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Early in the year, the House of Commons Standing Committee on Finance held several hearings with regards to the CRA’s efforts in fighting tax evasion and tax avoidance as well as the status of the KPMG/Isle of Man case. Among those who appeared before the House of Commons were the Minister of National Revenue Diane Lebouthillier, officials from the CRA and Department of Justice. Recently, the House of Commons published its report with regards to these hearings title:  The Canada Revenue Agency, Tax Avoidance and Tax Evasion: Recommended Actions.  In this report, the committee issued 14 recommendations to the CRA to...
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If you filed your taxes with a Calgary accounting service, you may already know that some of your tax credits and deductions can be carried forward. If you didn’t already know this, then this blog will provide you with valuable information to help you save money on your taxes in the future! First and foremost, it is important to consider the types of tax deductions and credits that you may have been unable to use during the year. Don’t fret! You may still be able to apply the following tax credits and deductions in the next tax year. Some tax credits...
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The KD team of accountants in Calgary is frequently asked how it's possible to reduce and eliminate debt. What most of our clients don’t know is that not all debt is “bad” debt. Yes, that’s right – there is such a thing as “good” debt! The first step to eliminating debt lies in understanding the difference between good and bad debt. Good debt can be defined as any debt that has an asset, like positive cash flow, attached to it. Good debt is also tax deductible, and someone other than you is typically paying off this kind of debt. Bad debt,...
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Now that tax season has officially come and gone, we can begin to reflect on our experiences! As an accounting service firm, we work with a wide variety of individuals and small businesses that do not always know or understand their taxpayer rights in full. Below we have included a list of rights that every taxpayer should know. You have the right to receive entitlements and to pay no more and no less than what is required by law. You have the right to service in both official languages. You have the right to privacy and confidentiality. You have the right...
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