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Inst. of Chartered Accountants

The Institute of Chartered Accountants of Ontario is the qualifying and regulatory body of Ontario’s 33,000 Chartered Accountants and 5,000 CA students. Since 1879, the Institute has protected the public interest through the CA profession’s high standards of qualification and the enforcement of its rules of professional conduct. The Institute works in partnership with the other provincial Institutes of Chartered Accountants and the Canadian Institute of Chartered Accountants to provide national standards and programs that are used as examples around the world.

Most Recent Articles by Inst. of Chartered Accountants:

Cottage: buy or rent?

You love cottage life and spend most summer weekends either renting a place or visiting the cottages of friends and relatives. Is it time to buy your own? “If you buy a cottage, you are acquiring an appreciating asset,” says Chartered Accountant Rolland Vaive of J. Rolland Vaive Professional Corporation in Orleans. “Some people have done very well financially from selling their cottages.” A major benefit of cottage ownership is being able to spend more time at a place you love. “People work so hard today,” adds Vaive. “Buying a cottage forces them out of the city and into a lifestyle that perhaps sees them working five days a week instead of seven.”
- Monday, March 29, 2010

Estate planning: have it your way - now and later

Do you own a home? Have a spouse, partner or children? What about an estate plan? Do you need one? Only if you want a say in how things will continue without you. “Estate planning is about life,” says Chartered Accountant Prem Malik, Investment Adviser with Queensbury Securities Inc. in Toronto. “It lets you put the pieces of your own personal puzzle together so that the picture comes out the way you want it – not the way the courts, the lawyers or even your family members want it.”
- Wednesday, March 17, 2010

Estate planning tips for business owners

Estate planning is often complicated, especially when a family-owned business is involved. Whether you are on the giving or receiving end, passing ownership of something that holds both an emotional and monetary value is a daunting task. Fortunately, there are Chartered Accountants, like Steven Hacker, CA∙CBV, who can provide the kind of expertise necessary to make the process easier.
- Wednesday, March 17, 2010

Tax-Free Savings Account - part of your savings plan?

Tax Free Savings Accounts (TFSAs) have generated a lot of interest since they arrived on the Canadian savings scene just over a year ago. This is with good reason – because as the name implies, all the money you earn in a TFSA is tax-free. To start a TFSA, you must be 18 years of age or older and have a social insurance number. Then each year, you can add up to $5,000 to the plan – more after the first year, if you have unused contribution room. Beginning in 2011, that $5,000 limit will be indexed to inflation and rounded to the nearest $500, meaning the contribution ceiling will go up or down in $500 increments when the value of the money justifies it.
- Friday, March 12, 2010

Changing the savings game with Tax-Free Savings Accounts

If, 25 years ago, you had bought $5,000-worth of Microsoft stock with the funds in your Tax-Free Savings Account (TFSA), you’d be sitting on about $3 million today. All yours, tax-free, exchange rates and adjustments for inflation notwithstanding. Of course, this assumes that there actually were TFSAs 25 years ago. Still, it’s a worthwhile illustration. One that Brian Murphy, a Chartered Accountant in Whitby says could conceivably be playing out 25 years from now.
- Friday, March 12, 2010

Pre-nuptial agreements – not just in the movies

Breaking up is hard to do. The sad fact is that 50 per cent of us will call it quits with the person we once thought we would be with forever. And nothing can make a bad situation worse than arguments over who gets Uncle Harry’s portrait or custody of Lucky, the Labrador retriever.
- Thursday, March 4, 2010

Tips For Couples Combining Capital

Pooling assets with a partner can be a risky business under any circumstances. But when that partner is a spouse, there can be costly consequences if the relationship breaks down without the proper financial stipulations in place.
- Thursday, March 4, 2010

2009 Tax Tips, Part Two

Tax Tip 1 of 20

Are extra payroll deductions the answer to taxes?

