“Soft” Loans For Your Children
Parents quite often make loans to their adult children to help them purchase a car, a home, or for other reasons. A loan is different from a gift. The parent can charge interest so that the loan will earn some investment income. The loan can be set up for blended payments Read More
Wills and The Executor
A will specifies your instructions as to how your assets will be distributed on your death. In the will, you name an executor to act as your personal representative and to deal with all the tax, investment, administrative, and other duties involved in distributing and overseeing your assets as per your instructions. Some people feel honored Read More
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
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
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
If you’ve struggled for years to manage your finances, a windfall can put you on a new track. Without proper financial management planning, you’ll end up back in the same rut. Don’t spend your new money as quickly as you get it; now’s the time to get smart. Use these money management tips to find Read More
In a recent Tax Alert titled “Abuse of Source Deductions and GST/HST Amounts Held in Trust” CRA warned that businesses must hold source deductions and GST/HST amounts in trust for the government. Penalties and interest and possibly personal liability for the directors will be the result if this is not done.
Federal legislation allows CRA to Read More
CRA recently noted that where a proprietor purchased a Disability Income Policy, the premium is a non-deductible personal expense. But the receipt of the disability benefits is tax-free.
If a corporation acquires a Policy for the employees, the premiums are generally deductible. If the employee receives the disability benefits they are included in the employee’s income. Read More
Dear Uncle Bean,
About two years ago, my husband of 28 years suddenly passed away. Since then, I’ve been having problems managing a lot of things that my husband used to do. Unfortunately, filing my taxes is one of those items.
What should I do?
Worried
Dear Worried:
We are sorry to hear about your loss. It is a very Read More
In a recent Technical Interpretation, CRA noted that an employer-provided meal allowance will not be taxable where the following conditions are met:
It must be a reasonable amount;
The allowance is received to cover expenses while travelling away from the metropolitan area or the municipality where the employer’s establishment is located, at which the employee Read More
