At Can-Am CPA Professional Corporation, we are experienced accountants that come up with knowledgeable financial strategies in an open and friendly environment. We also like to take on unique tax issues, which forces us to learn and makes us more well-rounded accountants who can better serve clients. Please keep reading to learn about how we helped a client sell a racehorse.

Taxation and accounting are two of the most complex processes that people have to work and deal with. Whether the individual is running a business, company, or their individual accounts, they have to have their finances and their books in place. Not dealing with their books properly could lead to significant issues with the authorities when it comes to taxation. If they do not pay the correct amounts, individuals can face fines and penalties, even leading to jail time.

If this is your first time filing your taxes, welcome to the ride. Taxes sound scary, but if you have the right tools – it’s not as bad as some make it out to be. As you’ll have to do this many times in your life, it’s best to take it slow and not panic. The tax filing process usually happens between March-April every year with the deadline to file on April 30th. In Canada, the filing of your annual taxes is a self assessment process. This means that all individuals and businesses must inform the government about how much they’ve earned, what deductions and credits they are claiming, calculate their total tax bill, and how much they underpaid or overpaid for the year. Calculating these figures can be a daunting task if you don’t know how! Fortunately, the experts at Can-Am CPA Professional Corporation recognize this and have come up with a Beginner’s Guide to preparing for tax season. This guide is designed to help you figure out the ins and outs of filing your taxes, so read on to know what you need to do.

Whether you’re an individual looking to file your tax returns for the first time or a business owner aiming to organize your payroll, an experienced accountant can help. A professional accountant has the financial acumen to analyze your receipts, improve your monthly cash flow, and keep you in good books with the Canadian Revenue Agency. 

Filing income taxes can be a complicated process, so it should not come as a surprise that taxpayers often get the tax filing process wrong in the first attempt. 

Original Article Source Credits:   Financial Post , https://financialpost.com/

Article Written By:  Jamie Golombek

Original Article Posted on: June 17, 2021 

Link to Original Article:  https://financialpost.com/personal-finance/taxes/the-cra-gives-a-chilling-assessment-on-accidental-tfsa-overcontributions

Original Article Source Credits:  Yahoo Finance , https://ca.finance.yahoo.com/

Article Written By:  Puja Tayal

Original Article Posted on:  June 17, 2021

Link to Original Article:  https://ca.finance.yahoo.com/news/38-week-crb-ends-most-150853382.html

Original Article Source Credits:   Advisor's Edge , https://www.advisor.ca/

Article Written By:   Rudy Mezzetta

Original Article Posted on:  June 16, 2021

Link to Original Article:  https://www.advisor.ca/tax/tax-news/tfsa-holders-on-the-hook-for-overcontribution-tax-even-if-account-is-worthless/

Original Article Source Credits:   The Motley Fool , https://www.fool.ca/

Article Written By:  Andrew Button 

Original Article Posted on:  May 18, 2021

Link to Original Article:  https://www.fool.ca/2021/05/18/tfsa-investors-beware-this-huge-cra-tax-bomb/

Going through your tax records and gathering necessary documents to file your tax return can be frustrating as you may have to devote several hours to it. However, you don’t have to do it alone! A professional tax consultant can assist you with your tax preparation and keep you informed about the tax regulations. They will help you save time and money and ensure you avoid any calculation errors that could adversely affect your tax returns.

Original Article Source Credits:   CPA Canada , https://www.cpacanada.ca/

Article Written By:  MICHELLE SINGERMAN

Original Article Posted on:  5.17.2021 

Link to Original Article:  https://www.cpacanada.ca/en/news/canada/2021-05-17-small-biz-setup

Original Article Source Credits:   Yahoo Finance , https://ca.finance.yahoo.com/

Article Written By:  Christopher Liew, CFA

Original Article Posted on:  May 27, 2021

Link to Original Article:  https://ca.finance.yahoo.com/news/80-canadians-making-common-tfsa-161538186.html

Original Article Source Credits:   Advisor's Edge , https://www.advisor.ca/

Article Written By:  Staff, Canadian Press

Original Article Posted on:  May 27, 2021

Link to Original Article:  https://www.advisor.ca/tax/tax-news/government-to-reimburse-self-employed-workers-who-repaid-cerb/

Canada Emergency Business Account (CEBA) is one of the Government of Canada’s financial relief measures to support businesses impacted by the coronavirus pandemic. Eligible businesses can get access to this interest-free loan to help them manage their expenses. Moreover, with the latest news release, CEBA will be available to businesses that have been operating out of a non-business banking account.

Original Article Source Credits:   Newswire , https://www.newswire.ca/

Article Written By:  NA

Original Article Posted on:  May 26, 2021

Link to Original Article:  https://www.newswire.ca/news-releases/tax-tip-how-to-tell-you-ve-been-contacted-by-the-cra-and-what-to-do-if-you-are-826098861.html

Original Article Source Credits:   Advisor's Edge , https://www.advisor.ca/

Article Written By:  Staff

Original Article Posted on:  April 7, 2021

Link to Original Article:  https://www.advisor.ca/tax/tax-news/cra-tax-tips-for-the-self-employed/

Original Article Source Credits:   Yahoo finance , https://ca.finance.yahoo.com/

Article Written By:  Adam Othman

Original Article Posted on:  April 20, 2021

Link to Original Article:  https://ca.finance.yahoo.com/news/canada-revenue-agency-don-t-123308921.html

If you’re new to the process of tax preparation, it can be one of the most frustrating and time-consuming tasks that you’ve had engaged in. For starters, you may have a ton of questions on your mind but find answers difficult to come by. This can cause you to delay the filing of your returns, submit incorrect details, or exceed the submission deadline. At Can-Am CPA Professional Corporation, we understand the challenges you may be facing, and we want to arm you with the most accurate information available to help you out. To do this, we’ve answered some of the most frequently asked questions about filing your taxes.

Original Article Source Credits:   CPA Canada , https://www.cpacanada.ca/

Article Written By:  SOPHIE NICHOLLS JONES

Original Article Posted on:  4.15.2021

Link to Original Article:  https://www.cpacanada.ca/en/news/canada/2021-04-15-budget-reccommendations

Original Article Source Credits:   CPA Canada , https://www.cpacanada.ca/

Article Written By:  MATHIEU DE LAJARTRE

Original Article Posted on:  3.19.2021

Link to Original Article:  https://www.cpacanada.ca/en/news/canada/2021-03-19-unclaimed-cra-cheques