Entries by Angela Richardson

Upcoming Trusts Reporting Requirements

UPDATE TO TRUSTS REPORTING REQUIREMENTS – On March 28, 2024, the Canada Revenue Agency (CRA) announced that bare trusts would be exempt from the T3 filing obligations for the 2023 tax year, unless the CRA makes a direct request   New rules aimed at providing more transparency on beneficial ownership of assets now require that more trusts (and […]

Understanding the T2200 Tax Form for Home Office Deductions

The T2200 form is a document for those who work from home and wish to claim home office expenses on their taxes. This form, also known as the “Declaration of Conditions of Employment”, allows employees to detail their work-from-home situation and claim expenses such as utilities, internet, office supplies, and home office furniture. Breaking down […]

Harnessing Financial Data: Key Metrics Every Business Should Monitor

Why Your Financial Data Is Important for Your Business Health As a business owner, you need to have a solid understanding of the different types of financial statements. You need to track the money coming in and going out on the most basic level. You need to understand your profit and loss reports. And then […]

Top 11 Tax Write-Offs for Small Businesses in Alberta

As a small or medium business owner in Alberta, you are constantly looking for ways to maximize your savings and reduce your tax liability. One effective strategy is to take advantage of eligible business expenses that can be claimed as write-offs. At Richardson Miller LLP, we understand the importance of optimizing your tax deductions and […]

Pay Real Estate Taxes as a Real Estate Investor

Property taxes are levied on the value of real property, including land, buildings, and any improvements made to the property. The amount of tax owed is based on the assessed value of the property and the tax rate set by the local government. Property tax bills are typically issued annually by the local tax authority […]

Why You Should Hire an Ecommerce Accountant

In today’s digital age, ecommerce businesses are thriving more than ever. With platforms like Amazon and Shopify making it easier for individuals to set up their own online stores, the competition in the market has become fierce. In order to stay ahead and manage your finances effectively, it is crucial to hire an ecommerce accountant. […]

Common GST/HST Errors For Small Businesses

What are the common GST/HST errors That Small Businesses Make? Running a small business can be both rewarding and challenging. One of the challenges that small business owners face is managing their tax obligations. In Canada, small businesses are required to comply with the Goods and Services Tax (GST) and/or Harmonized Sales Tax (HST) regulations. […]

Canadian First Home Savings Account – What You NEED to Know

The Canadian First Home Savings Account will soon be available to Canadians looking to buy a home and we have a breakdown of what it is for you. Don’t worry, it’s not another useless bank account. If you’re a first-time homebuyer in Canada, you may want to consider opening a First Home Savings Account (FHSA). […]

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Why Your Business Needs To Hire a CPA in Edmonton

Reasons Why Your Business Needs To Hire a CPA in Edmonton Running a business involves various decisions and responsibilities, including finances and taxes. As a business owner, it can be challenging to keep up with the complicated rules and regulations surrounding financial and tax processes. To manage these important aspects of your business, you may […]

How to Register for GST/HST in Canada for Your Small Business

Starting a small business in Canada requires careful planning and attention to various legal requirements. One important step in this process is registering for a Business Number with the Canada Revenue Agency (CRA). In addition, depending on the nature of your business, you may also need to register for the Goods and Services Tax (GST) […]