Canada Child Benefit Basics

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Big changes are underway for those who take advantage of the Canada Child Tax benefit.  As of July 1, the Canada Child Tax Benefit is now the Canada Child Benefit, which includes payments previously made under the Canada Child Tax Benefit and the Universal Child Care Benefit. The Canada Child ...

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Need Help with a Business Dispute? Introducing Springbok ADR Services

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Don’t let a dispute go all the way to the courtroom. A qualified ADR (Alternative Dispute Resolution) professional  can help find a solution (and save significant legal fees) for everything from debtor/creditor issues to shareholder/partner disputes and estate issues. Whether it’s ...

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RRSP Considerations for Seniors

Seniors Consult Tax Accountant

Made Money When You Were 71? Over Contribute To Your RSP And Minimize Your Penalty According to Burlington-based Accountant Colin Gray, one area that has recently been getting some attention is RRSP contributions for people reaching the age of 71, when they need to transition to a Registered ...

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Monthly Tax Information

tax tips

Penalties – Given the mindset of CRA and the time of year, a quick review Failure to file an Information Return – $ 25/day, minimum $ 100 and maximum $ 2,500.  Historically, I had not seen this for late filed returns. However, I think it is becoming common practice – especially on ...

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Small Business Deduction Multiplier

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A common tax planning objective is to multiply the Small Business Deduction (“SBD”) in a family held business group. Since the SBD allows the first $500,000 of active business income to benefit from a preferred tax rate of 15.5%, multiple SBD’s can result is a significant income tax saving! CRA ...

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FDSC is a Temporary Credit

sloan group tax tips - taxes

Starting in the 2013 taxation year, CRA introduced a temporary non-refundable FDSC to supplement the regular charitable donation tax credit (“CDTC”) for individuals. The new credit effectively adds 25% to the rates used in the calculation of the CDTC for up to $1,000 of monetary donations. As a ...

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BUSINESS MATTERS December 2013

December 2013 Newletter

Business Matters v.27.6 – December 2013 → Management – Age and the Workplace Technology – Password Security 2.0: Beyond the Password Moneysaver – Dad…Mom…I Need Your Help Taxation – A Lesson in Record Keeping

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What Is The Process For Claiming SR&ED?

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The SR&ED program is administered by the Canada Revenue Agency (CRA).  This is important because SR&ED is earned as a matter of right (more of this in a later blog) as opposed to being subject to departmental budgets or the technology “flavor of the month”.  The claimant picks the ...

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LLC spells trouble for Canadians who own U.S. property

Sloan -- LLC Spells Trouble for Canadians

David A. Altro / October 16, 2013 Using a limited liability company (LLC) is a great option for Americans who own U.S. property. Here’s why. 1. Tax savings In the U.S., tax rates are lower for individuals than corporations. Although it seems better to hold property personally so the investor ...

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