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Paying off vacation
Most payroll systems should allow a separate payment for vacation, thus ensuring that an employee does not change tax brackets. All remuneration will have some type of code/title. Most payments would have a title such as “regular hours”. In this case, the title is likely to be something like vacation bank hours. Upon full payment of the vacation bank, the company will no longer have any vacation (time or dollars) liability.
GIFI codes
What are GIFI codes: Codes for the classification of financial line items by businesses, with the exception of insurance…
Investing in US Real Estate
Classification. 3-Real-estate : tax and other issues Canada Investing in US real estate Many Canadians invest in US real…
Foreign property
Canada Foreign property The Canadian tax form for individuals asks if you own foreign property with a total cost…
Taxable capital
Taxable capital is any amount whereby corporate capital exceeds the investment allowance. What is the capital (main components)? Taxable…
Child care expenses
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Expensing versus depreciating/amortizing
Most government bodies will have some notion of this concept. In the big picture, this relates to expensing a…
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