Tax Tips and Traps

Our 2021 Fourth Quarter newsletter can be viewed here and covers a number of important topics including:

• Enhancing the value of owner-managed business....starting the transition early
• Salaries to family members....Amounts paid must be traceable
• Providing suppies to your contractors....HST/HST issues
• Director liability....properly resigning
• Life insurance policies....using tracking shares
• Holding digital assets in RRSPs....pitalls and possibilities
• Withdrawing from family RESPs....flexible planning possibilities
• Workspace in home claims....CRA reviews
• This publication is a high-level summary of the most recent tax developments applicable to business owners, investors, and high net worth individuals.  Enjoy!

Our 2021 Third Quarter newsletter can be viewed here and covers a number of important topics including:

• CANADA EMERGENCY RENT SUBSIDY (CERS) …...……….…........ 1
  More Clarification
•  
  CRA COLLECTIONS ….…......…….. 2
  Potential Impact on Business
•  
  TRAVEL ALLOWANCES .................. 3
  Limited Distance Covered
•  
  COVID-19 MEDICAL EXPENSES ...... 3
  Tax Treatment
•  
  CANADA EMERGENCY
  RESPONSE BENEFIT (CERB) ……. 3
  Repayments
•  
  TFSA …………………….................... 4
  Excess Contributions
•  
  WILL AND BENEFICIARY DESIGNATIONS ………………….…... 4
  Are they current?
•  
  CRA OR SCAMMER ………..………... 5
  Who is it?
• This publication is a high-level summary of the most recent tax developments applicable to business owners, investors, and high net worth individuals.  Enjoy!

Our 2021 Second Quarter newsletter can be viewed here and covers a number of important topics including:

• IMMEDIATE CAPITAL ASSET WRITE-OFF..................... ..............................................Budget 2021
• CANADA RECOVERY HIRINGCANADA RECOVERY HIRING PROGRAM (CRHP) …New Hiring Subsidy
• EXTENDED WAGE AND RENT EXTENDED WAGE AND RENT SUBSIDIES .............Details Released
• BENEFICIAL OWNERSHIP OF BENEFICIAL OWNERSHIP OF CORPORATIONS ….More Information to Be Disclosed
• RENTAL PROPERTIES ……...…….. .............................................................................Major Repair Expenses
• COVID-19 BENEFITS FOR COVID-19 BENEFITS FOR INDIVIDUALS........................Period Extensions
• TAXPAYER RELIEF .……………..…..............................................................................Financial Hardship
• GUARANTEED INCOME SUPPLEMENT .…………......................................................More People Are Now Eligible

Our 2021 First Quarter newsletter can be viewed here and covers a number of important topics including:

• Canada Pension Plan........costs are increasing in 2021
• Canada Emergency Wage Subsidy (CEWS).......public listing of applicants
• Canada Emergency Rent Subsidy........more Covid-19 support
• Employees working from home during COVID-19.........personal tax deductions
• Canada Emergency Business Account.......Program expanded
• Online Activity......CRA focus on video game streamers and online influencers

Our December 2020 newsletter is available here and covers a number of important topics including:

• Canada Pension Plan, when to apply?
• Reasonable meal allowances
• Commingling business and personal expenses....the cost could be very high
• Unreported income...Statute barred periods
• Unremitted GST/HST or Source deductions....Directors can be personally liable
• U.S. Transition Tax.....IRS starting compliance work
• RRIF/RRSP on death...roll over to a child or grandchild's RDSP