Ensure you’re in the clear: Tax court decision serves as warning to home buyers
If you are planning on buying property in Canada, be sure to research who you’re buying from, or you could be stuck with a costly tax bill. A recent court case in which property was bought from a non-resident (who claimed that he was a Canadian) left the purchaser with a $92,000 tax bill. This […]
Read MoreHow portfolio structure can save tax for clients with private corps
Private corps making less than $50,000 per year qualify for the small business tax break. Businesses with passive yearly income more than $50,000, cannot use the small business tax rate and all their business income is subject to the higher general income rate. Keep in mind that it is the taxable passive income that is […]
Read MoreFour reasons why business owners should consider life insurance
While life insurance may not be top-of-mind for your business, it can be the difference between going through a rough period or keeping your business afloat. Starting your own business or operating one of any size, is a big step, and one full of risk. Some of that risk can be mitigated by taking the […]
Read MoreVehicle allowances and deductions can put you on a collision course with the taxman
The CRA is taking a closer look at Canadian’s automobile deductions to determine if they met the conditions for eligibility. Two cases this summer focused on whether the car allowance being paid by an employer was a reasonable per-kilometre rate to cover the actual operating costs of the “work” portion of usage. In both cases, […]
Read MoreTaxation of Cryptocurrencies in Canada: What Business Leaders Need To Know
Cryptocurrencies, such as Bitcoin, are not viewed by many governments, including Canada, as actual currencies but as commodities. This means that transactions are viewed as “barter” and thus creates a taxable event. The IRS in America has won a landmark case against an agency that deals in investments of these currencies, forcing many of these […]
Read MoreAlberta is still deep in debt, but some say there’s nothing to worry about?
Alberta continues to lead the country when it comes to average consumer debt at $37,278 for non-mortgage debt, and Calgary is even worse at $38,438. Although this isn’t as bad as it may seem according to TransUnion Canada. The higher debt, isn’t necessarily because Albertans are big spenders, but rather, it may be due to […]
Read MorePersonal Investor: A hard lesson on student debt is spelled RESP
The cost of post-secondary education can be expensive, especially with the costs constantly rising. If you start saving early for your child’s education, there is an investment plan that will help towards the cost, called a Registered Education Savings Plan (RESP). An RESP is an 18 year investment that matches parent’s contributions with grant money. […]
Read MoreWhy Reviewing Your Tax Strategy Makes Financial Sense
Businesses are regularly rewarded for creating a well-thought out tax plan from the beginning. Business opportunities and rules change can require different strategies in order to minimize taxes at year-end. New entrepreneurs often make the mistake of not counting taxes as an expense. Instead of paying attention to what is inevitable (which is paying taxes), […]
Read MoreTips for creating a ‘smart-tax’ portfolio
When dealing with taxes, you need to make sure you are investing in the right way to avoid a heavy tax burden in the long run. In order to create a tax-smart portfolio, it’s important to know what your money manager is making you over what the market is providing (known as your alpha) so […]
Read MoreFederal Court refuses to authorize abusive “fishing expedition” by Canada Revenue Agency
A recent court case decided that there should be limits to the Canada Revenue Agency’s intrusiveness and powers. The CRA attempted to obtain information from a third-party. In this case, they wanted information from Hydro-Quebec about their business customers, and the company fought back. The court ruling agreed that the CRA shouldn’t be allowed to […]
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