Are there TFSA penalties for holding foreign investments?
Canada’s Tax-Free Savings Account (TFSA), as the name implies, offers tax-free contributions, interest, dividends, and capital gains. It can be withdrawn tax free. But what if it contains foreign investments? Would these be taxed? The answer is that it depends. The TFSA guide list “permitted investments.” Any security not on the list is not qualified. […]
Read MoreThe CRA is tracking alcohol sales to nail tax dodging bars and restaurants
Establishments that serve alcohol are receiving additional attention from the Canadian Revenue Agency. The tax agency feels the rate of tax fraud in restaurants and bars that serve drinks is on the rise. As many such businesses operate heavily with cash, it can be tempting for owners and managers to assume these non-electronic payment methods […]
Read MoreCanada Revenue Agency still subjecting taxpayers to ‘humiliating, frustrating’ benefit review …
Benefit reviews have become an almost nightmarish process for some Canadians. The stories have hit the media, and raise considerable attention to the problem. As a result, the Canadian Revenue Agency has changed its process for how it selects review subjects and proceeds with the review of benefits someone might be receiving. Some tax professionals […]
Read MoreThree ways to leave a legacy through charitable giving
Philanthropy is spotlighted during ‘Leave a Legacy Month,’ in Canada. To that end, The Financial Post has a few useful suggestions to make giving a part of one’s financial routine. For the short term, cash is one way to make an impact. There are easy and efficient ways to do this regularly, for instance, by […]
Read MoreSell your losers, avoid dividends and more tips to minimize your investing tax bill
Investing can be a tricky process. Knowing what to invest in, and when, and how much, can be difficult. So too can be the decision of when to leave an investment, or to stay in. But regardless of your investing acumen, minimizing your tax liabilities on investment income is key to maximizing your financial return. […]
Read MoreIs it time to diversify? Three tips to future-proof your business
Nothing’s ever certain in business; even the most robust and profitable business today could find themselves being forgotten tomorrow. One way to protect your business is to be strategic about how you diversify your business. Spread your risk by not focusing on only one product, industry or service. Researching opportunities for new locations and complementary […]
Read MoreTrudeau Quietly Approves $10.5 Billion Corporate Tax Cut To Compete With Trump
In their recent fiscal update, the Liberals introduced new corporate tax breaks to help stimulate investment in Canada. The move was largely seen as a response to U.S. tax breaks given to U.S. businesses by the Trump administration. Instead of focusing only on Alberta’s struggling energy sector, the Liberals decided to help improve the competitiveness […]
Read MoreForecasting which tax breaks may be axed
There’s plenty of speculation around what tax breaks will be eliminated by Canada’s federal government. Two popular tax breaks, which are viewed by many as sacred cows and could spell political disaster if they were altered, are: the tax-free sale of a primary residence and the tax free transfer of wealth upon death. This leaves […]
Read MoreOttawa’s tax hike on the one per cent ended up lowering government revenues
Tax codes and how to balance them to ensure all citizens are taxed fairly to support their government’s revenue are a complex subject. On its face, the subject can be boiled down to increasing how much revenue comes in from taxes, or decreasing what amount of revenue the government spends on any of its efforts. […]
Read MoreGICs have a hidden commission
Never assume that an investment comes without fees. GIC commissions are often hidden, and many investors do not even realize they are paying them. If you use a broker, a commission is paid to the broker and is included in the cost of your GIC. These upfront commissions are paid because the broker does not […]
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