Your Finances Are in Safe Hands - Blogs

Every business or individual can make better decisions with access to financial details that are accurate. This is where I come in. To take advantage of my services, contact Dean Constand CPA Professional Corporation in Toronto.

  • 17/09/2020
    Covid -19 Update: Landlords - Help Small Business With Government Rent Relief!

    Dear Client and Friend,

     

    I hope you all had a wonderful Canada Day.

     

    On Canada Day the government extended the CECRA (Canada Emergency Commercial Rent Assistance) to July.

     

    Newspaper articles have described how complicated the application process has been for the government rent relief. I have applied for clients for the initial April through June period with virtually no problem; they have all received their relief payment within a few weeks. 

    Read More
  • 31/07/2020
    COVID-19 Update – It’s Time To Open Up

    Dear Client and Friend,


    For those of you who like numbers, remember from your school days that if the denominator of a fraction gets bigger, the fraction gets smaller. Dr. Ioannidis, a Greek-American physician-scientist, argues that the real fatality rate of COVID–19, or the chance of dying from it, is the same as the seasonal flu. Based on his study, he found that the number of Covid-19 infected people, the denominator, is really 50 to 85 times larger than what was thought or documented. Therefore, the chance of dying is smaller than what may be understood by the general public based on his findings.

    Read More
  • 20/04/2020
    COVID-19 Update – In the Spirit of Trust

    Dear Client and Friend,

    I’ve been listening to speakers such as Canadian author Malcolm Gladwell and CNN’s Fareed Zakaria on the Munk Debates “The World After COVID19” on Wednesday nights www.munkdebates.com. Here are a couple of take-aways from them: Gladwell said the world just happened to be lucky to have great leaders we trusted during the second world war such as Franklin Delano Roosevelt and Winston Churchill. Zakaria was impressed how Canada’s Trudeau rolled out its $2,000 a month Canada Emergency Response Benefit so quickly to Canadians.  Below I have highlighted Covid-19 relief measures that have been updated, what is down the pike, real time experiences and silver linings.

    Read More
  • 08/04/2020
    COVID-19 - Lean On Me

    Dear Client and Friend,

    ‘Lean On Me’ and ‘Ain’t No Sunshine’ are tunes my family grew up with. Bill Withers passed away this week, may his classics offer comfort to all of us including our health care workers during this pandemic.

     

    Read More
  • 02/04/2020
    COVID-19 - Important Details from the Prime Minister

    Dear Client and Friend,

    On Friday, March 27, 2020, the federal government announced additional economic assistance in response to COVID-19. Today, Prime Minister Trudeau provided important details. Below, I have highlighted how you fit in, and when you can expect to receive assistance if deemed eligible. I have included real time experiences along with a new section called Silver Linings.

    Read More
  • 30/03/2020
    COVID-19 - Latest Federal Government Update

    Dear Client and Friend,

    Yesterday the federal government introduced the Canada Emergency Response Benefit (CERB), which replaces the Emergency Care Benefit. This represents broader and simpler assistance to impacted individuals, including the self-employed, who have ceased working for at least 14 days for reasons related to COVID-19.

     

    As in my prior updates, I am keeping you abreast of real-time experiences, this time dealing with HST filing, possible insurance claims from COVID-19, and business continuity webinars provided by my contact at Xero Accounting Software.

    Read More
  • 27/03/2020
    COVID-19 Update

    I hope you are all making lemonade out of lemons, and doing your part in “physical distancing”, which I prefer to use instead of “social distancing”, because the success of our species is based on being social.

    Below I have highlighted the different levels of government, City, Ontario, and Federal,  how and when you can get help. In addition, I have provided real-time experiences from clients, friends and government sources on their success in getting this help at the end of this email.

    I am open for business as accounting is considered essential as per the Ontario notice below, and clients are making arrangements with me for drop-offs either in my e-courier drop box below, my secure client portal on my website, or my physical mailbox at home. I encourage everyone to protect any sensitive information they are sending me by email to use my e-courier drop box at the end of this email or my secure portal on my website. This drop off initiates a two-way email exchange between you and me for any sensitive information.

    Read More
  • 10/03/2020
    Do You Need Probate?

    “An investment in knowledge always pays the best interest.”


    ― Benjamin Franklin

     

    I have always said that an educated client is my best ally. Last week, I attended a number of seminars on the topic of death and taxes. This blog is kicking off my series on this unavoidable topic. Let’s first start with some definitions.

