You may need to be aware of the CRA’s policy on the deductibility of management bonuses based on their position in Technical News No. 22. Some of the criteria for a bonus to be deductible are: 1. The managers (who are the shareholders) are Canadian residents. 2. The company meets the definition of a Canadian…Details
If you run a business, there are two ways that you can pay yourself – through personal salary or dividends. Either way, you are going to have to pay taxes on that income. However, there are different tax rates for these different forms of income. So, you might be wondering, which form of income…Details
There are many benefits for large Oil & Gas companies to outsource some of their work to independent contractors, as this allows them to outsource risks. But, if you are the single shareholder of a small corporation, especially in the oilfield business, you risk being considered a personal services business if you are not onside…Details
Normally, when you pay dividends to shareholders, the dividends are split up according to the percentage of the ownership of shares. But, discretionary shares allow owners to pay dividends to shareholders of their choosing, which can be useful for income-splitting. Discretionary shares are usually issued for a low amount, such as one dollar. They can…Details
As your business continues to grow, it might make sense to start incorporating your sole proprietorship. There are a few key things you will need to consider when making this transition. The following are the most important items. Mistakes when self-incorporating: Most often, many business owners choose to incorporate on their own in order to save…Details
We accountants don’t just do taxes, we ace them. Did you know that hiring a local accountant to do your tax return could actually save you money in the end? You might think most people get an accountant to do their tax returns because it is easier and saves time. But, especially if you are…Details
The money you’ll save with us, “Take it… It’s yours.” Why pay more than you have to?
Affordable and professional personal tax returns.
Contact us to get started. Dome Duong Chartered Accountant in Kelowna.
There are some things in life we take pride in. Things worth the countless hours of hard work and the passion behind them passed down through the generations. Put what matters to you in good hands. Dome Duong Chartered Accountant. Located in Kelowna B.C.
The real benefit of accounting may not be clear to everyone, but the fact is, knowledge really is power. Ancient Roman tablets indicate that every military fort was assigned at least one extremely meticulous accountant. Accounting existed long before paper and computers; even 7,000 years ago people knew that the power of accounting was extremely…Details
Are you looking for ways to save taxes on your year end tax return? If you are a small business, you might already know that you can write off your work vehicle costs, any phones you use for work, and any office space costs (which can include your home if you use it as an…Details