Are you savings-challenged? If so, you might think that asking your company’s payroll department to increase your regular income tax deductions is a good strategy to avoid the possibility of extra taxes at year-end. “Not necessarily,” says Chartered Accountant James Kraft, a Certified Financial Planner and Taxation Specialist with PlanningWise Inc. in Toronto. “I first recommend that people seriously assess their own abilities to manage money as well as their goals with respect to savings.” On the “pro” side, Kraft says that increasing payroll deductions can be a forced savings plan. Some may prefer it, because the money never comes into the house and they can’t get their hands on it.
- Monday, February 22, 2010

2009 Tax Tips

Tax Tip 1 of 12

Online access to your tax information

Stop waiting for the mail! You can now review your tax accounts online. “The Canada Revenue Agency (CRA) has electronic services that let individuals access their tax and other financial information online,” explains Chartered Accountant Byron Beswick, Senior Tax Manager, Soberman LLP, Toronto. “My Account allows you to review all kinds of information, including your tax returns and carryover amounts, RRSP deduction limit, and information on the status of your Home Buyers' Plan and Lifelong Learning Plan, disability tax credit and benefit payments.”
- Thursday, February 18, 2010

RRSP Tips 1-16

RRSP Tip 1 of 16

Retirement savings: an RRSP or a TFSA? There’s a new kid on the block when it comes to saving for the future. So what makes the most sense now – contributing to your RRSP or to a Tax-Free Savings Account (TFSA)? “It all depends on your income tax rate at the time when contributions are made, as compared to the rate during the withdrawal phase,” explains Chartered Accountant Kenneth Lancaster, Tax Partner with MacGillivray Hamilton. “If the two rates are identical, then the TFSA is a preferred option because it is more flexible and withdrawals do not affect income-tested benefits.
- Monday, February 8, 2010


Seven secrets for saving money

With an economy poised for recovery, some experts say now is the time to maximize our savings so we can reap the benefits when prices and interest rates start to rise again. But with less money to spare, it’s harder than ever to save for the future.
- Monday, January 18, 2010

What to do with the little you’ve got

Saving money in an economic recession is a little like trying to build a snowman in June. There’s not a lot of construction material to be found, and even if you can scrape a little snow together, there’s the risk your creation will just melt away. “Saving 10 per cent of our gross income is considered ideal, but it can be a stretch at times,” says Chartered Accountant Peter D. Brown, principal of Peter Brown Inc. in Niagara Falls.
- Monday, January 18, 2010

How to buy out a partner and keep a friend

It might not be quick and easy, but it is possible for partners to split up or exit the business in a way that’s fair and acceptable to all concerned. To accomplish that goal, responsible business partners must prepare themselves, well before the time comes.
- Wednesday, January 6, 2010

Your company - the next generation

It can be difficult letting go. But successful business owners know that making appropriate plans to turn the company over to a successor at the right time is just prudent management. “Some company owners only think about succession planning when they’re fed up and ready to sell,” says Chartered Accountant Paul G. Stringer, managing partner of Durward Jones Barkwell & Company LLP in Grimsby. “It takes preparation to manage a changeover properly. Start thinking about introducing a new owner at least three to five years before you intend to retire or sell.”
- Wednesday, January 6, 2010

Insurance - are you covered?

You know you need insurance, but with such a dizzying array of available options, how do you know what coverage is best for you? Here are some tips on insuring your property, your vehicle and your life.
- Friday, November 6, 2009

Small business - big insurance

“Insurance can be one strategy to manage your risk,” says Chartered Accountant Vic Skot, principal, Benefit Partners Inc. in Barrie. “It can give the business owner and the corporation ways to manage and mitigate their risks that are both tax and cost effective.”
- Friday, November 6, 2009

Technology Tips for Small Business Owners

Business owners are often overwhelmed by the technology required for their small to medium-sized businesses. “And understandably so,” says Chartered Accountant James Belesiotis, CA∙IT, a practitioner in Toronto.
- Monday, October 19, 2009

Buy The Right Technology for your Business

What needs to be top-of-mind when you go shopping for your business’ technology? According to two Chartered Accountants who are certified specialists in information technology (CA∙IT), the number-one consideration is gearing technology to your business needs.
- Monday, October 19, 2009

Tax Breaks for Students

Students facing hefty costs for post-secondary education may be able to benefit from some welcome tax breaks.
- Friday, October 2, 2009

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