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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…

Why You Should Hire an Ecommerce Accountant

Business Consulting

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…

Common GST/HST Errors For Small Businesses

Corporate Tax

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…

Canadian First Home Savings Account – What You NEED to Know

Personal Tax

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,…

Why Your Business Needs To Hire a CPA in Edmonton

Personal Tax, Corporate Tax

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…

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

Canada Revenue Agency

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…

Filling and Paying Corporate Tax in Canada

Corporate Tax

Welcome to our guide on filling and paying corporate tax in Canada. In this article, we will provide you with all the information you need to know about corporate tax returns, filing deadlines, common mistakes to avoid, and available deductions…

Bookkeeping Year-End Checklist

Corporate Tax

Do you have a bookkeeper or an in-house accounting team? RM LLP – In-House Corporate Year End Checklist Fantastic! This list will give you an idea of the specific things you should review and gather. Every business is unique. We’d…

Year-End Accounting Checklist

Corporate Tax

Happy Fiscal New Year! It’s time to prepare your documents so we can complete your year-end filings. Here is a handy to-do checklist to help you compile your documents. This list is by no means suitable for every business, but it will…

9 Steps for Small Business Owners Financial Planning

Business Consulting

Owning a small business is a dream for people looking for the freedom to be their own boss and work to better themselves. Owning a small business can be very rewarding yet challenging at the same time. To succeed in the current economic climate,…

How to Pay Taxes to the CRA

Canada Revenue Agency, Personal Tax

It happens every year; Tax Season! People always hope that they get a tax return as opposed to a tax bill. But what happens when you get a tax bill? How do you pay it? There are a number of ways to pay when it comes time to pay your personal…

How much can I contribute to my TFSA?

Personal Tax

The given name of Tax Free Savings Account is a bit of a misleading title. It is a registered tax-advantaged savings account and every year your TFSA contribution opportunity rises. Unlike, a regular investment account where you have to pay…

Death and Taxes

Personal Tax

What is that saying? The only two things certain in life are death and taxes. I cannot say for sure if these are the only two things certain in life but they definitely are certainties. How to navigate death and taxes When a taxpayer dies,…

When Should I Incorporate My Business?

Corporate Tax

To Incorporate or Not to Incorporate Should I Incorporate my business... This is a very common question, and the answer isn’t always clear. It depends on your current situation, your future plans, and some best/worst-case scenario analysis.…

Top Accounting Mistakes of Ecommerce Businesses

Business Consulting

The events of 2020 and 2021 have caused a significant push for businesses to pursue the E-Commerce route. It’s tough to sell your product if your retail location is forced to close. It’s also tough to sell your handcrafted items if the markets…

Most Common Mistakes Medical Benefit Mistakes Made by Entrepreneurs

Personal Tax

Medical benefits can be a great way to provide additional non-taxable compensation to your employees. There are many different plans available to even small and medium businesses. Whether you’ve got a health spending account or a medical insurance…

Are you personally liable for your business debts?

Canada Revenue Agency

When Bob’s Trucking Inc. started experiencing cash flow problems, Bob found his company was unable to pay all of its bills. He decided to use the money the company did have to pay for fuel and employees to continue operations because without…

Richardson Miller Blog - Trucking Accountant

Taxes & Trucking: How to Choose the Right Trucking Accountant

Corporate Tax

Truckers spend more than 300 days each year on the road. That doesn't leave a lot of time to spend on managing your finances. For those in the trucking industry, having an accountant on your team is crucial to the success of your business. But…

Corporate Tax Strategy Considerations

Corporate Tax

Behind every small to medium enterprise is a person. Does your corporate tax strategy consider the person that is the entrepreneur? A tax strategy should consider both the corporate tax AND personal tax implications. What mix puts the most…

How to avoid the Crash and Burn

Canada Revenue Agency

You are officially caught on CRA's radar… CRA is auditing or reviewing your information Your filings have been arbitrarily re-assessed The collections department is harassing you No matter what the reason, dealing with the Canada…

Tips for Staying Under Canada Revenue Agency Radar

Canada Revenue Agency

Tips for Staying Under Canada Revenue Agency Radar If you're a taxpayer in Canada, you're likely familiar with the Canada Revenue Agency, commonly known as the CRA. The CRA is responsible for the administration of taxes, benefits, and other…

Top 9 Mistakes Entrepreneurs Make When Trying to Buy a Home

Personal Tax

I have often heard from entrepreneurs that it is difficult to obtain a mortgage to buy a home. Business owners can be viewed as a higher risk than the typical employee. As a result, obtaining financing at a preferred mortgage rate is challenging. Here…

