Articles: Archived News

Are you a pension plan candidate?

An individual pension plan (IPP) can help you shelter more income than an RRSP – but only if you earn more than $100,000 per year and as an owner/manager are prepared to commit your company to meeting all obligations associated with IPPs.

An unusual little blip in CRA’s method of processing tax filings can result in taxpayers being charged interest for late payment even if they filed and paid on time. This happens because CRA separates filing documents from any cheques written to cover taxes owed. If your cheque is overlooked, it could take some time before … Read more

Generally, the person making the gift or whose estate has bequeathed the inheritance of capital property is responsible for taxes, with some exceptions. CRA considers the giver to have sold the property at fair market value on the date of transfer making them liable to pay tax on any capital gains.

That wintertime convention in the sunny south – is it tax deductible? Get a handle on the tax rules before you hit the high spots. Are travel and other expenses paid by your corporation taxable benefits for you? If your spouse goes too, how are those expenses treated?

When it comes to provincial sales tax (PST), every Canadian businessperson who sells or leases taxable goods or provides taxable services is a poorly paid tax collector. That is, unless you live in Alberta where there is no PST. Provincial governments take your job as tax collector very seriously, and here’s why. There is a great deal of money in it.

Income All residents of Canada must report income they have received from anywhere in the world. This means that foreign income must be converted to Canadian dollars and recorded on your tax return. There are six basic income groups considered for tax purposes. They are: Employment Pension Reportable but non-taxable income (social assistance, workers’ compensation, … Read more

To run a successful family business and plan you need to understand family dynamics and the nurturing conditions that maintain healthy and strong family bonds.

When the Canada Revenue Agency (CRA) tells you they’re making changes to enable them to process your tax return more effectively and efficiently, it often means they have additional motives. So it is with the General Index of Financial Information or GIFI for short. Introduced in 2000, GIFI is an index of items generally found … Read more

Youngsters who earn casual income can benefit from filing tax returns. Although part-time summer income might not be enough to generate taxes, it qualifies as earned income for RRSP purposes. Reporting this income builds contribution catch-up room for when the individual works full-time.