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Year-End Tax Planning Tips

 

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 the end of the calendar year.

Rapidly changing tax laws mean periodic business and personal tax planning and financial advice is absolutely essential for all businesses and individuals, including corporate executives and professionals.

Don’t leave your tax planning to chance!   We will show you how a personal customized tax strategy will save […]

By |Categories: Newsletters, Tax & Financial Tips|

Avoiding Tax Audits

 

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 through several months but could last years in more complicated cases.  Make sure you hire a Chartered Professional Accountant. Even simple audits are full of traps and pitfalls and, if you attempt this so-called simple work on your own, it is very easy to make mistakes and then regret it […]

By |Categories: Newsletters, Tax & Financial Tips|

Proposed Tax Changes

 

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 private corporation and converting income into capital gains.

TAX TIP      When it comes to tax, it’s all about the details. Knowing the rules and regulations, what qualifies and what doesn’t, and how to structure your business most effectively. We are focused on every facet of tax. We have the in-depth […]

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Only 4 Months Left to Plan

 

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 the weather. The best part about change is that it often is great, like the creative tax and financial planning services we offer our business and individual clients.

Remember to Purchase Your Eligible Assets Before Year-End 

Whether you own a business or are an employee, the following is some money-saving advice regarding […]

By |Categories: Newsletters, Tax & Financial Tips|

When is a Business Expense Deductible?

 

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 will not be able to deduct the expense.

TAX TIP        Fixed assets such as land, buildings, vehicles, machinery and equipment, computers, etc. are not fully deductible in the year you purchase them.  These items will be recorded on your Balance Sheet as assets.  For accounting and tax purposes, you can write […]

By |Categories: Newsletters, Tax & Financial Tips|

When You Transfer Title in Property

 

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” on your personal tax return and pay the income tax.  The new joint owner would have a deemed purchase at the same amount.  Of course, it is a question of fact whether there has been an actual change in beneficial ownership.

TAX TIP        If a rental property is purchased, the […]

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Your Compensation

 

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, or may not, have to include the value in your employment income which may save you considerable tax.

Most employers and employees do not take the time to work out the best compensation, tax and business planning possible.  It is therefore crucial for you to plan and have a good idea […]

By |Categories: Newsletters, Tax & Financial Tips|

Federal Budget 2017

 

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, Caregiver Credit and Family Caregiver Tax Credit
Tuition Tax Credit will apply to occupational skills courses below post-secondary level at college or university
Medical Expense Tax Credit will now include fertility-related expenses
Public Transit Tax Credit will be eliminated effective June 30, 2017
Disability Tax Credit eligibility can be certified by nurse practitioners
First-Time Charitable […]

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Top 6 Tax Tips

 

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 changes in the new federal budget last week on March 22, 2017. These tax measures will impact you personally and also your business. In next month’s Tax & Financial eNewsletter we will explain how they will affect you. Rapidly changing tax legislation means our personal and business tax planning advice will save you […]

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Only 61 Days Left

 

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     If you rent out a portion of your home, you may have to report a taxable capital gain on your personal tax return. When there is a change in use of real estate, either from income-producing to personal-use (e.g., principal residence or cottage/second home), or from personal-use to income-producing, there […]

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