Tax Tips

Small business tax rate reductions

Posted on October 19, 2017 by

In it’s promise to support middle class tax payers, Prime Minister Justin Trudeau, Finance Minister Bill Morneau and Small Business and Tourism Minister Bardish Chagger announced October 16, 2017 that the federal component of the corporate small business tax rate … Continue reading →

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Family Tax Cut

Posted on March 5, 2015 by

Available to claim on your 2014 tax return, the Family Tax Cut will provide up to $2,000 in tax relief for couples with children under the age of 18. This initiative allows a higher income spouse to effectively transfer up … Continue reading →

Posted in 2014 Canadian Tax Tips | Leave a comment

Corporate Owned Life Insurance

Posted on February 2, 2013 by

A corporation may own life insurance to: -fund a buy/sell agreement -as collateral for a loan -to cover the loss of a key employee -paying tax at death -to cover losses incurred as a result of a key employee or … Continue reading →

Posted in 2013 Canadian Tax Tips, BLOG, Financial Planning, Tax - Corporate | Leave a comment

2012 Family Caregiver Amount

Posted on January 22, 2013 by

New for 2012 Canada Revenue Agency has announce the Family Caregiver Amount. It is a 15 per cent non-refundable tax credit on an amount of $2,000 that provides tax relief to caregivers of infirm dependant relatives. This includes, for the … Continue reading →

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April 1, 2013 Reinstatement of BC PST

Posted on January 22, 2013 by

The British Columbia provincial sales tax (PST) is returning on April 1, 2013. Remember to apply for a new PST number even if you were registered prior to BC HST. Most of the old regulations apply. Go to gov.bc.ca/etaxbc/register online. … Continue reading →

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Shared Custody – Eligible Dependent, Child Amount and Childcare Expenses

Posted on September 19, 2011 by

In shared custody situations each parent can claim one eligible dependent amount and one child amount non-refundable tax credit.   Therefore one child each year per parent.  If they can’t agree who takes which child then nobody gets the deductions.  The … Continue reading →

Posted in 2010 Canadian Tax Tips, 2011 Canadian Tax Tips, Tax - Canadian, Tax Tips | Leave a comment

Apprentice Tax Tips – Employers and Employees

Posted on September 19, 2011 by

Apprentice Tax Tips for Employers and Employees Continue reading →

Posted in 2011 Canadian Tax Tips, BLOG, Tax - Canadian, Tax - Corporate, Tax - Personal, Tax Tips | Leave a comment

Life changes that can affect your 2010 taxes

Posted on January 18, 2011 by

Selling the family home? Give thought to how to deal with the proceeds of the sale of a personal residence to go into a rental or care facility situation. 1) Consider the implications of additional investment income – loss of … Continue reading →

Posted in 2010 Canadian Tax Tips | Leave a comment

Investment income tips for 2010

Posted on January 18, 2011 by

Capital gains and dividend income are treated differently than other types. 2010 MARGINAL TAX RATES (for various types of investments) Non- Other      Capital    Eligible    Eligible Income   Gains      Dividends Dividends 20.06%   10.03%   -12.59%  4.16%     first $35,859.00 22.70%   11.35%   -8.79%  7.46%     $35,859.00 … Continue reading →

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Making the most of retirement income for 2010

Posted on January 18, 2011 by

Work Pensions Choosing the right option – The choice between whether your spouse will receive any or a certain percent of your pension benefits needs careful consideration.  Basically it is a life insurance decision and it might make more sense … Continue reading →

Posted in 2010 Canadian Tax Tips | Leave a comment