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 […]
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 […]
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{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62} of federal tax collected if the reassessments are in excess of $100,000. Penalties, interest and provincial taxes will be […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 you are considering starting a new business, there are a number of factors to figure in to the equation. Besides choosing a location, applying for proper permits, and obtaining required licensing, prospective new business owners need to analyze both short-term and long-term goals to determine what financial options will be best for the business. […]
