Archive for October, 2017

Deciding when to start receiving Old Age Security benefits

Tuesday, October 31st, 2017

The baby boom generation, which is now in or near retirement, has always been able to factor receiving Old Age Security benefits, once they turn 65, into their retirement income plans. While receipt of such benefits can be still be assumed by the vast majority of Canadian retirees, the age at which such income will commence is no longer a fixed number. Rather, retirees are now faced with a choice about when they want those benefits to start. For the past four years, Canadians have had the option of deferring receipt of their Old Age Security benefits, for months or for years past the age of 65, and that election to defer continues to be available. The difficulty that can arise is how to determine, on an individual basis, whether it makes sense to defer receipt of OAS benefits and, if so, for how long. It’s a consequential choice and decision, since any election made to defer is irrevocable. (more…)

Posted: Tuesday, October 31st, 2017 | Categories: Individuals.

Legal fees — what’s deductible and when?

Wednesday, October 18th, 2017

For most Canadians, having to pay for legal services is an infrequent occurrence, and most Canadians would like to keep it that way. In many instances, the need to seek out and obtain legal services (and to pay for them) is associated with life’s more unwelcome occurrences and experiences — a divorce, a dispute over a family estate, or a job loss. About the only thing that mitigates the pain of paying legal fees (apart, hopefully, from a successful resolution of the problem that created the need for legal advice) would be being able to claim a tax credit or deduction for the fees paid. (more…)

Posted: Wednesday, October 18th, 2017 | Categories: Businesses.

The Liberal Private Corporation Tax Proposals: An Update

Monday, October 16th, 2017

Our previous article discussed the new tax proposals issued by Finance Minister Morneau on July 18, 2017. These tax proposals were hinted at during the Liberal party election platform as well as the 2017 Federal budget with the messages of tax fairness for the middle class and closing unfair tax loopholes often used by wealthy Canadians.  The tax proposals that were announced in respect of these main issues focused on three areas: income splitting using private corporations, passive investment income from holding investments in private corporations and the conversion of dividend income into capital gains to achieve a lower tax rate, known as capital gain stripping.  (more…)

Posted: Monday, October 16th, 2017 | Categories: Commentary.

Protecting your personal financial information – the Equifax cyberattack (October 2017)

Friday, October 6th, 2017

News about another successful cyberattack, on government or on a private company, in a single country or worldwide, is now almost routine. What such events usually have in common is a desire by the hackers who perpetrate the attacks to profit by it — either by demanding payment from the entity whose systems have been compromised, or by obtaining confidential personal information (especially identifying or financial information) about individuals, which the hackers can then use fraudulently or sell to others who wish to do so. (more…)

Posted: Friday, October 6th, 2017 | Categories: Uncategorized.

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