Posts Tagged ‘tax’

Top 10 tips for prepping your personal tax returns – pt 2

Posted on: April 12th, 2011 by Dube & Cuttini No Comments

6. Claim CCA or the principal residence exemption Generally, we like to claim the capital cost allowance (CCA)— the tax equivalent to depreciation—on our properties. This decreases our current year taxes even if we will incur “recapture” when we ultimately sell the property. After all, a dollar today is worth more than a dollar tomorrow. However, if […]

Top 10 tips for prepping your personal tax returns – pt 1

Posted on: April 11th, 2011 by Dube & Cuttini No Comments

1. Get organized. Use a checklist to find all deductions which may be available to you. We have publicly available checklists at www.dubeaccountants.com, including checklists for rental properties, automobile expenses, business activities, home office expenses and, of course, general personal taxes. 2. Maximize interest deductions. Maximizing your interest deductions can take a large bite out of taxes […]

2010 Tax Checklists

Posted on: February 7th, 2011 by Dube & Cuttini 1 Comment

To help you identify all of the possible tax deductions as you are preparing your records for your 2010 tax returns, you can use our 2010 tax checklists. 2010-tax-checklists-11-03.zip (Download all) Checklist – 2010 Home office work space in the home Checklist – 2010 Employment Expenses Checklist – 2010 Business or Professional Activities Checklist – […]

Investment and tax plan: make it…then share it

Posted on: February 6th, 2011 by George E. Dube No Comments

Early in the year, we frequently receive questions about the tax implications of investing, including “How much should I invest in RRSPs?” Unfortunately, many of these decisions are rushed, focused on immediate tax savings but devoid of an overall investment and tax plan. This ultimately costs people unnecessary time and money. We encourage people to […]

Canadians investing in US real estate

Posted on: February 3rd, 2011 by Peter Cuttini No Comments

The Canadian Real Estate Investors Club (CREIC) recently invited George and I (Peter) to discuss tax implications and business structuring options for Canadian real estate investors who are buying properties in the United States. We helped dispel many of the myths about investing in the US, including the unfortunate use of LLCs (limited liability companies) by Canadian investors. While […]

Tax reporting for sub-contractors

Posted on: February 3rd, 2011 by Dube & Cuttini No Comments

Tax reporting for sub-contractors, particularly in the construction and real estate industries, is expected to come under greater scrutiny this year by Canada Revenue Agency. The government is trying to cut down on the underground “cash” business, or employees who are claiming to be businesses to claim tax deductions they wouldn’t otherwise be eligible for. […]

Trusts and Related Party Loans

Posted on: January 2nd, 2011 by Dube & Cuttini No Comments

Trusts For our clients who have a trust, this is a reminder that the trust filing deadline is March 31, 2011.  Please forward us the accounting documentation for completing the trust’s financial statements and tax return by the end of January. As well, it is absolutely critical that if the trust has any loans to […]