     

    Read More
  • 06/11/2019
    Income Tax Update 2019 – Post Election

    More on the Federal Budget 2019

    Easier Access to Scientific Research & Experimental Development Program (SRED)

    • Canadian controlled private corporations (CCPCs) are entitled to a very generous refundable tax credit of 35% on qualifying annual SRED expenditures, up to a maximum of $3 million of expenditures.
    • A CCPC is a private corporation, not public which is traded on the stock exchange, and is controlled by a Canadian resident. A Canadian resident for tax purposes is a question of fact based on residential ties.
    • Before the federal budget, the SRED expenditure limit and resulting tax credit were reduced the higher the business income.
    • After the budget, a CCPC can get this credit irrespective of income.
    • This change also bodes well for companies doing research and development work for climate change.

    100% Tax Deduction on New Zero Emission Vehicles up to $55,000

    Read More
  • 28/10/2019
    Global Downturn – When the Music Stops, Keep Dancing

    August 17, 2019, Small Business Needs


    Even though the big investors are betting for the music to stop with a global downturn, there is a way to keep dancing and weather the storm. They could be wrong about the recession. John Lennon said, “life is what happens when you are busy making other plans”. Although I believe in this adage as well (my creative right side of my brain is to blame), the left side of my brain, the analytical and methodical side, has some tips for the new headwinds.

     

    Read More
  • 28/10/2019
    Federal Budget 2019 – A Breath of Fresh Air

    March 21, 2019, Personal Income Tax


    Welcome Spring with a Budget that is a breath of fresh air!
    “Protecting the environment and growing the economy go together.”
    Government of Canada

     

    Read More
  • 28/10/2019
    Morneau’s Christmas Mini-budget – Wrapped with Good Government and Tax Breaks

    December 13, 2018 – Small Business Needs

     

    On November 21st Finance Minister Bill Morneau unveiled the 2018 Fall Economic Statement. Canada’s economy is strong and growing, at 3% it had the strongest economic growth of all Group of Seven (G7) countries in 2017. To continue this growth, Morneau delivered a Christmas mini-budget wrapped with good government and tax breaks. It emphasizes that government has an important role to protect the environment and consumers. Doing business in Canada will be even easier. As my old professor would say, “Tax is a microcosm of life”.

    Read More
  • 28/10/2019
    A Good Deed a Day Keeps the Taxman Away

    December 13, 2018 – Personal Income Tax


    A wise old man said to me once, “A good deed a day is enough, and sometimes it doesn’t hurt to say, say a little prayer to God”. Apart from the reciprocating benefits of doing a good deed, and perhaps getting a nod from God, there are tax benefits too! As my old tax professor would say, “Tax is a microcosm of life”. Here is my list of good deeds this Christmas:

    Read More
  • 28/10/2019
    The Tax Benefits of Taking Care of Our Elderly

    December 13, 2018 – Personal Income Tax

     

    The benefits of taking care of our elderly are indeed reciprocating, both for the caregiver and the loved one. Apart from these precious moments in time, there are tax benefits too! As my old tax professor would say, “Tax is a microcosm of life”.

    Read More
  • 28/10/2019
    Proposed Morneau/Trudeau Tax Changes – What You Need to Know

    October 2, 2017 – Small Business Needs


    Dear Client,

     

    Let’s face it, taxes are not something the public likes, nor understands. When it comes to taxes, most of you want to know to two things, where do I sign, and how much do I pay? Of course there’s a smile on your face when you get money back ☺.

    Read More
  • 28/10/2019
    2016 Tax Season Update

    February 26, 2017 - Personal Income Tax

    • RRSP Contribution Deadline Wednesday March 1, 2017.
    • Your RRSP deduction limit shows up on you Notice of Assessment for 2015 taxes filed.
    • Go to CRA’s Online Service: My Account, click on link below to set up for instant access to some of your tax information.
    Read More
  • 28/10/2019
    2016 Tax Season Update #2

    April 8, 2017 – Personal Income Tax

     

    How much do we each pay for our health care in Ontario?


    Health care has been in the news lately south of the border. Our health care in Ontario is paid through our personal tax system. The Ontario Health Premium is included on our pay stubs as part of income tax withheld, but did you know how much? The premium ranges from $0 if your taxable income is $20,000 or less, to $900 if your taxable income is more than $200,600.

