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Auto – Buy versus Lease Calculator

Should you lease or buy your car? Use this calculator to find out! It calculates your monthly payment and your total net cost to help determine the better value.

A gift or award that you give an employee is a taxable benefit from employment, whether it is cash, near-cash, or non-cash. However, CRA has an administrative policy that exempts non-cash gifts and awards in some cases.

At this Service Ontario link, you will find guidance on how to start and manage your not-for-profit or charitable organization. You can get information about the laws and regulations that apply to not-for-profits and charities and find out about available funding opportunities.

Determining a worker’s employment status can be confusing. This guide is for workers, payers or employers and will walk you through the decision process to make it clear whether you or your worker should be on payroll or invoice for services rendered.

Use this great link to find:

  • Personal and corporate tax rates in Canada
  • CPP rates
  • EI rates
  • Canada Revenue Agency prescribed rates
  • Foreign Currency exchange rates
  • Automobile Allowance mileage rates
  • GST/HST rates in Canada
  • and more!

In a review engagement, the objective for the independent public accountant is to review your financial statements to determine whether they are plausible by following the Accounting Standards for Not For Profit Organizations (ASNFPO). Review engagements are commonly requested by members, foundations or government. Reviews provide limited assurance that your financial information conforms to Canadian Generally Accepted Accounting Principles (GAAP).

In an audit engagement, the objective for an independent professional public accountant is to express an opinion on the fairness of your financial statements in accordance with Accounting Standards for Not For Profit Organizations (ASNFPO). An auditor will test and gather evidence in order to obtain reasonable assurance that the financial statements are free of material misstatement. Audited financial statements are widely used for your members, bank, donors and government.

Most NPOs do not need to register for GST/HST but if they having taxable supplies in excess of $50,000 during the fiscal year and in excess of $250,000 in revenue from all sources then the NPO may be required to register and collect GST/HST. Be careful that you are dealing with taxable supplies and not exempt.

If an NPO is not a registered charity then a corporate tax return needs to be completed annually even though the corporation is exempt from tax. We can help complete the tax return while protecting your tax exempt status.

If you are a charity, you are eligible to file a GST/HST Public Service Bodies rebate every 6 months in order to recover the Federal and Provincial portions of the GST/HST the charity paid on expenditures. NPOs are eligible to recover GST/HST as well if greater than 40% of their income is received from government sources (or 40% of their income on average over the past three years).

Many organizations fail to record GST/HST properly in their recordkeeping. Please seek advice on recovering GST/HST on your capital expenditures, mileage reimbursements and other areas commonly overlooked.