Life Can Be Taxing
Canada Pension Plan is changing!
Retirement is something we all look forward to, and planning for retirement is a critical step that should not be overlooked. For some of us the benefits we...
What's in the new budget?
On June 6, 2011, Finance Minister Jim Flaherty presented the 2011 Federal Budget. This budget was essentially the same budget that was presented in March but...
Tax credits for disabled persons
Living with a disability or caring for someone with a disability can create financial hardship for many Canadians. Fortunately there are various programs and...
Should you file a tax return?
The days are getting longer and the temperatures of late have become bearable. With spring upon us so too is the deadline for filing your personal tax return....
Motor vehicle or automobile?
Small business owners often ask whether it is better to purchase a vehicle personally or have their corporation purchase the vehicle. The answer depends on...
Tax time is coming
Another year has come and gone. The month of February is a time where many of us will begin to receive T4’s and other slips, reminding us that we will soon...
""Freezing"" shares can reduce taxes
A few months ago, I gave an example of how a prescribed rate loan could be used as a method to transfer income from Tom, a taxpayer subject to high rate tax, to...
Donate to charity or the taxman?
In 2008 Canadians gave over $8.1 billion to charities. We give to charity for many reasons including the desire to help our community and those in need. Giving...
Time to incorporate?
There are many reasons one might decide to incorporate an existing business. These reasons include both tax and non-tax reasons. The most common non-tax factor...
Not sleeping at night?
If you find yourself tossing and turning at night because of unreported income or unfiled tax returns you may be losing sleep needlessly. There are many reasons...
Deducting home expenses
The decision to use part of your home as a place of business is usually based on individual needs and preferences. The decision may be financial (to ease the...
Can a loan save you money?
Chartered Accountants employ any number of techniques to reduce the taxes their clients pay. One of these techniques involves moving income from a high income...
Tax free auto allowances
As an accountant working in public practice, I receive numerous questions about how tax will be applied in any number of situations. One of the more common...
Homeowners and landlords beware
Anyone who owns a house, or is a landlord, should be aware that the use of your home may create an unexpected income tax liability. Normally when you sell a...
Show me the money!
As a home owner the government of Canada may have a $1,350 cheque with your name on it. If you renovate your home before the end of this month, or did so in...