Bradley Jacoby Games Chartered Professional Accountants | Victoria, BC | 250-370-2191
Business Loss or Personal Venture: Can You Deduct Losses Against Other Income?
Are you looking at a Business Loss or Personal Venture?

Business Loss or Personal Venture: Can You Deduct Losses Against Other Income?

In order for an individual to apply their business loss (where reasonable expenses exceed revenues) to another source of income such as employment earnings (thereby reducing the overall tax liability), the taxpayer must be able to prove that they are truly running a business. That is, they have to show that the undertaking was in the pursuit of profit.

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Retirement Income Calculator: Ensure you are Financially Ready
Retirement Income Calculator

Retirement Income Calculator: Ensure you are Financially Ready

The Canadian Retirement Income Calculator provided by the Government of Canada estimates retirement income generated through a number of programs such as the Canada Pension Plan, Old Age Security pension, an individual’s employer’s pension plan, RRSPs, and other sources based on past and intended contributions.

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Employee Discounts on Merchandise: Change in CRA Policy
Employee Discounts on Merchandise: Change in CRA Policy

Employee Discounts on Merchandise: Change in CRA Policy

Historically, CRA has stated that an employee enjoying a discount on the purchase of merchandise from their employer is only taxable if a limited number of specified situations exist, such as where the employer makes a special arrangement with the employee or group of employees to buy the merchandise at a discount; the employee buys the merchandise for less than the employer's cost; or the employer makes a reciprocal arrangement with another employer so that the employees of one employer can buy merchandise from the other at a discount.

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Professionals’ Work in Progress Exclusion: Changes are Coming
Changes for Professionals' Work in Progress Exclusion

Professionals’ Work in Progress Exclusion: Changes are Coming

In the past, taxpayers in certain designated professions (i.e., accountants, dentists, lawyers, medical doctors, veterinarians and chiropractors) may have elected to exclude the value of work in progress (WIP) in computing their income for tax purposes. This essentially enabled these professionals to defer tax by permitting the costs associated with WIP to be expensed without including the matching revenues.

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