... Stratking Accounting and Tax Professional Corporation - Resources

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Check this page out to get information on members of our external team, tax tips, and important resources for small businesses

Mr. Jeff Robar
Mortgage Agent
Invis
Oshawa,Ontario
Phone:    905-404-8001
Website:  www.jeffrobar.ca

Ms. Tracy Selver
Real Estate Agent
Re/Max Hallmark Realty Ltd
Toronto,Ontario
Phone:   416-486-5588
Website: http://tracyselver.com
Contact a few of the professionals who are part of our external small business support team!
Deferral of Bonus by Employer 
Under ITA 78(4) an employer can pay a bonus within 180 days after it's business year end and still deduct the bonus amount in it's current business year. The employee includes the bonus in employment income for tax purposes when the bonus is received. 

Tax Free Savings Account (TFSA) 
This is a tax sheltered account which allows Canadian residents to invest or save up to $5,500 a year without payment of taxes on interest,dividends and capital gains. Also when TFSA holders withdraw funds out of the TFSA there is no income inclusion for tax purposes. Your TFSA room for a particular year is indicated in the Notice of Assessment issued by the CRA 

Update your TD1 annually 
As your situation changes you should update the TD1 form annually to claim tax credits you are entitled to and submit to your employer. This ensures that the correct amount of taxes is witheld at source on your behalf. The higher a tax credit, the lower your taxes and greater, your take home pay,all other things being equal. 

Hiring Credit for Small Business (HCSB) 
The hiring credit for small business (HCSB) has been extended for 2012. HCSB is a credit of up to $1000 to be paid to a small business employer, based on a 2012 increase in the employer's share of employment insurance premiums over those paid in 2011. If you are eligible, your HCSB amount will be automatically calculated when you file your T4 return for 2012. 


Tax Loss Selling of non-registered investments 
Consider selling non-registered investments that are trading at a loss, before December 31st and trigger a capital loss. Capital losses may be deducted from capital gains in the current year, previous three financial years or can be carried forward indefinitely and deducted from capital gains, thereby reducing any taxable capital gains realized in those years. 

Superficial losses 
A taxpayer may intend to sell an investment to trigger a capital loss and then immediately buy the invesment back. The superficial loss rules prevents this strategy by disallowing the capital loss where the taxpayer (or their spouse) triggers a capital loss and buys the same investment back within 30 days. 

Charitable Donations 
Charitable donations should be made by December 31st to be eligible for the charitable donation credit in the current year. When donating publicly traded securities, it is possible to donate those with capital gains since the donation will be for the fair market value of the securities and the capital gain will be exempt from tax. It is important to make the donation "in kind" because if the securities are sold and the cash donated, then 50% of the capital gain realized will be taxed. 

RESP Contributions 
To receive the Canadian Education Savings Grant (CESG) for the current year, contributions must be made to the Registered Education Savings Plan (RESP) plan by December 31st. 

2% Surtax
​2% surtax on taxable income in excess of $500,000 as of July 1 2012 in Ontario

DEVRY SMITH FRANK LLP
Lawyers & Mediators
95 Barber Greene Road, Suite 100
Toronto, Ontario M3C 3E9
Phone: 416-446-5048
Website:  www.devrylaw.ca 



Stratking Accounting and Tax Professional Corporation
379 Alper Street, Richmond Hill,Ontario,L4C 2Z3
Phone: 416-270-6608 | Toll Free: 1-888-865-3870 | Fax: 1-888-865-3870 | Email: service@stratkingaccountingandtax.com  
Kira Taylor
Litigation, Real Estate, Estates and Family Law
Kira E. Taylor Law
Richmond Hill,Ontario
Phone:   905-709-6892
Website: http://www.kiraetaylorlaw.ca