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.

The Canada Revenue Agency (CRA) may charge interest, as well as penalties, on overdue quarterly payments. The interest applied is compounded daily. A penalty also is charged if the installment interest reaches a certain level. If you can’t pay your installments on time, it might be advisable to borrow the funds. The loan rates available … Read more

While it may sound like a good idea, there are some serious tax consequences when the corporation assumes ownership of your principal or secondary residence, summer cottage or vacation condominium. The major difficulty arises if the business fails or is unable to pay its debts or taxes owing to the government. If this should happen, … Read more