If You Sold Or Used Bitcoin Last Year, You Owe Money To CRA
Bitcoin buyers beware. While owning cryptocurrencies like Bitcoin is not a taxable act, using the digital currency to purchase goods and services may be. While not considered legal tender per se, Bitcoin once exchanged for another item, via a sales transaction, is viewed as a commodity. If you were fortunate enough to acquire the digital […]
Read MoreWhen two people are on the title to a condo, who pays capital gains?
When Kurt purchased a condo, his father co-signed for the mortgage. Now that he wants to sell the condo and his dad is on the title, he wants to know who will be subject to the capital gains tax? The answer is that regardless of who is the named owner of a piece of property, […]
Read MoreTempted to cheat on your taxes and play the ‘audit lottery’? These two cases should dissuade you
It may be tempting to cheat on your taxes, but it’s not a good idea. While the Canadian and U.S. tax systems are largely based on self-reporting, risking an audit by burying questionable expenses or under-reporting income can land you in hot water. For example, a businessman from Calgary paid his wife $12,000 for administrative […]
Read MoreNew business taxes creating ‘a whole new group of losers’
One pain point for business are the changes to passive income rules. Some businesses are hit hard by the changes, because they have a huge income, or they were saving up to cope with certain business conditions. Now, they are paying more taxes, because their income is over the new threshold. For instance, some business’s […]
Read MoreThe five biggest RRSP myths that Canadians can’t stop repeating
Don’t fall for these RRSP myths. “There’s no point investing in an RRSP — you pay all the savings back in taxes when you retire anyway.” Remember you receive a tax deduction when you contribute, and if your tax rate is lower in the year you withdraw, then you pay less tax on it. Plus, […]
Read MoreWhat You Need For a Business Loan in Alberta
Before you can get a cheque cut from a bank or other financial institution for your business, the lending institution is going to want some information. Often businesses assume that all they need is to fill-out a simple loan application and can find themselves caught off guard by what is required. While every financial institution […]
Read MoreHow companies use giving to create social and business benefits
Recent surveys reveal companies hoping to keep their younger employees engaged with the business should look to charitable concerns for that motivation. Over three quarters of millennial workers look at the company’s charity activity in social and environmental areas before selecting a workplace, and two thirds of them will decline employment with companies that lack […]
Read MoreShould Pete sell mutual fund to pay down the mortgage?
Pete has a low fixed-rate mortgage, and although he pays the required bi-weekly payments, he is able to pay an annual lump sum with no fees attached. He can get the money by selling his mutual fund, but he is questioning if this is a good idea. After evaluating the positives and negatives, the answer […]
Read More5 Changes You Need To Know Before Filing Your Income Tax
The laws that govern how taxes are calculated have changed again, and taxpayers should be aware of the new details before filing their 2017 returns. Among the changes are the elimination of the National Transit Tax Credit, a reduced small business tax to 10 percent, and the Military Tax Credit to exempt military salaries from […]
Read MoreShould I contribute to an RRSP even though I’m retired?
Bruce has $15,000 in unused RRSP contribution room and wonders if it makes sense to top up his RRSP. Making an RRSP contribution is a useful way for Canadians to defer taxes and reduce their income to get into a lower bracket. It is also an excellent way of saving for retirement. Up to 18% […]
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