Lawrence Ogbonnah Professional Corporation

11/12/2020

Education savings for your children’s post-secondary education can seem one-dimensional, as you may get the impression that you simply open a RESP account and contribute x amount of dollars over a period of time.

The Education Savings Calculator on our website considers various factors such as: education cost inflation, the rate of return, your annual income, graph(s) and so on to provide you with a holistic and full picture view of your child’s potential education costs.

Auto loans are a very popular type of loan, though many people have difficulties choosing what financing options are best for them. While sales representatives can indeed be helpful, they may encourage or advise you to take a specific financing route that you are not comfortable with. This is where our auto loan calculator comes to play, simply enter financing information such as interest rates, number of payments, taxes and down payment to see exactly how much you will be paying with the finance route that you wish to take.

The above are just a few of our calculators and tools to supplement your financial needs. Please visit our website and click on the “Financial Tools” on the search bar to see how our financial software can fulfill your accounting needs.
http://www.lopc-cpa.com/financial-calculators.html
We are more than glad to continue offering our services during Covid with the necessary precautions. Whether it be setting up a Zoom meeting or consultation, please reach out at 587-999-6200.

11/05/2020

At the Lawrence Ogbonnah Professional Corporation, we firmly believe that accounting should be a smooth and stress-free process for both individuals and small businesses. Even with the extensive software and tools that are available, many people find it difficult to either use or get the most out of what they paid for. We’re here to make that process effortless and minimize/eliminate any hassles with the CRA, as even an honest mistake may lead to a full audit.
With the assistance of an experienced tax professional, you will be able to take full advantage of all your accounting needs. From individual tax returns to robust financials associate with your small business, let out CGA and CPA certified accountants take care of you.

Below is a list of the services that we offer, to see our full range of services please view our website: http://www.lopc-cpa.com/

We are more than glad to continue offering our services during Covid with the necessary precautions. Whether it be setting up a Zoom meeting or consultation, please reach out at 587-999-6200.

Lawrence Ogbonnah CGA, PC specializes in small business accounting and tax preparation for businesses and individuals in Calgary, AB and the surrounding areas.

10/29/2020

Didn’t apply for the CRB yet? Then no worries! The 2-week periods for the benefit last until September 25, 2021, see below for more information about what the CRB is and how it can help you during these difficult times.

The Canada Recovery Benefit (CRB) — provides income support to eligible employed and self-employed Canadians who do not qualify for Employment Insurance benefits.

Those who are eligible for the CRB can receive $1,000 ($900 after income taxes) for each 2-week period, with the first period having started on September 27, 2020. To continue to receive CRB benefits, a new application must be made every two weeks, and the maximum period for which benefits can be paid is 26 weeks (13 periods in total).

If you meet eligibility requirements, apply by November 7th to receive the full amount in aid for this current eligibility period. Information on eligibility requirements for the program, and on how apply, can be found on the federal government website at https://www.canada.ca/en/revenue-agency/services/benefits/recovery-benefit.html.

Always stay ahead of your financials with the live Tax Alerts on our website:
http://www.lopc-cpa.com/
We are more than glad to continue offering our services during Covid with the necessary precautions. Whether it be setting up a Zoom meeting or consultation, please reach out at 587-999-6200

10/22/2020

The TFSA account is a hallmark of Canadian investing and personal finance, it allows you to grow your investments tax-free and as such, eligible Canadians should take full advantage of this account to get the most out of their investments.

END OF YEAR TAX TIP

Make all TFSA withdrawals on or before December 31st instead of January 1st!

If you plan on withdrawing money from your TFSA, perhaps to pay for a winter vacation or to make an RRSP contribution, make this withdrawal before the end of the calendar year. A taxpayer who withdraws funds from his or her TFSA before December 31, 2020 will have the amount withdrawn added to his or her TFSA contribution limit for 2021, which means it can be re-contributed as of January 1, 2021. If the same taxpayer waits until January of 2021 to make the withdrawal, he or she won’t be eligible to replace the funds withdrawn until 2022!

Learn more here: https://smallbusinessaccountingblog.wordpress.com/2016/12/20/year-end-tax-planning-for-rrsps-and-tfsas-december-2016

05/05/2017

For the majority of Canadians, the due date for filing of an individual tax return for the 2016 tax year is May 1, 2017. (Self-employed Canadians and their spouses have until June 15, 2017 to get that return filed.) In the best of all possible worlds, the taxpayer, or his or her representative, will have prepared a return that is complete and correct, and filed it on time, and the Canada Revenue Agency (CRA) will issue a Notice of Assessment indicating that the return is “assessed as filed”, meaning that the CRA agrees with the information filed and tax result obtained by the taxpayer. [ 840 more words ]

https://smallbusinessaccountingblog.wordpress.com/2017/05/05/fixing-a-mistake-on-your-already-filed-tax-return-may-2017/

For the majority of Canadians, the due date for filing of an individual tax return for the 2016 tax year is May 1, 2017. (Self-employed Canadians and their spouses have until June 15, 2017 to get t…

05/05/2017

The Canadian tax system is in a constant state of change and evolution, as new measures are introduced and existing ones are “tweaked” through a never-ending series of budgetary and other announcements. However, even by normal standards, 2017 is a year in which there are larger than usual number of tax changes affecting individual taxpayers. And, unfortunately, most of those changes involve the repeal of existing tax credits which are claimed by millions of Canadian taxpayers. [ 153 more words ]

https://smallbusinessaccountingblog.wordpress.com/2017/05/05/personal-tax-credits-that-will-disappear-in-2017-may-2017/

The Canadian tax system is in a constant state of change and evolution, as new measures are introduced and existing ones are “tweaked” through a never-ending series of budgetary and other announcem…

05/05/2017

Personal tax credits that will disappear in 2017 (May 2017)

The Canadian tax system is in a constant state of change and evolution, as new measures are introduced and existing ones are “tweaked” through a never-ending series of budgetary and other announcements. However, even by normal standards, 2017 is a year in which there are larger than usual number of tax changes affecting individual taxpayers. And, unfortunately, most of those changes involve the repeal of existing tax credits which are claimed by millions of Canadian taxpayers.

The repeal of the affected credits will show up for the first time on the individual income tax return for the 2017 tax year, to be filed in the spring of 2018. And, since the changes do, for the most part, mean the loss of existing credits, not being able to make those credit claims will mean a higher tax bill for taxpayers who have claimed them in previous years. Knowing what lies ahead, however, means that taxpayers make an accurate assessment during the year of the true after-tax cost of any contemplated expenditures and make their spending decisions in light of that knowledge.

Some of the changes for 2017 are already in place, having been implemented as of the beginning of the year, while others will take effect part way through 2017. What follows is a listing of the changes to existing tax credits which will be implemented for part or all of the 2017 tax year.