Articles: Archived News

Do you struggle every year to complete your income tax return?

Consider hiring a professional tax preparer to handle this unpleasant chore. That way, you leave most of the hassle to an expert who knows the ropes.

Income trust units have their place but make no mistake: when you buy one of these investments you’re not buying a Government of Canada bond.

The increase in the number and types income trusts has been spurred to a large extent by income-oriented investors seeking higher yields than those available through traditional income-generating investments like bonds, GICs and money market funds.

In addition, because income trusts benefit from tax efficiencies not available to conventionally structured companies, many corporations have been hurrying to convert themselves to income trust arrangements to attract investor financing.

Many milestones can mark aging, but one of the more important ones from a financial perspective is age 71. That is the birthday year you must unbundle your RRSP.

When it comes to off-farm income, CRA appears all too willing to view it as a reason to restrict farming losses. They seem to have a lack of understanding about how the business of farming really works.

It’s often forgotten that life insurance has tax shelter features in addition to its other benefits. Keep this in mind when talking tax and estate strategies with your financial advisors. Life insurance may play multiple roles in tax and estate planning, but its ultimate suitability for you depends on your unique situation. Important variables include … Read more

You want your children to have the best opportunities in life, and you recognize that higher education will provide them with many advantages. You also know that the costs of post-secondary education are climbing steadily each year, and it’s not always easy to put the necessary funds aside.

Effective January 1, 2012, Canada’s federal general corporate income tax rate fell from 16.5% to 15% under the five-year tax reduction plan the federal government announced in 2006. Most provincial governments also have been lowering corporate tax rates, though not quite as quickly as some had promised.

The goal here is to promote both investment and job creation in Canada.

You may recall some old new headlines – major GST scams skimming off millions of dollars with illegitimate Input Tax Credit filings. The embarrassment this has caused the government was certain to create some changes in the way CRA works. But, these changes weren’t necessarily aimed at the crooks.

Don’t pay too much tax. That optional inventory amount (OIA) carried forward from 2011 completely slipped your mind? Too bad…it’s going to cost you. And maybe you’ve made other errors too. Here’s a list of common farm tax filer blunders.

Tax return time is looming once again. We can’t suggest ways to avoid income taxes altogether, but we can help you hang on to as much of your hard-earned money as possible.