Archive for February, 2018

CPA Canada Federal Budget Commentary

Wednesday, February 28th, 2018

The Federal Government’s 2018 Budget touts Canada’s strong economic growth over the past two years, including real GDP growth of 3.2 per cent since the second quarter of 2016, an unemployment rate of 5.9 per cent, and significant improvements in average weekly earnings, consumer confidence, and household consumption. The Finance Minister expects similar growth in the near-term. In addition, federal revenues increased by more than 11 per cent in 2017, largely from personal and corporate income taxes.

Further details are summarized here Federal Budget Commentary

The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.

Posted: Wednesday, February 28th, 2018 | Categories: Businesses, Individuals.

Changes coming to the Voluntary Disclosure Program

Wednesday, February 21st, 2018

Although it’s doubtful that anyone does so with any great degree of enthusiasm, each spring millions of Canadians sit down to complete their annual tax return for the previous calendar year or, more often, they pay someone else to do it for them. Although the rate of compliance among Canadian taxpayers is very high — for the last filing season, just under 30 million individual income tax returns were filed with the Canada Revenue Agency (CRA) — there are, inevitably, those who do not.


Posted: Wednesday, February 21st, 2018 | Categories: Businesses, Individuals, Tax Alerts.

Tax Efficient Retirement Planning

Thursday, February 15th, 2018

Perhaps you have been diligently saving for your retirement in an RRSP. The benefit you receive now is a useful deduction from your income for tax purposes.  However, have you fully considered what happens from a tax perspective when you retire and start drawing from your retirement funds?  The tax effect of your retirement income should be a consideration so that you are not overpaying income taxes during your retirement years.  (more…)

Posted: Thursday, February 15th, 2018 | Categories: Commentary.

Pension income splitting — getting something for nothing (February 2018)

Wednesday, February 14th, 2018

Any taxpayer hearing of a tax planning opportunity that offered the possibility of saving hundreds or even thousands of dollars in tax while at the same time increasing his or her eligibility for government benefits, while requiring no advance planning, no expenditure of funds, and almost no expenditure of time could be forgiven for thinking that what was being proposed was an illegal tax scam. 


Posted: Wednesday, February 14th, 2018 | Categories: Tax Alerts.

RRSPs and TFSAs — making the annual choice

Wednesday, February 7th, 2018

If there is one invariable “rule” of financial and retirement planning of which most Canadians are aware, it is the unquestioned wisdom of making regular contributions to a registered retirement savings plan (RRSP). And it is true that for several decades the RRSP was only tax-sheltered savings and investment vehicle available to most individual Canadians.


Posted: Wednesday, February 7th, 2018 | Categories: Tax Alerts.

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