The federal government allows spouses to split their pension income for tax purposes. This income-splitting opportunity creates some confusion about the ability of spouses to split other types of income.
Income splitting rules help retired couples in which one spouse has a distinctly higher pension income than the other.
Make sure that any shares you hold in a family farm corporation meet the criteria that will make them eligible for the lifetime capital gains exemption (LCGE) when you dispose of them.
Operating most farms is highly capital intensive.
If you are like many farmers, you are asset rich and cash poor. You pour all of your hard earned money back into the farm. You know how much blood, sweat and tears it takes every day to ensure your bottom line.
The government announced proposed changes to electronic filing requirements for GST/HST registrants starting July 1, 2010. As a result of the proposed changes, restrictions will be removed so that all registrants will be able to file electronically.
A tax professional can help you deal with Canada’s complex tax system. However, a tax professional will still rely on you to provide complete and accurate information regarding your income and expenses. Ensuring you keep good records throughout the year will help you feel at ease and also help your tax professional at tax time. … Read more
The Government of Canada also recognizes your 65th year. So, if you have not yet applied for your Canada Pension Benefits or Old Age Security Pension, you should do so as soon as possible since you are now eligible to receive both.
Canada’s Registered Disability Savings Plan helps create peace-of-mind for parents and grandparents of special needs children. You will want to ensure the future financial security of your child and the RDSP can help you save for his or her future care.
Farmers who want to retire outside the country have to follow certain rules, including severing most ties to Canada, before they can escape the reach of Canadian income taxes.