Howard Halpern

About Howard Halpern

Howard Halpern CPA (Canada), CA, CPA (USA), CFP, TEP, has spent over thirty years providing financial management, strategic business planning and tax advice to closely held business, professional service providers, and high-income taxpayers.

Capital Gains Exemption

 

Below are Tax Tips in respect of the capital gains exemption, one of the most valuable tax incentives provided to shareholders of private corporations in Canada.  This allows a private company shareholder to sell shares and eliminate income tax on over $800,000 of lifetime capital gains triggered by the sale. Remember that each family member might qualify for their own exemption!  Of course, the availability of the exemption is subject to a number of conditions.

TAX TIP        Planning should be done to enable as many family members as possible to use the exemption, which may also be crystallized […]

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Money Worries – Greatest Source of Stress

We hope you had a safe and enjoyable summer.  There are only 4 planning months left in 2015 and the year is quickly coming to a close.  As licensed CFP Certified Financial Planner, our goal is to raise awareness of the importance offinancial planning and tax planning in your life because it will enhance your emotional well-being and financial well-being.  See the eye-popping survey results below from a national FPSC three-year survey of 15,000 Canadianswhich found that money is the leading source of stress, significantly more than work, personal health and relationships.  According to the survey, financial stress is driving […]

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How to Trigger a Tax Loss

 

You may have an investment in some shares or debt which have become worthless, but you can’t sell them because the security is no longer listed on a stock market.  There is a section of the Income Tax Act that allows you to claim a capital loss on these shares or debt even though you cannot sell them.  This section also applies to debt owed by a corporation to you.  Therefore, you could potentially receive a large tax refund by triggering a tax loss without having to incur any cost at all.

This is a popular tax strategy.  For example, if […]

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Tax Planning Ideas

 

The recent completion of your 2014 personal income tax return presents a good opportunity to review and consider a number of tax planning ideas to save you money. Effective tax planning is a primary ingredient of good financial planning and it is important to consider a wealth of tips and techniques to help you plan for a prosperous future.

For example, you may save significantly more tax by structuring your investments to make your interest expense deductible. If you own a business, consider the potential tax benefits of incorporating. Or if you have a corporation now, you should calculate your optimum […]

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How to Protect Your Assets

 

We live in a litigious world.  Litigation has become commonplace in resolving disputes of all kinds.  As Business and Tax Advisor, we provide solutions to our clients to ensure their business assets are protected from potential creditors.

Taken to an extreme, you can creditor proof yourself to a point where you cannot even borrow cash for your business!

Contact us now to arrange your free, no-obligation, strictly confidential FinancialCHECKUP™.  Now more than ever you need to protect your assets from third party creditors.

Thus, one must be practical when designing a creditor proofing plan, which may include the following:

Transferring Assets Out of Your […]

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Top 4 Tax Tips – Workers

 

Are You Independent Contractor or Employee?

Attention Business Owners: You must file your 2014 Self-Employed Income Tax Return by June 15, 2015!  There are only 46 days left, so file now to avoid costly late filing penalties.

TAX TIP         As Independent Contractor, remember that CRA Canada Revenue Agency will usually request a copy of your written contract so be sure it is correctly prepared.  Just one small word makes all the difference!  Employees have ‘contracts of service’ which are subject to the employer’s control.  However, independent contractors work under a ‘contract for services’ allowing freedom within which to operate.  For professional […]

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Canada Revenue Agency

Only 31 Days Left to Save You Money

There are only 31 days left to save you money. April 30th is your tax payment deadline. The time to reduce your tax bill is now! Be sure to file your 2014 Individual Income Tax Return now to avoid penalties.

Contact us now to arrange your free, no-obligation, strictly confidential FinancialCHECKUP™ Now more than ever you need to know that you are paying the least amount of tax.

TAX TIP Canada Revenue Agency (CRA) has increased the number of tax audits, especially for small businesses, to detect unreported income which can result in criminal prosecution or […]

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How To Save 2014 Tax

2014 TAX RETURN ORGANIZER™

We are proud to present our updated annual 2014 TAX RETURN ORGANIZER™, your indispensable reference guide to help you save money by reducing the amount you pay in income taxes. Click here to read and print it.

Select ‘Mail’ at the bottom-right corner of this post to automatically forward this to your friends, business associates or loved ones.

Contact us now for your free, no-obligation, strictly confidential FinancialCHECKUP™ or call 905-709-HELP.

TAX TIP     If you have a business it is an important strategy to see how you can bring your family into the business and how you can leverage your family […]

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