self-employed tax savings tips

5 Reasons Why Good Bookkeeping Is Important

Posted on December 4, 2020 | Written by Mohammed Mecklai, CPA, CMA Bookkeeping helps you stay organized, prepare for tax returns and budget for your business.  It is a crucial part of keeping your finances in check and most importantly, it makes sure CRA doesn’t cause problems. Below are 5 reasons why good bookkeeping and maintaining records can help you …

Estate Planning and Testamentary Trust

Posted on November 20, 2020 | Written by Mohammed Mecklai, CPA, CMA Planning for the end of life is uncomfortable for many people. However, it is important to have a clear plan of the distribution of one’s assets during life or upon death. Estate Planning A plan designed specifically to help you manage your assets while you are alive so …

Are you a non-resident selling property in Canada

Non-Residents Selling a Real Property in Canada

Posted on November 29, 2018 | Written by Mohammed Mecklai, CPA, CMA If you are a Non-Resident planning to sell a property in Canada or a buyer who is purchasing a property from a Non-Resident of Canada, you must read this important article regarding tax implications! As a non-resident of Canada, there are tax implications that must be considered when …

Commercial Real Estate

Commercial Real Estate – To Lease or To Buy?

Thinking of buying or leasing commercial real estate? Deciding on whether to buy or lease commercial real estate can be difficult and tricky as there is no one-size-fits-all answer to this dilemma. However, there are guidelines and considerations that can help you in deciding what’s best for your business. Last September 25th, I had a great opportunity to speak on …

Information on small business tax tips

5 Tax Tips for Small Businesses

Tax season is probably one of the most, if not the most, dreaded season of small business owners. Unfortunately, there’s no avoiding taxes – the good news though is there are ways they can legally minimize their tax burden. Here are 5 tax tips that can help small business owners save a lot come tax time.   CLAIM HOME OFFICE …

Tips to avoid a tax audit

Don’t Be a Victor the Audit Attractor

We all love attention. It’s our instinct from the first day we’re born. However, you’d better lay low and stay invisible when this special season starts – the Tax-filing Season. Victor is the kind who is determined to attract the attention of CRA. The following actions of his are like waving a red flag at a bull or stick an …

Proposed CRA tax changes

The Unintended Impact of the Government’s Tax Proposals

2017 seems to be a year of significant milestones in Canada’s History, and I am not just talking about Canada 150 here This year also seems to be a year in which Canadians see a larger than usual number of tax changes and tax proposals that will significantly affect taxpayers going forward. Some of these changes already took effect at …