Trudeau’s making it tougher on students
In the coming year, post-secondary students across Canada are at risk of increasing taxes due to proposed tax changes. The current education and textbook tax credits, which were put in place by the previous government, are being eliminated by the Trudeau government. These deductions allowed student incomes, earned while attending school or over the summer […]
Read MoreSmall Business Owners Not Letting The Feds Off The Hook Just Yet
After an unprecedented three-month backlash from the small business community, the government announced some small changes to the proposed tax measures. They have dropped the capital gains limits in business succession, increased the exempted annual passive income threshold to $50,000, and promised to reduce small business corporate tax rate to nine percent. They even stopped […]
Read MoreHow the federal tax-reform proposals miss their target
In principle, a government proposing tax changes to bring fairness and neutrality to our tax system is welcome. The present federal tax-reform proposals aim to target three key areas: (1) limit the spreading of income as capital-gains, (2) investment in passive assets using corporate after-tax earnings, and (3) corporate earnings paid out as capital gains […]
Read MoreSmall business still concerned in spite of tweaks to tax changes, Morneau hears
Small business is still very concerned in spite of tweaks to the tax changes. Many business lobby groups initially said that they welcomed Morneau’s changes to the proposals, but after they heard from people like business owners and tax experts, who said that the plan would end up hurting the economy, they changed their mind. […]
Read MoreReturn of Gifted Property: Charitable Organizations Beware!
In a March 31, 2017 Technical Interpretation, CRA commented on the tax consequences of a charity returning a donated property to the donor. This could occur, for example, when a donation was made specifically for a project that had been halted. Donor – Where the property is returned to the donor, the taxpayer is deemed […]
Read MorePersonal Investor: Riding the rally? Beware of the tax man – Article – BNN
IF you are a stock investor and have enjoyed gains this year, it might be worth your time to research how to protect those gains from the government tax man. There are differences in the way the government calculates investment gains and incomes, among other sources. It would be in your interest to look into […]
Read MoreOperating a Business in the U.S.? The IRS is Targeting Smaller Foreign Entities
The IRS has recently noted that they are rolling out campaigns to focus on entities below the “big fish” that have historically been targeted. Such campaigns include: Related party transaction campaign – a redefined focus on mid-market entities to determine compliance with U.S. transfer pricing requirements. Inbound distributor campaign – reviewing whether S. affiliates distributing […]
Read MoreThink you have until next year for new stress tests? Think again.
Canadians looking to buy a home before the new mortgage rules apply may need to act now before the January 1st, 2018 deadline. Stress test used to only apply to home buyers with less than a 20 percent down payment, but the rules governing mortgages have been tightened and now all borrowers will need to […]
Read MoreSurprise! 4 things you didn’t know were taxable | National Post
With tax season beginning in just a few months, there is little time to prevent an unexpected tax surprise. Often people forget or they may not be aware of four kinds of income that are taxable: forgiven debt, unemployment benefits, proceeds from fundraising and disability insurance benefits. Preparing to report these items now, and doing […]
Read MoreMeaningful Questions That Must Be Answered Before Tax Reform For Private Corporations Is Implemented
On July 18, 2017, the Department of Finance released tax proposals and draft legislation that obliterates the current system that has been used in Canada for decades. Rather than targeting the flaws, the government’s proposals amount to tax reform. By saying they are “closing loopholes” and ensuring payment of “fair share of tax,” it is […]
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