Beware the rules that apply to incorporated employees – The Globe and Mail
Incorporated employees are those who may “reasonably be regarded as an officer or employee of the hirer, but for the existence of the corporation,” and they (or a related person) owns 10 per cent or more of the company providing the services. They used to be able to get away with not paying personal taxes because the […]
Read MorePotential for massive IRS tax penalties still hangs over U.S. citizens living in Canada
Most people are unaware that the U.S. is the only country that imposes citizenship-based taxation on it’s citizens no matter where they live or where they earned the money. That means that U.S. citizens living in Canada pay taxes to both Canada and the U.S. They are required to disclose all financial accounts in foreign […]
Read MoreOut from behind the eight ball: Top tips on how to save your small business its much-needed money
Small businesses can keep more of their money by taking advantage of a number of ways to save. For instance, try co-sponsoring an event with a complementary business in order to share the expenses as well as the networking benefits. Join a professional organization that offers discounts and other beneficial perks that will help you […]
Read MoreThese are the tax changes you need to know about for 2020
With a new year comes new changes to the tax laws. There will still be five federal income tax brackets and each will adjust for a 1.9 percent inflation rate. The Basic Personal Amount, money the government allows to not be taxed to allow for basic needs, will be increased more than expected. This allotment […]
Read MoreTackling debt Canadians’ top resolution for 2020: CIBC poll – BNNBloomberg.ca
For the 10th consecutive year, Canadians have voted getting out of debt as their top financial priority. A CIBC survey showed paying bills (18 percent) and growing wealth (13 percent) to be the next highest goals, with retirement savings being low on the list. More than a quarter of Canadians borrowed money in 2019, and […]
Read MorePersonal Investor: Sometimes a TFSA is better than an RRSP
With the March first deadline, many are ready to contribute to their RRSP accounts, but you might want to put your money elsewhere. While RRSP investments grow and can be bought and sold with no tax consequences, they are taxed at withdrawal. TFSA has the benefit of growing tax-free and funds not being taxed at […]
Read MoreCRA found more than $1B auditing smaller businesses last year
Audits of small and medium sized businesses for the 2018-2019 fiscal year has yielded over a billion dollars owed to the CRA, with an average of 137,000 per small business owed and 338,000 per medium business. The amount owed included back taxes, penalties and interest. The CRA is more diligent in identifying businesses requiring an […]
Read MorePaying RRSP, TFSA investment fees from outside the accounts not an advantage, Finance says
There has been some confusion over the tax implications of paying RRSP and TFSA account management fees from outside those accounts. The confusion began when the CRA told attendees at the November 2016 Canadian Tax Foundation Conference that starting Jan. 1, 2018, paying registered plan fees from non-registered, or open, accounts would incur a tax penalty equivalent […]
Read MoreWhat are the tax implications of donating land?
If you are a Canadian landowner with a commitment to the land, you may be considering making a private land gift to preserve Canada’s ecological diversity. Before you call a charity, check out these how-to tips on different ways to make land donations or to arrange for conservation agreements on land you may want to preserve […]
Read MoreIf you’re thinking of putting assets into joint ownership with your children, read this first
There are some things you should be aware of before you set up joint accounts with your adult children to protect your assets from being subject to probate fees upon your death. Firstly, understand that probate fees or taxes are different in every province and territory. In Alberta, there is a flat probate fee, which […]
Read MoreTax Tables
Ask Our Experts
Quadrant is dedicated to your financial success. Get expert advice and insights to grow your business and plan for your future.