Resources & Articles
Year: 2023
Is it time to ditch the hourly billing model?
With an hourly-based billing model, there are only two ways to generate more revenue: 1) increase the bill rate per hour or 2) increase the...
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WITHDRAWING FROM FAMILY RESPs: Flexible Planning Possibilities
A July 21, 2021, Money Sense article (My three kids chose different educational paths. How do I withdraw RESP funds in a way that’s fair...
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Automate and Elevate: Driving Business Value to New Heights
Professional services firms face a number of similar challenges that include improving project profitability and margins, adapting to shifting customer expectations and reducing administrative tasks....
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Removal of GST on Purpose-Built Rentals in Canada
In a significant step toward improving housing affordability and accessibility, the Canadian government recently announced the removal the Goods and Services Tax (GST) on purpose-built...
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CEBA Loan Repayments and Debt Forgiveness
****EXTENDED DEADLINES**** CEBA loans must be repaid by JANUARY 18, 2024 to be eligible for partial loan forgiveness. For eligible CEBA borrowers in good standing,...
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Replacement Property Rules Pertaining to Real Estate and Business Properties
When a taxpayer (including a corporation) disposes of real estate for more than its cost, the capital gain must be reported on the taxpayer’s income...
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CPP ENHANCEMENTS: Higher Contributions and Higher Benefits
In 2019, the government commenced a two-part enhancement to the Canada Pension Plan (CPP), with full implementation to be completed in 2025. Phase 1 occurred...
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Reimbursements and Allowances for Remote Workers’ Travel Expenses
Canada Revenue Agency (CRA) considers travel between an employee’s residence and a regular place of employment (RPE) to be personal travel and not part of...
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FIRST HOME SAVINGS ACCOUNT (FHSA): A New Investment Tool
The tax-free FHSA was introduced in 2023 to help first-time home buyers save up to $40,000 for a home purchase. Individuals eligible to open an...
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New Bare Trust Reporting Rules
Under new Canadian legislation, bare trust arrangements are now subject to the filing requirements of a T3 Trust Income Tax and Information return. This new...
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