These are extraordinary and unsettling times. COVID-19 is causing significant disruptions to our clients, our partners, and the many communities we serve. To help you, we have assembled selected resources to consult in assessing how to respond to this crisis. Please feel free to ask ...
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Last week, Prime Minister Trudeau introduced an $82-billion dollar stimulus package to help Canadians through the uncertainties of COVID-19. While grateful for the financial assistance, the many government announcements have also led to confusion among Canadian individuals and business owners ...
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In July of 2017, the Department of Finance sent the Canadian tax community and business owners into a turmoil when they announced radical changes to the taxation of businesses and owners while most people were away for vacation. One of the initiatives which survived in a modified form was the ...
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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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Howard Landau discusses how consumer credit debt can affect your life, debt solution options, and making the right decision when it comes to bankruptcy.
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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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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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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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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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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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