, 2022. Read our April Newsletter for more information on this program & information on the how the Tourism Levy affects all accommodation providers. Do you have […]
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Canada Training Tax Credit
Did you pay tuition at an eligible educational institution? Then you may be able to claim the Canada Training Tax Credit (CTC) on your tax return. This refundable credit was created to help with training costs & is available to those with eligible tuition & other course fees. If you meet the requirements, you can […]
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March 2022
It’s time to get your taxes in! The federal government is late with CPP & OAS slips this year. Don’t worry, they are coming & are being sent out the week of March 14, 2021.
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Voluntary Disclosures Program
Did you forget to claim some income on past tax returns? Or maybe you discovered a mistake on a past tax or GST/HST return? To correct past mistakes, you might want to apply for the Voluntary Disclosures Program (VDP).
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Student Loan Interest
ed & now face the task of repaying your student loans. While this can be distressing, were you aware you can claim your student loan interest as a tax credit on your tax return?
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Sole Proprietorship or Incorporation?
You’re starting up a small business & it’s time to decide, do you choose a Sole Proprietorship or Incorporation? Though each option is a valid legal business structure in Canada, your best bet is to look at the pros & cons & decide what works for your business.
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February 2022
T4 Filing Deadline is approaching fast The T4 filing deadline with Canada Revenue Agency (CRA) is Monday, February 28, 2022. If we are filing your T4’s for you, we need your payroll information no later than end of business Friday, February 18, 2022 to complete the work on time. Please email your information to info@gadowsky.ca or our secure portal. Our […]
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The Home Accessibility Tax Credit
Living in our own homes as we age improves our quality of life. By doing so, we maintain our sense of well-being, independence & self-worth. However, to do so it is often necessary to undertake costly renovations to maintain our health & safety. Recognizing this, the federal government created the Home Accessibility Tax Credit (HATC) to help Canadians live in our homes as long as possible
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