Now is a great time to take advantage of final 2017 year-end tax saving opportunities. Ideally, tax planning should be a year-round affair since many tax strategies require foresight to be effective. The good news: there are still opportunities to reduce your 2017 tax liability, particularly if you act before […]
It’s every taxpayer’s worst nightmare: a notification from CRA Canada Revenue Agency that you are going to be audited. CRA sends more than 30,000 such letters a year. You are right to be afraid because it is often a time-consuming and costly process to deal with. Tax audits generally stretch […]
On July 18, 2017, the Honourable Bill Morneau, federal Minister of Finance, issued draft legislation which, if passed, will significantly change tax planning for Canadian private companies and their shareholders.
He released proposed changes to three areas of tax planning used by private corporations: income sprinkling, holding passive investments in a […]
We hope you had a safe and enjoyable summer. There are only 4 months left to plan! The 2017 calendar year is quickly coming to a close. September is here, the summer has come to an end and the leaves are beginning to change colour. Change is inevitable, just like […]
There are generally two main tests that all expenditures must meet in order for you to be able to deduct them for business purposes:
Was the expenditure made for the purpose of earning taxable income?
Was the expenditure reasonable in the circumstances?
If the expenditure was not made to earn taxable income, you […]
If you are the sole owner of a property, and you transfer title of the property into joint ownership with another person, you may be deemed to have disposed of your share at fair market value (unless the joint owner is your spouse). You would have to report this “sale” […]
If you are an employee, you can receive an employment benefit or allowance in cash (such as a meal allowance) or in a manner other than cash (such as a parking space or a gift).
Depending on the type of benefit or allowance and the reason it is given, you may, […]
On March 22, 2017 Finance Minister Bill Morneau presented his second Budget. The Budget focused on closing tax loopholes and cracking down on tax evasion. Briefly, here are some of the proposed new Personal Tax and Business Tax measures:
Personal Tax Measures
New Canada Caregiver Credit will replace the Infirm Dependent Credit, […]
There are only 34 days left for you to pay your 2016 personal tax. May 1st is your tax payment deadline. The time to reduce your tax bill is now! Be sure to file your 2016 Personal Tax Return now to avoid costly penalties.
Finance Minister Bill Morneau tabled many tax […]
You still have 61 days to save on your 2016 personal income tax by contacting us now to arrange your free, no-obligation, strictly confidential FinancialCHECKUP™.
To get your free 2016 TAX RETURN ORGANIZER™ please contact us. Now more than ever you need to know that you are paying the least amount of tax.
TAX TIP […]
We are proud to present our updated annual 2016 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.
TAX TIP Remember that, when you pay CPP and EI premiums on the salary of your child’s […]
The route to a secure financial future can be difficult to navigate. At HALPERN Chartered Professional Accounting Firm we understand this.
We work with clients on an individual basis, taking the time to identify the best solutions for a profitable financial outcome. For over 30 years we’ve been helping businesses and […]
Take advantage of 2016 year-end tax saving opportunities, some which are only available for the last time before December 31. Ideally, tax planning should be a year-round affair since many tax strategies require foresight to be effective. The good news: there are still opportunities to reduce your 2016 tax liability, […]
As we draw closer to 2016 Financial Planning Week, which takes place the week of November 20-26, 2016, we want to remind you how you can benefit from financial planning. Exercising regularly, eating a balanced diet, and managing stress effectively can help proactively maintain a positive mind and healthy body. […]
For the year in which you sell your home, technically speaking the law requires you to file Form T2091 (Designation of a Property as a Principal Residence) with your tax return in order to designate the years that are being used in the principal residence calculation. However, Canada Revenue Agency […]
Any business can generally deduct reasonable salaries paid to children and family members for services rendered to it.
Such payments are normally made via cheque or bank transfer but what about non-cheque, non-cash, in kind payments to family members?
There is a Tax Court of Canada case which deals with the deductibility of non-cheque […]
Personal holding corporations are companies incorporated to hold the investments of an individual shareholder and may provide a profitable vehicle to split income between family members. For example, if you or your spouse each have wholly-owned corporations, and your corporation has retained earnings (accumulated profits) from a business which are […]
Believe it or not, you may be eligible to have a second chance to correct your tax affairs. Second chances don’t often happen in life. But if you ever made a tax mistake like leaving out income or claiming ineligible expenses, Canada Revenue Agency (CRA) offers you a second chance.
If you are a business owner, what level of compensation should you take out of your company and in what form? This is a major issue business owners face each year.
Most business owners do not take the time to work out the best tax and business planning possible. It is […]
Home Office Expenses
If you work in your home, you may be able to deduct part of your home expenses which would save you income tax. But, like everything else when it comes to income tax, there are special rules you must follow and these tax rules differ depending on whether […]
There are only 34 days left for you to pay your 2015 personal tax. May 2nd is your tax payment deadline. The time to reduce your tax bill is now! Be sure to file your 2015 Individual Income Tax Return now to avoid costly penalties.
Finance Minister Bill Morneau tabled many […]
We hope you enjoy the Tax Tips below. You still have 62 days to save on your 2015 personal income taxes by contacting 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. We […]
We are proud to present our updated annual 2015 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.
Please feel free to forward this to your family, friends and loved ones.
Contact us now for […]
Happy 2016! We wish you and your family Health and Prosperity in this New Year! You can’t predict the future. But we’ll help you plan for it. For over 30 years we’ve been helping businesses and individuals save money and prevent costly mistakes. Our full-service CPA Firm combines the technical […]
Take advantage of 2015 year-end tax saving opportunities. Ideally, tax planning should be a year-round affair since many tax strategies require foresight to be effective. The good news: there are still opportunities to reduce your 2015 tax liability, particularly if you act before the end of the calendar year.
Rapidly changing […]
With the election of the Liberal party on October 19th, Canada’s tax landscape is about to change. It is as yet unknown which policies will be adopted and when. The Liberal platform has called for a new tax bracket to apply to income in excess of $200,000. In addition, Trudeau […]
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. […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]