Tax & Financial Tips

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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Second Chance Tax Amnesty


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.

No-Name Voluntary Disclosure (VD)

Our CPA firm offers this unique professional service called a “no-name voluntary disclosure.”  We can make a “no-name” voluntary disclosure (VD) on your behalf to CRA to ensure your complete anonymity until they formally indicate acceptance of your no-name voluntary disclosure (VD).

TAX TIP      Your VD must be […]

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Your Compensation


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 crucial for you to plan and have a good idea about what factors should be taken into account because there are potential problems and pitfalls to consider. The best way to ensure your success is to seek professional advice.  

TAX TIP     An obvious factor is to calculate what you need for […]

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Your Home Expenses


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 you are self-employed or an employee.

If You are Self-Employed

If you are self-employed, home office expenses must relate to work space that is either your principal place of business or used exclusively for the purpose of earning income from your business. In order for the second criterion to apply, the space […]

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Only 34 Days Left For You to Pay


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 tax changes in the new federal budget on March 22, 2016. These tax measures will impact you personally as well as your business and include, for example, cancellation of the previous government’s $2,000 Family Tax Cut income splitting credit, cancellation of Children’s Fitness and Arts Tax Credits, cancellation of Education […]

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Only 62 Days Left to Save


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 can show you how your personal customized tax strategy will save you money.

To get your free 2015 TAX RETURN ORGANIZER™ please contact us now.

TAX TIP        Disorganized bookkeeping of a taxpayer has resulted in Canada Revenue Agency adding additional unreported revenue/income of $88,039 in a recent Tax Court of Canada case Chaloux […]

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How to Save 2015 Taxes


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 your free, no-obligation, strictly confidential FinancialCHECKUP™ or call 905.709.4357.

TAX TIP       Canada Revenue Agency permits you to deduct costs incurred to hire a Child Care Worker as normal Child Care Expenses including fees paid to an immigration lawyer and to Service Canada, placement agency fees, advertising expenses and mandatory registration fees. […]

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Cash Savings Techniques


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 knowledge of Chartered Professional Accountant and 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 are here to help you weather all changes and to prosper. […]

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