    Read More
  • 28/10/2019
    Harper Tax Credits Gone

    April 25, 2016 – Personal Income Tax


    What we used to call the “Harper Tax Credits” will disappear after you file your tax return this year. Personally, I don’t think that taking these away is a bad thing because these are things that don’t enhance the productivity of the economy. The federal budget of March 22, 2016 also unveiled a middle class tax cut, a boost to student grants and the guaranteed income supplement for single low income seniors, and a new high tax bracket rate.

     

    Read More
  • 28/10/2019
    Estate Planning Made Simple

    Estate Planning Checklist (Part 1)

     

    October 20, 2014 – Personal Income Tax


    Do you want to give some of your estate away today during your lifetime to family, friends, and/or charity? – Yes/No

     

    Gifting Your Estate During Your Lifetime – Pros

    • You get to see your gift enjoyed.
    • Gifting money to young adult children (over the age of 18) lets them invest and pay tax on their returns at lower tax rates if they’re in a lower tax bracket than yours.
    Read More
  • 28/10/2019
    Estate Planning Checklist (Part 2 – Trusts)

    Do you want to give some of your estate away today during your lifetime by way of a living trust to those who are entitled to benefit from it, your beneficiaries, such as family, friends, and/or charity, while you still have legal control of those assets? Yes/No

     

    Living Trusts set up during your lifetime – Pros

    • Providing For Beneficiaries Who Can’t Manage Assets On Their Own – You can provide for dependants with special needs, beneficiaries of a complicated estate who don’t have the expertise to manage it, management of a minor’s inheritance to be received in a lump sum when he or she reaches 18 by spacing it out, with a living trust.
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  • 28/10/2019
    Filing Your Taxes for 2013, What’s New?

    March 13, 2014 – Personal income Tax

    • Safety deposit box payments made after March 20, 2013 are no longer deductible.
    • Adoption expense tax credit has been enhanced to claim eligible adoption expenses earlier than before; from the time an application is made for registration with a provincial ministry responsible for adoption. This allows certain expenses such as provincially required home study and fees to complete adoption courses to be claimed.
    • A first-time donor super credit is applicable for donations up to $1,000 made after March 20, 2013 to December 31, 2017. First-time donors are defined as follows: neither they nor their spouse or common-law partner have claimed a donation credit since 2007. In terms of tax savings, the super credit is worth an extra 25% on the first $200 of donations, or $50 in extra tax savings, and an extra 25% on the next $800 of donations, or $200 in extra tax savings.
    Read More
  • 28/10/2019
    Estate Planning… Are You Ready?

    March 13, 2014 – Personal income Tax

     

    1. Minimizing income taxes and other taxes or “probate fees” payable on death.
    2. Ensuring liquidity to pay taxes at death, for example, with life insurance, or by paying capital gains tax with instalments over ten years.
    3. Providing an orderly transfer of assets to the next generation.
    4. Delaying taxes on assets transferred to your spouse.
    5. Maintaining control and management over assets transferred.
    6. Protecting assets from creditors.
    7. Providing income to meet retirement needs.
    8. Maximizing after-tax income if disabled and authorizing someone to act on your behalf.

    Read More
  • 28/10/2019
    Year-end Tax Tips

    December 3, 2013 – Personal Income Tax

     

    December 2011

     

    Dear Client,

     

    Happy Holidays!

     

    I would like to take this opportunity to thank you for letting me serve your accounting and tax needs. I look forward to working with you for a prosperous 2012.

     

    This blog discusses Year End Tax Tips. While minimizing taxes is important, the year-end tax tips should not take your attention away from making sound economic decisions with your financial planner when it comes to investment strategy.

    Read More
  • 28/10/2019
    Salary or Dividends or Both?

    December 3, 2013 – Small Business Needs


    November 2011


    Dear Client,


    If you are a small business owner and you have a corporation, you can compensate yourself with a salary from your corporation, a dividend, or both. This blog uses a decision tree to help you with this.

     

    Read More
  • 28/10/2019
    Family Cottage Transfer

    December 3, 2013 – Personal Income Tax


    October 2011


    Dear Client,


    Welcome to my blog! The old format of my newsletters discussing both Small Business Needs and Personal Income Tax will now each be posted as an alternating new blog to my website periodically. As promised in my last newsletter, I was going to discuss planning for the succession of the family cottage and tax implications, and my first blog uses a decision tree to help you with that.

     

    Read More

General Information

Dean Constand CPA Professional Corporation

Address: 42 Mossgrove Trail Toronto M2L 2W3 ON

Phone: 416-575-8271

Email: constand@sympatico.ca

 

Hours

Monday – Sunday: By appointment only

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