Legal Help Not Expensive?

You never know when you’ll need a lawyer for tax issues or otherwise.  But getting access to the right lawyer and for the right price is a common problem we all face.   Long gone are the days when we should rely on our parents’ real estate lawyer to fight the CRA.  We need […]

An Increased CRA Tax Attack

There are 2,400 tax auditors in the GTA. The tax collectors want your money.  So be prepared the tax man commeth and the tax man taketh… unless you are tax audit proof.
What that means as a small business is; if you do not want a CRA Audit to upset your life, cause you stress and […]

Tax Tips

MARRIAGE BREAKDOWN
LIVING SEPARATE AND APART
In the case of a marriage separation, you do not have to live in separate accommodations in order to apply for the GST credit. You just need to not be living as a couple. And you do need a written separation agreement.
EQUIVALENT-TO-SPOUSE CREDIT
You cannot claim for the equivalent to spouse credit […]

The ITA Income Tax Act

Frequently we are asked about what happens to tax owed when someone goes bankrupt. The following is copied in its entirety from the income tax act.
Dan White
Where individual bankrupt
(2) Where an individual has become a bankrupt, the following rules are applicable:
(a) the trustee in bankruptcy shall be deemed to be the agent of the bankrupt […]

CRA Chases Offshore Wealth

CRA’s focus on international taxation issues

The following article from KPMG, outlining how CRA is targeting international business. For those of you who believe you will pay fewer taxes here in Canada by structuring offshore, those days are over.
There are lots of reasons to be offshore. Saving taxes is not one of them. And […]

Can you trust a trust?

The future of Canada’s income trusts – conversion or sale?
Osler, Hoskin & Harcourt LLP
Chris Murray, Ward Sellers and Noralee Bradley
Canada
August 11 2008
At their peak, income trusts in Canada were valued at over $200 billion. Yet with the future loss of its special tax status, the already diminished trust sector will shrink to a bare […]

Business Architecture

The building of a business is like building a house. It requires planning and engineering. Just as you would not build a house without professional guidance, so too should you do the same when planning your business. It’s the least you can do on a decision that is probably far more financially important than building […]

Rant on Medical Expenses

Hi Dan,
What’s your tax advice on dental and health services? I need some dental work and it’ll cost about $2,000.00. How do I expend it?
E
Hi E
Nice to hear from you on this fine last day of spring day.
Your medical expenses are deductible. HOWEVER!
The interesting thing is that we all have standard medical expenses […]

RRSPs and Home Buyers Plan

How long do you have to leave money in an RRSP regarding a Home Buyers Plan?
There are some important rules to follow in order to make the RRSP contributions work for the Home Buyer’s Plan. First, the RRSP contributions have to be made at least 90 days before being withdrawn for the HBP. Repayments must […]

Business Income Splitting

When running your own business, there are a number of income splitting opportunities. Many of these options apply whether or not the business is incorporated. You can hire your family and pay them a salary.
If a corporation is a Small Business Company (SBC), your spouse and children can be shareholders and receive dividends, without concern […]