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Graceful female student

Back to school tax credits

As the leaves start to fall and students start to dread the approaching school year, life gets inescapably busy. The summer always seems to fly by and when September hits, parents of post-secondary students find themselves frantically moving their kids into dorms and shelling out cash for textbooks. With all of this chaos, many people Read More

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inheritance

Tax problems with your inheritance

When someone passes away, it’s unfortunately common for their estate to include some messy tax problems. Unless the individual or their family is on the ball and has been taking proper care of their taxes, they might be leaving behind quite a headache. What kinds of tax problems occur with the deceased? There are a Read More

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bookkeeping

Do I really need a bookkeeper?

At AP Tax, we offer accounting services, like preparing tax returns, but we also provide bookkeeping in Toronto. One of the questions we are regularly asked is whether or not a business needs an accountant or a bookkeeper (most likely, both). We think that the main reason that we’re asked this question is that the Read More

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test tube science

SR&ED: Cash in on research and development!

Canada is known around the world as one of the biggest supporters of Scientific Research and Experimental Development, primarily through it’s SR&ED tax incentive program. Every year, the SR&ED program hands over $4 billion worth of investment tax credits (ITC) to over 18,000 Canadian corporations, sole proprietorships, partnerships and trusts. That’s a lot of money Read More

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mountain climber

Is your hobby a business?

A common question we receive is: Can I claim business expenses for my hobby? While it’s tempting to call your hobby a business because of all of those great business expense tax write-offs, the process is a little trickier than simply filing certain tax forms. Why does it matter? The main benefit of considering your Read More

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chalkboard oops

I’ve filed my tax return, but I made a mistake!

Making an error when you file your tax return happens – especially when you’re unfamiliar with new tax laws or a change in your tax situation. Sometimes a form’s wording is confusing and people insert incorrect information or other times, someone makes a simple human error. In most cases, there are set steps you need Read More

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apple iMac

The Lowdown on Apple’s Tax Controversy

Arguably the biggest financial headlines, this week, all have to do with Apple. CEO Tim Cook has been forced to defend Apple’s tax practices and prove that they have been working strategically, but not illegally, to pay the least amount of taxes possible. As tax specialists who work with cross-border tax situations, we will be Read More

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tax audit

What do I do if I’m being audited?

Tax time is over! Now, along with the relief you feel after filing your taxes, you might be experiencing nervousness that you’ll be audited. Don’t worry! People and businesses are audited all the time. If you have filed an accurate and honest tax return, you have nothing to be concerned about. We know that telling Read More

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