Blog | 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 […]

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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 […]

Tax Tips & Traps Third Quarter – Issue 119

Highlights: Tax Ticklers Tax For Private Corporations:  Major Changes Proposed Employee Discounts On Merchandise:  Change in CRA Policy Death Benefits:  Tax-Free Employment Benefit Retirement Income Calculator:  Ensure you are Financially Ready Return of a Gifted Property:  Charitable Organizations Beware Voluntary Disclosure Program:  Proposed Tightening Withholdings On Remuneration To Non-Resident:  Get your CRA Filings Correct Professional’s Work […]

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Tax Tips & Traps Second Quarter – Issue 118

Highlights: Tax Ticklers Employment Insurance: Some Improvements Sharing Economy: Know Your Tax Obligations Uber Drivers: Registration for GST/HST Personal Use Asset in a Corporation: GST/HST and Other Tax Issues Donation of Publicly Traded Securities: Increase the Value of Charitable Giving Investment Management Fees for RRSPs, RRIFs, and TFSAs: Are Changes Coming? Website History: Finding What […]

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Federal Budget Commentary 2017

Tax Highlights of the 2017 Federal Budget Commentary Include: A.  Personal Income Tax B.  Business Income Tax C.  International Tax D.  Sales and Excise Tax E.  Other Measures F.  Previously Announced Measures Read the full article below. The 2017 Federal Budget Commentary    

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Tax, Tips & Traps First Quarter – Issue 117 & Personal Income Tax Return Checklist

Highlights: Tax Ticklers Principal Residence Exemption (PRE):  Changes to Reporting Employment Expenses:  Requirements for Deduction Meal Reimbursements:  A Taxable Benefit? Taxpayer Relief:  Financial Hardship Payroll Advances:  Tax Consequence Objections:  Not so Fast CRA Strategies on Offshore Tax Evasion:  The World is Shrinking   Tax, Tips & Traps – Issue 117 2016PersonalIncomeTaxReturnChecklist  

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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