Sep
16

Shared Parenting and the Canada Child Benefit

benefits
Since 2011, Canada Revenue Agency has recognized the special circumstances of parents who share parenting time of a child by allowing parents to share benefits. The CRA determines who qualifies, based on an interpretation of shared parenting as meaning a child generally lives with a parent between 40% and 60% of the time. However, recent Federal Court of Appeal decisions go against the CRA’s practice. Based on the Court’s more narrow interpretation of shared parenting – which it interprets as a child residing with the parent between 45% and 55% of the time – some parents who share parenting time may...
Continue reading
0
Sep
11

Strategic Planning: Setting your Goals

17125007_l
The very first step in setting up a plan is setting your goals. You will need to look closely at your goals as you will want to tailor your plan to be able to achieve these goals. While thinking about your goals, keep in mind that “The WHY is more important than the HOW!” You will need to ask yourself, “Why do you want to succeed?” If you don’t have reasons to succeed financially, you probably won’t. Here’s a helpful checklist to help you further with your goal setting:• Goals must come from GOD & you. (beliefs)• Goals must be meaningful...
Continue reading
0
Sep
08

Would you build a house without a plan?

House-sitting-on-a-calculator
No, you would not. Building a house or anything for that matter would need something more than an idea. If you want to build a house successfully, you will need a well-thought out and solid plan. Same with your finances, you will need a plan to be able to build a good foundation for your finances. Remember, if you fail to plan, you are planning to fail! The first step in setting up a good plan for your finances is to look at what your current financial situation. Where you do stand financially? How much debt do you have? What is...
Continue reading
0
Sep
04

Day to Day Operations of a Business: Vehicle Operations

42087432_l
Most businesses may require a vehicle to travel back and forth from offices, pick up supplies meet with clients and other business related activities. Vehicle expenses are a typical deduction for most businesses. Remember, you can only deduct motor vehicle expenses when they are reasonable and you have receipts to support them. So what records do you need to be able to claim the vehicle expenses? You will need to keep a record of the total kilometers you drive and the kilometers you drive to earn income for each vehicle. And for each trip, you will need to list down the...
Continue reading
0

The KD Blog