Do I Need a GST/HST Number?
If you’re thinking of starting your own small business, you may have heard that the first thing you need to do is register for a GST or HST number. Registering is the easy part, but what exactly is a GST/HST number and when do you actually need to get one? What is a GST/HST number?...
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Halloween Celebrations at Sloan Group
Sloan Group celebrated Halloween by hosting a costume contest where everyone voted for their favourite costume. Employees had a freaky fun time with creative costumes and the party ended with a festival-themed lunch. Check out all the best moments from the fun afternoon.
- Ravi
- November 18, 2019
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- Blog Uncategorized
- 196
Do you have a real financial plan?
You have an accountant who diligently prepares your tax returns, and if you have a business, your financial statements, a financial advisor who recommends appropriate investments, and a lawyer who prepared a Will and advise on estate planning matters. But chances are they don’t know if the ...
Read MoreRead MoreConverting dividends to capital gains – Perhaps the last available significant opportunity
So what’s left? That the question that business owners and their accountants have been asking themselves following the implementation of aggressive new tax measures including the end of income sprinkling with family members (TOSI), the end to the multiplication of the small business deduction ...
- Ravi
- November 18, 2019
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- 261
Is Cryptocurrency Subject to GST/HST? – The Answer is Unfolding as We Speak
If the world of cryptocurrency appears to you as a “Wild West” it is because it is. Fortunes are made and lost overnight. Equally buffeted or flat-footed by the cryptocurrency events are the taxing authorities. The Canada Revenue Agency promulgated their initial positions on cryptocurrency ...
Read MoreRead MoreIs Entrepreneurship Taking its Toll?
Do something you love for money, and you will never work a day in your life, or so the saying goes. For many entrepreneurs, the idea of working on something they are passionate about while maintaining full control is a tempting one. However, the grind of actually running a business can sap the ...
- Ravi
- September 26, 2019
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- Blog Uncategorized
- 389
Gifts-in-Kind: How to Maximize Your Tax Deduction
Can Canadian charities issue tax receipts for donations that are not monetary? The answer depends on the status of the charity and the nature of the donation. The prerequisite for any charity to issue tax receipts of any kind is that it must be recognized by the Canada Revenue Agency as a ...
- Ravi
- September 26, 2019
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- Blog Uncategorized
- 444
IRS & CRA are Actively Looking for Cryptocurrency Traders and Investors
In late July the IRS sent letters to 10,000 owners of cryptocurrencies advising them of their tax obligations. In the second week of August, the IRS sent a second round of letters to known users of certain cryptocurrency exchanges. In some cases, the letters sent in July and August come with ...
Read MoreRead MoreCanada’s Tax Gap: Up To $11B In Taxes Avoided In The Year 2014
In a recent news release (June 2019) Canada Revenue Agency commented on something they refer to as a “tax gap”. According to CRA, the gap is the amount of unpaid income tax. The recent report focuses on the 2014 tax year and their estimate that between $9.4 billion and $11.4 billion is owed to ...
- Ravi
- August 19, 2019
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Don’t Underestimate the Importance of Tax Planning
Taxes are a tricky business, making tax planning an essential tool for any business to plan ahead effectively. Regular tax planning can help business owners lower the amount of taxable income, reduce the tax liability, and gain more control of when taxes are paid. At Sloan Partners, we see ...
Read MoreRead MoreThink Twice Before Leasing That High-End Vehicle
If your business has not received a letter from the CRA reviewing your Corporation’s automobile expenses, one may be coming soon. Hot on the heels of this summer’s Truck and SUV project, CRA has begun its vehicle expense project. What are the consequences? The goal of the vehicle expense ...
- Ravi
- July 31, 2019
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- Blog Uncategorized
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Client Spotlight: The Accountant’s Coach
One of Sloan Partners’ valued clients is also their valued advisor and management training partner. LMI Canada is a coaching and leadership organization, focused on improving communications, productivity and goal setting. In a win-win situation, LMI Canada came to realize that their financial ...
- Ravi
- June 5, 2019
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- Blog Client Spotlight Uncategorized
- 570