Canada: Ceasing To Be A Director – Directors’ Liability For Tax – Toronto Tax Lawyer Analysis
Under Canadian law, the directors of a corporation have a number of legal responsibilities and legal liabilities. One of them is how a corporation’s directors are held responsible for the payroll remittance and the withholding tax arrears according to the Canadian Income Tax Act. Through the Canadian Excise Tax Act, the corporation’s directors can be […]
Read MoreWhat to do if your taxes are under CRA review or audit
Tax time can bring stress and anxiety, but it doesn’t have to be something that leaves you cowering in fear of the dreaded tax audit. Canadian Revenue Agency conducts reviews of tax returns according to regulation, and just because an audit or tax review notice has been sent doesn’t necessarily mean trouble is looming for […]
Read MoreThe smart way to invest for your kids’ inheritance
Alex, a 65-year-old widow, asks what is the best way to give an inheritance to her kids. Her plan is to transfer money annually from a RRIF into an investment brokerage account shared with her kids. By not waiting to transfer her wealth, she hopes to avoid having her kids pay the 30-40% tax on […]
Read MoreMi casa, su casa: Home sharing and the taxman
Home sharing sites, like Airbnb, have become an increasingly popular way of making extra income on your home in this sharing economy. Money earned through renting out your home has not gone unnoticed by CRA, and taxes are owed on any revenue you receive on these short-term rentals. Depending on what services you provide with […]
Read MoreChinese classes, chess programs qualify for child-care deduction, judge rules, provided they really involve child care
Under Canadian tax regulations, certain child-care expenses are deductible from your tax return. While some are obvious, such as the cost of caregivers or schools, others might seem less obvious even though they’re every bit as valid as deductions. A recent case the Canadian Revenue Agency (CRA) brought before a judge has established this deduction […]
Read MoreDo You Believe In Magic | RIA
David Robertson asks us if we believe in Magic. What he really means is that stock prices do not always align with underlying fundamentals. This is the lesson of some of the great financial crashes. Despite all the evidence that the fundamentals do not justify the price, people continue to believe in what the price […]
Read MoreHow to manage your money like an NHL hockey player
Upcoming NHL players are showered with fame and fortune, often leading them to trust the wrong people with their money and declare bankruptcy at the end of their careers. NHL players need to carefully budget their money so that they can enjoy a comfortable retirement, something the average person should do as well. Tips include […]
Read MoreThe CRA is cracking down on aggressive manipulation of TFSAs and all other registered plans
Registered accounts, and particularly TFSAs, are being scrutinized by the CRA because of abuses in which taxpayers earned tax-free interest as well as tax-free withdrawals from these accounts. Anyone caught violating the recently published “advantage rules” for registered plans could be responsible for up to 100 percent tax penalty. The CRA provided examples of how […]
Read MoreTFSA vs RRSP: How to decide between the two accounts
Tax Free Savings Accounts and Registered Retirement Savings Plans can be complicated, and sometimes confusing when trying to decide which of the two might best suit your tax needs. RRSP contributions and their tax benefits depend on your earnings, and how much you invested into the RRSP, but generally speaking is more beneficial for people […]
Read MoreTop 5 habits successful family enterprises have in common
Family businesses are thriving because the people that run them care about the company and who they hand it down to. There are some things that some of the most successful family businesses have in common. They are good networkers and build a community of other good businesses to work with. They also face problems […]
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