Author Archives: Jim Frederick

Analysis of Revised income Sprinkling Rules

On December 13, 2017 the government released the new proposed rules on income sprinkling to be effective January 1, 2018.  Please see the link below for more details. Taxpayers with corporations should seek professional advice before paying any dividends on or after January 1, 2018. Revised Income Splitting – December 13, 2017

Categories: Tax

Income Sprinkling, What’s the Fuss

I have prepared a summary outlining what income sprinkling is and how it impacts the taxation of individuals in Canada and in particular Ontario.  I am hopeful that this documents will be useful to you in understanding the issues and help separate fact from fiction that is currently being reported in the media. Income Sprinkling […]

Categories: Tax

MP Letter Regarding Changes to the Taxation of Private Corporations

We have been provided with the following letter template that may be of assistance to you if you are interested in providing your thoughts to your Member of Parliament regarding the proposed changes to the Income Tax Act released on July 18, 2017. 2017_Aug_Proposed_New_Tax-Rules_Letter_to_Member_of_Parliament The proposed changes will impact the ability to share income of a […]

Proposed Income Tax Measures Impacting Your Home

If you sell your home, there is new income tax reporting to consider. Under current income tax rules, when you sell your home for a profit there is no income tax and there is nothing reported in your income tax return for the year of sale assuming your home qualifies as a principal residence. Beginning […]

Categories: Tax

Open House In Memory of Don Lemon

Open House In Memory Of Don Lemon   CASO Station November 9, 2016     Don Lemon touched the lives of many in the community, and with his sudden passing in August, many of us did not have an opportunity to reflect on Don’s life, and share memories with others. The partners at Graham Scott […]

Update – Federal Budget 2016

The Federal Budget was presented March 22, 2016 by Finance Minister Bill Morneau. Many of the speculated and feared changes did not materialize.  In particular there was no change made to the capital gains inclusion rate from the current 50%, nor was the access to the small business deduction altered for Professional Corporations earning income […]

Categories: Tax

Permanent Life Insurance as an Investment

  Many clients are asking us about the merits of life insurance as an investment.  The following discussion presented by Garth Howes discusses the taxation of life insurance policies and how the policies are structured for tax purposes. Premiums paid are not tax deductible and death benefits received are not taxable. Each premium paid is used […]

Categories: Tax