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How long should you keep your tax files?

Large stack of paperwork and files with calculator. An assortment of files and booklets and paper in an in tray on a desk. There is also an adding machine calculator. There are no people. Stress, overwork and finance concept.

Clients often ask us how long do they have to keep old files and documents.  Generally, CRA is able to reassess during a 4 year period after they issue a Notice of Assessment.  CRA’s guidelines however recommend that documents be kept for 7 years. In spite of this, a recent Tax Court of Canada ...

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SR&ED Tax Credits – We Can Help!

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For many years Canadian companies lagged behind other members in the G7 in their proportional spending on research and development.  The Canadian governments have committed to increasing the amount of research and development performed in Canada as a means of stimulating Canada’s economic ...

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Off the Books with Roman Belenky: The Accounting Kid Grows Up

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When did you join Sloan Group?   I joined the team six years ago when Sloan Group acquired the firm I had worked for since 2007.  I was impressed with how entrepreneurial the firm is and how it promotes thinking outside the box.  I also enjoy the fact that it gives me a lot of freedom...

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Client Spotlight: Weston Tile Celebrating 75 Years in the Tile Business

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Spend any time at all talking to Howard Macklin, President and Owner of Weston Tile, and you can quickly see how passionate he is about his business and its nearly 75 year history.  Founded in 1942 by Howard’s father, Charles, today the Toronto-based company is one of the leading suppliers of ...

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Successful Morison KSi North American conference held in Boston

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This June, the city of Boston welcomed 55 delegates, including Managing Partner Allen Sloan, and 12 colleagues for the annual Morison KSi North American conference. Prior to the conference, the North American member firms met for the annual North American members meeting. This meeting welcomed ...

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Beware the net worth assessment

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The CRA has a powerful tool at their disposal, and it’s called the “net worth” assessment. The net worth assessment is used when calculating the tax owed by people who fail to file a tax return or misrepresent their income in filings. One-third of the 27.5 million tax returns Canadians submit ...

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Off the Books: Jerry Paskowitz

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How did Sloan Partners form? Allen Sloan began a sole practice in (about) 1984 and formed a partnership with Stan Swartz in 1986.  I commenced my practice in 1987 after leaving a Toronto-based firm as a Manager. Stan and I were introduced by a mutual acquaintance, and in 1989 we discussed a ...

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Client Spotlight: MacKinnon Bowes, LTD. Shaping the Funeral Services Industry in Canada

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Most of us take a job in high school to earn a little spending money or to contribute to a college fund.  As a high school senior, Allan Cole took his first job working at Mackinnon & Bowes as a launching point for a career in funeral services.  Now, with more than 40 years in...

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Five Ways to De-Stress After Tax Day

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Tax season can be a stressful time for anyone.  Gathering all the necessary documentation, meetings with your accountant and filing deadlines can all take their toll.   Whether mental or physical, stress can wreak havoc on our lives and bodies. Following are five ways to get back to a healthier ...

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The Underground Economy: What You Need to Know

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A teacher has a second job as a freelance writer; a plumber takes on side jobs for cash to make a little extra money; a mom selling her crafts on Etsy.  These are all examples of the underground economy – activities, both legal and illegal, that add up to trillions of dollars that take place... ...

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Income Splitting for Small Businesses to End – How to Be Prepared

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Income splitting for owner-managed and family-owned business could be coming to an end, according to Department of Finance releases in connection to the 2017 budget. One of the goals of the budget is to achieve “Tax Fairness for the middle class…ensuring the tax system is fair…reviewing tax ...

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Ontario Budget Commentary – April 2017.

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Key Sections to Navigate: Personal Income Tax Measures Business Income Tax Measures Introduction Finance Minister Charles Sousa tabled the Ontario Budget on April 27, 2017. The deficit for the 2016-17 fiscal year is projected to be $1.5 billion, with a balanced budget projected for 2017-18, ...

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