News

LATEST NEWS

Meals & Entertainment Tax Deduction

As a business owner or sole proprietor, you can claim food, beverage, & entertainment expenses. The catch? These expenses have to be incurred for earning income. If your expenses qualify, then you can take advantage of the Meals & Entertainment Tax Deduction.

Read More
Tuition Tax Credit

To reduce taxes, students attending post-secondary institutions can claim the Tuition Tax Credit.

Read More
January 2022

Starting this month, we will be sharing our Sherwood Park office with another company. To better coordinate client traffic, the office will be by appointment only. We realize sometimes you have to pop in unexpectedly, please call us before you do so we know you’re on your way.You may book your appointment by phone at […]

Read More
Common Audit Triggers

CRA audits are seldom random. You can reduce your audit risk by knowing some of the common audit triggers the CRA looks for.

Read More
Is it Really the Canada Revenue Agency Contacting You?

One of the most common problems we face in our connected world today is scammers. They are constantly invading our privacy by pretending to be legitimate agencies. As a result, we are either scammed out of something or are refusing to engage with real agencies such as the Canada Revenue Agency (CRA). Being that the […]

Read More
December 2021

Have you Ever Been Subject to Smishing? “Smishing” is an attempt to collect logins or other sensitive information with a malicious text messages – & it is on the rise! These attacks show up as a text message prompting you to take action in one of several ways. The smishing text messages usually offer a reward or are an […]

Read More
HASCAP

UPDATE: As of December 14, 2021, the deadline for the application has been extended to March 31, 2022. In early 2021, the federal government announced the Highly Affected Sectors Credit Availability Program (HASCAP). They created HASCAP to provide guaranteed, low-interest loans to businesses heavily impacted by COVID. As a result, businesses can obtain loans from […]

Read More
Lifelong Learning Plan (LLP)

If you have a registered retirement savings plan (RRSP), the Canadian government lets you finance your education by participating in the Lifelong Learning Plan (LLP).

Read More
GST/HST Exempt vs Zero-Rated Supplies

Do you know the difference between GST/HST exempt vs zero-rated supplies? Below is an explanation of each type, as well as some examples for you. GST/HST Exempt supplies Some of the supplies (goods & services) you purchase for your business are GST/HST exempt. This means you do not charge GST/ HST on these supplies; as […]

Read More
November 2021

Have you made a new home purchase or plans to purchase? The First-Time Home Buyer’s Amount (HBA) tax credit may be available for you.

Read More
New Home Purchase or Plans?

Have you made a new home purchase or plans to purchase? There are personal tax credits & assistance that may be available to you. The Home Buyers’ Amount (HBA) The First-Time Home Buyer’s Amount (HBA) can provide you with a $5,000 non-refundable tax credit. Claiming the HBA on your personal Income tax return translates into […]

Read More
Our Favourite Time Trackings Apps

There are several time tracking apps on the market today. We’ve chosen 2 apps that integrate seamlessly with our accounting software. Both are highly rated by Xero & QuickBooks Online (QBO) which are our two main cloud-based accounting softwares. They are also highly rated on sites like PCMag, Getapp & Capterra. Reviewers from companies & […]

Read More
Ordering forms from Canada Revenue Agency (CRA)

Did you know you can order some of the forms you need from CRA through their website? Some of the most common forms that you can order are: GST62-Goods and Services Tax/Harmonized Sales Tax (GST/HST) Return T2200-Declaration of Conditions of Employment RC107-Remittance Voucher for Current Source Deductions Need help finding the name of the form […]

Read More
Canada Caregiver Credit

Who can you claim this credit for? Do you support a spouse or common-law partner, or a dependent with a physical or mental impairment? The non-refundable, Canada Caregiver Credit (CCC) may be available for you. You may also be able to claim the CCC if you support the following: your spouse or common-law partner, your […]

Read More
October 2021

Did you know that the Alberta government has a new online service called Tax & Revenue Administration Client Self-Service (TRACS)? This is available to corporations so they can access their Alberta government account to keep up to date with current information. Some of the functions you can access through your account may vary depending on your account […]

Read More
Our favourite Document Collection & Management Apps

Are you too busy to visit our office to drop off your documents? Upload your receipts & documents directly into document collection & management apps that feed directly into your accounting software! Hubdoc & Dext are our favourite document collection & management apps. They extract key data from documents using AI. They each have both […]

Read More
Volunteer Firefighter &/or Search & Rescue Tax Credits

Were you a Volunteer Firefighter &/or Search & Rescue Volunteer? Did you complete at least 200 hours of eligible volunteer firefighting services or search & rescue volunteer services in the year? October is Fire Prevention month, so we thought we’d let you know there’s a tax credit available for Volunteer Firefighter &/or Search & Rescue […]

Read More
Setting up a My Account

Here is a list of information you will need in order to setup your My Account with Canada Revenue Agency (CRA): 1 ) Your social insurance number (SIN) 2) Your date of birth 3) Your postal code 4 ) Your last 2 tax returns ex. current year and the previous one-CRA will require a line […]

Read More
Political Contributions

Federal Contributions With the election today, we wanted to do a post about political contributions. Did you know that your Federal political contributions are made directly to a registered political party or a candidate for the election, to the House of Commons? Your contribution can be claimed by either you or your spouse, but it […]

Read More
September 2021

SharGlen Financial Inc. Private Health Spending Program (PHSP) Are you using SharGlen Financial Inc. to process your PHSP? They now accept e-transfers! To send an e-transfer please use the email phsp@sharglen.ca Never heard of this before? To learn more about this program & read the rest of the newsletter. Photo by Mahnoor Shams on Unsplash

Read More
Our Favourite Password Manager Apps

To protect yourself from password leaks, all your accounts should have strong, long, unpredictable passwords that contain numbers & symbols. Remembering these passwords is nearly impossible without resorting to some sort of trick or memory aid. An ideal choice is using a password manager app that generates secure, random passwords for you & remembers them, […]

Read More
MyAlberta Digital ID

Have you heard of MyAlberta Digital ID? This is an account that lets you prove your identity online without paper documents or face-to-face visits. It gives you access to multiple government sites & services, while protecting your information and privacy. Here is a list of some key sites & services you can access through just […]

Read More