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Tax Tips & Traps 2nd Quarter 2018 – Issue 122

Highlights: Tax Ticklers Digital Currency: Basics and Tax Implications Family Members: Can I Pay Them a Salary? Corporate Passive Investment Income: Proposed Changes Reasonable Automobile Allowances: GST/HST Claim Construction Activities: Reporting Obligations for Subcontractors U.S. Citizens: Risks of Tax Non-Compliance CRA Mobile Phone Apps: Individuals and Businesses Tax Tips and Traps 2nd Quarter, Issue 122

Categories: Tax

15 Tax Deductions You May Have Overlooked

MSN has created a handy list of tax deductions that taxpayers may overlook. https://www.msn.com/en-ca/money/topstories/15-tax-deductions-you-may-have-overlooked/ss-BBJQ2m4?ocid=spartandhp&fullscreen=true#image=1

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Federal Budget 2018

On February 27, 2018 the Minister of Finance presented the budget for 2018.  The budget contains the awaited rules designed to restrict the ability of corporations to accumulate passive investment assets.  Further details can be found in the following document: Federal Budget 2018 – February 27, 2018

Tax Tips & Traps 1st Quarter 2018 – Issue 121

HIGHLIGHTS: Tax Ticklers Income Sprinkling: Where Are We Now? Input Tax Credits: Checking Up On Suppliers Marijuana: A Growing Industry Loans To A Relative’s Business: What Happens When It Goes Bad? Business Failure: Personal Liability for Corporate Tax Debt Commission Paid To A Corporation: Any Issues? Tax Tips & Traps 1st Quarter 2018 – Issue […]

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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

Tax Tips & Traps Fourth Quarter 2017 – Issue 120

Highlights: Tax Ticklers Business Loss or Personal Venture: Can I Deduct Losses Against Other Income? Guaranteed Income Supplement: Change in an Individual’s Circumstance Charity Filing and Compliance Obligations: The CRA Has Checklists to Help Dying Without A Will: Who Can Manage the Deceased’s Tax Affairs? Operating A Business In The U.S.: The IRS is Targeting […]

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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