You can use your 2018 capital losses to reduce your current year’s income taxes by applying such losses against your 2018 capital gains. You must, however, be careful of the superficial loss rules preventing you from claiming a capital loss on an identical asset that you reacquired 30 days before or after the sale date.
If capital […]
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 […]
If a corporation (including a for profit or non-profit corporation) fails to deduct, withhold, remit or pay amounts held in trust for the Receiver General for Canada (CPP, EI and GST/HST), the directors of the corporation at the time may be held personally liable along with the corporation to pay the amount due. This amount […]
If you run your own business or you are self-employed, you may be tempted to report only part of your income to the tax authorities. Or you might consider suppressing information about your activities.
If you are audited by the Canada Revenue Agency (CRA) you should consider this. The CRA auditor has access to the Internet. […]
On January 1, 2017, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 1.4{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39}. The Canada Child Benefit and the goods and services tax credit will take effect July 1, 2017. For 2017 the federal tax bracket thresholds are:
15{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39} for taxable income […]
There are several areas that are included in estate planning. Here is a brief list of some of them:
You should have a will that includes your desires and tax considerations.
You should consider steps to minimize probate fees (or Estate Administration Tax) on your death, if applicable.
You should have enough insurance to meet […]
Every business owner should be concerned about creditor proofing his assets. Here are several suggestions to consider:
1. Transfer assets out of the company:
Place capital assets in a separate holding corporation so that subsequent legal claims that arise in the operating company do not affect these assets.
Lease the assets in the holding corporation back […]
Productivity is something that should be on every small business owner’s Profit & Loss statement. It can have one of the biggest impacts to your bottom line. Trying to run a small business and be productive can lead to long hours in which little work gets done. It is not usually laziness that is the […]
As a small business owner, you may find certain aspects of your job glamorous. A speaking engagement, recognition by an industry heavyweight, a television appearance, etc. It’s a pretty safe bet that “bookkeeping” will never make that list. While it’s not sexy, a commitment to bookkeeping and a reputable bookkeeping service is an essential component […]
On January 1, 2014, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 0.9{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39}. The Canada Child Tax Benefit and the goods and services tax credit will take effect July 1, 2014.
For 2014 the federal tax bracket thresholds are:
22{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39} for taxable income above […]
