How to calculate capital gains tax for an employee share purchase plan
Employee share purchase plans (ESPPs) are common, but they can be further complicated by cross-border issues. When buying company shares from a U.S. based company, you run into tax issues that are unique to U.S. companies. Often for ESPPs you are buying multiple shares over time, and you are subject to the U.S. exchange rate […]
Read More“Should I loan investments or money to my spouse?”
In order to save on taxes, a spouse can legally loan money to their spouse if he or she makes less money. This plan could backfire however if the money loaned is attributed back to the higher income spouse and taxed in their name. If you do a spousal loan, set up the loan in […]
Read MoreCanada Revenue Agency: 8.1 Million Canadians Are Making This TFSA Mistake
Most investors are warned not to over contribute to their TFSAs but there is another more common mistake many don’t know about. In fact more than 8 million Canadians owning these accounts don’t do it. If you aren’t investing the funds in your account, you won’t make money or benefit from the tax advantage these […]
Read More3 Mistakes to Avoid in Your TFSA
A large majority of Canadian investors contribute to TFSAs. Overall, these plans can be a great way to save for retirement, but some investors make costly mistakes when contributing to these accounts. For instance, exceeding your contribution limit will result in a penalty. Carefully track all transactions in your TFSA, including deposits and withdrawals, so […]
Read MoreGifting real estate to your adult children
Gifts have real, and often expensive, tax implications when it’s not just a little something that can fit under the tree at Christmas time. Substantial assets, such as houses for example, carry serious ramifications for both your taxes as well as the taxes of the recipient of the gift. If you’re intending to gift assets […]
Read MoreRising insolvency readings in Canada raise red flags — sort of – BNNBloomberg.ca
The number of insolvencies filed in the first September of 2019 has dramatically increased despite a healthy economy. With unemployment as well as interest rates dropping, there is some concern about the rise in numbers of Canadian households that are not able to pay off their debts. Experts however, have pointed out that this rise […]
Read MoreThree reasons why RRSPs still matter — and one of them you probably didn’t
For years, an RRSP was the only tax-assisted retirement savings plan. New plans, such as a TFSA, now appear more attractive, especially to younger employees. However, there are still some advantages of RRSPs. First, they are more effective for those in a higher tax bracket. And, RRSPs may also be better for young people based […]
Read MoreCRA: If You Make This TFSA Mistake, the IRS Will Tax You, Too!
If you have a TFSA and contribute dividend incomes to the account from any investments that originate in the U.S., be prepared to owe taxes to the IRS. The U.S., among other countries, are allowed to tax foreign dividends. US investors can expect to pay fifteen percent of their dividends to the IRS. Some account […]
Read MoreFederal poll finds few Canadians believe wealthy and corporations pay fair share of taxes
A recent poll in Canada revealed that a majority of those polled feel that the wealthy and large corporations should be taxed more to support the poor. Most individuals polled said that everyone should pay their fair share. They also agreed that tax evasion causes a worse situation for those who are in fact honest. […]
Read MoreThe challenge of estate planning with blended families
In estate planning, a question raised by many couples with a blended family, is what to do if one dies before the other and what each of their children (from previous marriages) can inherit. The goal is often how to ensure their wishes are followed if they die first, how to protect their beneficiaries, how […]
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