Avoiding the Auto Expense Audit

There are nearly 1.2 small businesses in Canada along with many more individuals who are in the GIG economy, or earning income through contract or freelance work. It’s critical for these clients to report all income and to accurately report any legitimate deductions and expenses – including those related to mixed-use business-use vehicles.  Those expenses are always audit-prone.  Here are some tips to discuss with clients to make sure those auto log details are up-to-date and to prepare them for potential decisions before the year end:  should I buy or lease a new car?

"In order to carry a positive action we must develop here a positive vision." Dalai Lama

Did you know that only 23% of Canadians contribute to their RRSPs, and their median contribution is only $3000, according to the most recent stats for the 2014 year? That’s a shame for a number of reasons.

Do you understand the Canadian reporting requirements that apply when assets are held offshore? Year-end tax planning includes the assembly of information to stay onside with tax authorities. The filing of form T1135 Foreign Income Verification is required by April 30 in the cases discussed below. Failure to file will attract expensive penalties.

Budget 2016 eliminated the proposed change to exempt from capital gains tax, the gains made on the disposition of real estate or private corporation shares when the proceeds are donated to charity.

Top guns know. . .be on the ground with DAC delegates on the eve of the American election and hear expert commentary about the fallout of this controversial and exceptional time.  It’s not too late to join close to 200 delegates in San Diego Nov 6 – 9; there are a few spots left.

Register by October 21 for early bird rates for Distinguished Advisor Workshops – fall edition.  October marks the official start of “year-end tax planning season,” and this year there are lots of planning concerns for business owner-managers, real estate owners and succession planning. Top industry experts will enlighten you, so you can add value to your client relationships.