Business Loss – Tax Questions

Dear Uncle Bean:

For many, many years, my husband and I owned a small candle store in down town Calgary.  We used a corporation for the business.  Due to the economic downturn, we ended up having to close the shop when the lease ran out.  To be honest, we are happier now without the burden of Read More

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By |October 17th, 2018|Uncle Bean Tax Corner|

5 Reasons Why Your Retirement Plan Will Fail

No matter how much you love your work, the fact is that one day, you will retire. Whatever the reason, you will eventually choose to hang up the work gloves and start devoting your hours enjoying the fruits of your labor. However, chances are that your retirement plan won’t actually work out. Here are 5 Read More

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By |October 15th, 2018|Tax Tips|

Lifetime Capital Gains Exemption (LCGE)

On January 1st, 2018, the LCGE increased to $848,252 of capital gains realized by an individual on qualified small business corporation shares. The LCGE has been indexed to inflation for the years following 2014. The new limits apply to any taxpayer who has claimed the LCGE previously.

For dispositions of qualified farm or fishing property, the Read More

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By |October 3rd, 2018|SmallBiz Builder|

Offshore Tax Informant Program

To combat unreported foreign income, the Federal Government introduced the concept that Canada Revenue Agency (CRA) will pay financial rewards to individuals who provide information on major international tax evasion. CRA could pay up to 15% of federal tax collected if the reassessments are in excess of $100,000. Penalties, interest and provincial taxes will be Read More

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By |October 3rd, 2018|Tax Tips|

CRA Verifying Motor Vehicle Purchases

There is a recent CRA audit project targeting corporations who made motor vehicle purchases. The CRA is requesting documentation such as purchase invoices, and the percentages of business and personal use of the vehicles. There are many different angles the CRA can be using this information. First, they are verifying that the vehicle has been Read More

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By |October 2nd, 2018|Small Business Tips|