Archive for the ‘Commentary’ Category

Owner/Managers: Are You Ready for the Tax Changes?

Wednesday, July 18th, 2018

Right around this time a year ago, we received the somewhat unexpected private company income tax proposals from our Federal Finance Department.  While they had hinted that these changes were coming, the form of these changes was a big surprise to many private company business owners and tax practitioners.  After significant public feed back was received, the new tax rules are now in place with the income splitting rules already in effect as of January 1, 2018.  The passive income rules will take effect for tax years that start after 2018.  The question is, now that we are at the midpoint of 2018 are you prepared for these changes? (more…)

Posted: Wednesday, July 18th, 2018 | Categories: Commentary.

Tax Planning – It Doesn’t Stop at 65: The RRSP/RRIF Withdrawal Trap for Seniors

Wednesday, May 16th, 2018

The minute you enter the workforce there is always someone out there, a friend, a loved one, a work colleague telling you that you have to plan for your retirement.  You don’t have a workplace pension to fall back on, so you contact your financial advisor and then your accountant and you do some tax planning so that you can maximize your funds available for retirement.

So, you work and work and work and contribute to your RRSP along the way in accordance with the plan your advisors have designed for you and finally that magic day comes – retirement and you say to yourself, now I can retire in peace and not have to worry about tax planning ever again.  (more…)

Posted: Wednesday, May 16th, 2018 | Categories: Commentary.

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.

CRA Online Access

Monday, January 15th, 2018

Did you know that the Canada Revenue Agency allows for online access to your personal or business accounts?  There is a wealth of information available on their site which is quite easy to access.  Personal information includes tracking refunds, viewing past returns, checking benefit payments and setting up direct deposits.  Business accounts are even more useful for business owners or employees who need access to information.  (more…)

Posted: Monday, January 15th, 2018 | Categories: Commentary.

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.

Taking Aim at Taxing Private Corporations

Saturday, July 15th, 2017

If you thought that this was going to be a quiet summer, time to enjoy vacations and not worry about the business for at least a couple of weeks, think again. Our Liberal government has given us an unwelcome surprise as proposed tax changes which target private Canadian corporations and the so‑called ‘wealthy’ Canadians.  There were hints in the 2017 Federal Budget back in the spring that something was coming our way, so now we know.  It is a hard-hitting set of tax provision changes that are meant to target those who are apparently not paying their fair share of taxes.  (more…)

Posted: Saturday, July 15th, 2017 | Categories: Commentary.

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