New Changes to Canada’s Capital Gains Tax

Capital gains taxation in Canada has undergone significant changes as part of the 2024 federal budget, reshaping the landscape for investors and businesses alike. Historically, when you reported capital gains, half of the amount was included in taxable income, but with the new rules introduced in June 2024, this rate has increased to two-thirds for […]

Tax Treatment of Finance Lease vs Operating Lease

Finance leases and operating leases have different tax treatments in Canada. While many of us might assume that it doesn’t matter how you lease a piece of equipment for your business, the type of lease you choose could have very different implications for your business taxes. In this blog we’ll uncover the differences between finance […]

A Complete Guide to Annual Returns for Alberta Nonprofits

As a nonprofit organization in Alberta, it’s important to stay compliant with regulatory requirements, one of the most important being the annual return filing. Annual returns ensure that your organization remains in good standing with government authorities and maintains transparency with stakeholders. In this comprehensive guide, we will explore the essentials of annual returns for […]

Do Charities Need Audited Financial Statements?

Financial transparency is incredibly important for Alberta charities. As a registered not-for-profit organization, you’re likely wondering if you are required to have audited financial statements. If you’re an Alberta Registered charity, you’re required to have financial statements audited annually. In this blog we’ll cover which charities need to have audited financial statements, which charities need […]

Beginning of Gallo LLP

Our firm is excited to announce that as of January 1st, 2021, Gallo and Company has become a registered Limited Liability Partnership (LLP), as allowed by legislation by the Government of Alberta. We will now be known as Gallo LLP. This change in name and registration as an LLP does not create a new firm, […]

4 Powerful Benefits of Switching to Cloud Accounting

The Unique Benefits of Cloud Accounting In today’s digital age, cloud based accounting is no longer a thing of the future; it’s the here and now. At Gallo LLP, both our Edmonton and Sherwood Park-based offices have continued to see a swift increase in the number of businesses interested in making the switch from traditional […]