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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How to Save 2016 Income Tax


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 nanny, they are eligible to be deducted as child care expenses provided the salary or wage paid to your nanny meets the criteria in Section 63. Child care expenses are amounts incurred for the purpose of providing child care services for an eligible child. Eligible expenses can include babysitting, nursery day care or camp or boarding school. To ensure you maximize […]

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Cash Savings Strategies


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 individuals save money and prevent costly mistakes. Our full-service CPA firm combines the technical knowledge of Chartered Professional Accountant with entrepreneurial mindset of Strategic Business Advisor.

Business owners and individuals complain but often do nothing to improve their financial situation. Face this New Year with confidence using our customized strategy and knowing that we […]

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Year-End Tax Planning Tips


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, 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 business owners, individuals, corporate executives and professionals.

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

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Your Financial Plan


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 many Canadians, though, doing so on a daily basis is a big challenge.  The link between stress and health has long intrigued workplace health providers, employers, doctors and scientists. Stress, which is a fact of life, can be difficult to control and can have serious physical and mental health […]

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Selling Your House or Condominium


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 (CRA) has stated that you do not need to complete this form unless there is a taxable capital gain after using the principal residence exemption.

When a principal residence is sold, the gain is not taxable if it has been your principal residence for the whole time it has been owned. This is […]

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Payments to Family Members


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 paid amounts (“in kind”) paid to family members.The taxpayer testified that he paid $7,000 to each of his 11 and 13 year old children, based on a compensation rate of $10 per hour.  He said the children were paid for photocopying, stuffing and stamping envelopes for various mailings to thousands […]

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Personal Holding Companies


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 loaned to your spouse’s corporation interest free, investment income on the loaned funds can be paid and taxed in your spouse’s hands.

TAX TIP       One may successfully argue that such a loan described above will not be subject to Canada Revenue Agency’s special Attribution Rules (rules preventing certain transfers of […]

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