It is almost that time of year again….tax season is almost upon us! As a small business owner, there is a lot of preparation that goes into getting ready for your accountant to do your taxes. We would like to share some tips with you about how to get yourself organized and save yourself extra fees […]
Author: Lime Accounting + Tax
Do I really need a separate bank account for my business?
Are you one of the many business owners that uses your personal account and personal credit cards for your business transactions as well as your household expenses? If the answer is yes, you are not alone! Many business owners do this because they perceive it to be easier and less expensive. However, it is extremely important to maintain […]
‘Tis the Season for Giving
With the holiday season upon us, many of us are in the giving spirit! The holidays are a wonderful time to share with those who are less fortunate or to support organizations and charities that we feel do inspiring or important work. When choosing where to make your donations, you can get the most “bang for your donation buck” by […]
Calling all post-secondary students!
If you are a post-secondary student, there are some changes coming in 2017 to the income tax regulations that you need to be aware of. Currently, full- and part-time post-secondary students who are enrolled in qualifying programs are able to claim extra credits over and above their tuition paid under the “education amount” credit. This credit currently allows […]
Doing work for cash can cost you more than you think…
If you are a business owner, chances are that at some point along the way, someone has asked you if you will provide your product or service for “cash, no tax.” Many business owners choose to participate in this practice and pocket the money and never report the sale on their HST and/or tax return. But, do these […]
Did you sell your home in 2016?
Did you sell your home in 2016? If you did, there are some new rules that will affect you at tax time this year! Commencing with the 2016 tax year, Canadians are now required to report on their tax return information about the sale of their principal residence. This includes any home sales that closed on or […]
Children’s Fitness & Arts Tax Credits Almost Gone!
Do you have a child who participates in hockey, soccer, baseball, music lessons or some other fitness or arts activity? Don’t forget to save those receipts for tax time because this is the last year that Canadians will be able to claim a refundable tax credit for registration fees and memberships for these types of activities. […]