New rules aimed at providing more transparency on beneficial ownership of assets now require that more trusts (and estates) file tax returns. These changes will catch many individuals and businesses that may not be aware of their trust-like relationships, exposing them to potential penalties and other consequences for non-compliance. The rules become effective in 2023, with a filing deadline of April 2, 2024.

As part of the 2021 Federal Budget the Government of Canada proposed to implement a national 1% annual tax on the value of residential real estate owned by any non-resident, non-Canadian that is vacant or underused. The Underused Housing Tax (UHT) received Royal Assent on June 9, 2022 and is now law, retroactive to January 1, 2022.

Estate planning is basically the process of taking steps to ensure that:

1. Beneficiaries maintain as much of your estate as possible

2. Your estate ends up going where you want it to go

When we think of estate planning, it's crucial not to overlook the tax consequences. So, in part one of our two part series on estate planning, we're answering this question:

From strictly a tax perspective, what happens to my assets when I die?

Salary vs Dividends

One of the common conversations we have with our clients is the topic of, “How do you compensate yourself?”

“Am I able to deduct home office expenses?”

It’s a question we hear a lot from traditional employees, the ones working for a company on a standard salary with no commissions.

To varying degrees, the pandemic has created challenges for all businesses, including ours. Whether they’re temporary or permanent, these issues can be overcome if organizations and managers stay progressive and adaptable.

Many Canadians are intrigued by the idea of being their own boss. Starting your own business is an exciting concept but setting it up can be complicated, and there’s no one resource that has all the answers. Today we’ll begin to tackle the biggest questions the new business owner will generally ask.

An increasing number of chartered accountants market themselves as gurus or experts. When encountering a person like this – in person or online – we need to ask, “Does this person truly possess the experience and education required to claim that label?” Once we’ve decided they’re credible, should we follow their business practices and abandon ours? This is the question we’d like to examine today.

Co-op placements are exciting times for accounting students. Along with often being a first taste of real-world work, they’re also a valuable resource for professional development.

Becoming a Chartered Professional Accountant traditionally required one to work for several years at a public accounting firm. But in recent years, there’s been several interesting twists in the traditional career path for CPAs.

For the rising accountant, it pays to develop specialities. One of the most rewarding areas to focus on is U.S. tax services.

Outsourcing is a growing trend in the accounting profession, as Firms look to take advantage of lower labour costs overseas to complete tax and audit files.

Vaive and Associates went through major office renovations, giving the space more natural light, more opportunities for colleagues to work collaboratively and ways to improve the firm’s environmental footprint.

After a long, snowy January, February marks the beginning of tax season. The next three months will be the busiest season for many accountants. Most firms generate a significant portion of their revenues during this period, so staying focused and working efficiently is crucial.

Many organizations are looking for ways to reduce waste and consider their impact on the planet. Going paperless in the office is a great way to achieve this.