Richardson Miller LLP Blog - RRSP Contribution Deadline

2020 RRSP Contribution Deadline Tips

Personal Tax

It’s everyone’s favourite time of year - Tax Time! This is the time of year where you get to enjoy putting together your documents and filing tax returns! Or if you are a client of Richardson Miller LLP, we do the heavy filling for you.…

Richardson Miller - Negotiating Your Commercial Lease Blog

Top Six Tips for Negotiating Your Commercial Lease

Business Consulting

Negotiating and signing your commercial lease can be a substantial investment for your business. It's critical that you're aware of what you are committing to. While it's tempting to save the professional fees on this process, a poorly written…

Salary versus Dividends

Corporate Tax

The ongoing discussion of Salary versus Dividends has got to be one of the oldest debates since the dawn of complex taxation. Over the years, I’ve heard many people (accountants included) preach that dividends are the way to go. I cringe at…

Covid Holiday Parties

Business Consulting

How does Covid-19 Impact Your Company Holiday Plans? December 2020 corporate celebrations will be drastically different than previous years. Would you typically host a party for your staff and their spouses? These types of events are either…

GST Quick Method

Canada Revenue Agency

GST QUICK METHOD If your business is operating at revenue of $400,000 or less, you need to stop what you are doing and read this! Canada Revenue Agency (CRA) offers an elective GST filing method for small businesses who have less than $400,000…

Creative Gifts for Employees

Business Consulting

The holiday season is fast approaching. With 2020 providing us ample opportunity for re-evaluating our values and priorities, have your corporate holiday plans changed? What are your plans for gifting to your employees? Here are the rules: …

Tax strategy during covid 19 coronavirus pandemic

Covid Thoughts

Canada Revenue Agency

Jazz Hands. That’s right. No auto-correct here—I meant it. With many cities implementing mandatory masks in public, we are missing out on a significant portion of our non-verbal communication options. Many of us can admit to over…

Working From Home

Business Consulting

The COVID-19 pandemic and resulting lockdowns have brought on a huge shift for people to work from home. Several business leaders have determined that having employees work from home is entirely possible and a great way to reduce overhead costs.…

COVID 19 Update

Business Consulting

We’re still open and here to help. We are just not taking face to face meetings. We can do a lot via email and our secure online portal. With the extended tax deadline, we’d encourage people NOT to wait to get their personal taxes…

Being the Boss is a Lot of Work!

Canada Revenue Agency

What does CRA require of an employer? If you are a business owner and have employees, you know the challenges that can come with managing people. Hiring the right people, maintaining schedules, workloads, employment standards, and conflict…

Contractor Reporting – The T5018 Slip

Canada Revenue Agency

Have you heard of the T5018 slip? Did you know that if your business is operating in the construction industry, you may be required to file an annual T5018 Statement of Contractor Payments with Canada Revenue Agency (CRA)? The why What is…

What Can I Expense Through My Corporation?

Business Consulting

What constitutes a business expense? I get this question ALL the time from my business clients. As a general rule, expenses must be incurred with the purpose of earning business income. The expenses must be reasonable and justifiable. I’ve…

Choosing Your Accountant

Business Consulting

Choosing the right account is important. In a previous article, I discussed what CPA means and why it is important to choose an accountant with the CPA designation. Now I want to talk about other considerations when choosing an CPA that is…

What does CPA mean?

Business Consulting

CPA makes a difference in your protection Have you ever looked for professional accounting services and been overwhelmed by the number of businesses to choose from? Have you ever noticed some of these companies have a Chartered Professional…

Get Paid Faster – Tips on Quick Accounts Receivable Collections

Corporate Tax

Getting paid should be easy. Many entrepreneurs struggle with cash flow and wish they had more money in the bank. One of the most significant keys maintaining a healthy cash balance is collecting accounts receivable in a timely manner. Here…

My Company is Profitable… So WHY AM I BROKE???

Business Consulting

Profit and Loss Statements Don't Tell The Whole Story Your profit and loss statement showing you positive numbers. Yet you are struggling to find the cash to pay your bills on time. Or perhaps your sales volume has increased but you have less…

corporate year-end Richardson Miller Blog

How To Choose a Corporate Year End

Corporate Tax

Is your choice of Corporate Year-End timing critical? You’ve incorporated… did you know that you can CHOOSE when your year-end can be? It’s true! You do not have to have a December 31 year-end. This is a very common misconception. Deadlines…

Why Enlist an Accountant from Day One

Business Consulting

New Entrepreneur Check List: Brilliant idea? Check. Endless passion? Check. Supernatural ambition? Check. Nerves of steel? Check. A clear vision of success? Check. An accountant? …. WHAT? WHY? …I haven’t…

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Keep Up To Date With Your Tax And Business News