Tax Tips and Traps

Our 2022 First Quarter newsletter can be viewed here and covers a number of important topics including:

• Buying and selling a home: Budget 2022 proposals
• Princpal residence exemption: CRA project
• CERB/CRB eligibility verification
• Estimates sales by CRA: Audit file selection and assessment
• Auditing old tax returns: CRA abilities and limitations
• Money received from abroad: CRA reviews
• Digital adoption program: grants, loans and professional assistance

Our Federal Budget 2022 commentary can be viewed here and covers in detail the 2022 Federal Budget and how it will affect you.

Our 2022 First Quarter newsletter can be viewed here and covers a number of important topics including:

• Small Business Air Quality Improvement Tax Credit: Could Your Business Benefit?
• COVID-19 Business Supports: Targeted Measures
• Falsified Employment Records: The Penalties Can be Large
• Corporate Advertising and Promotion Expenses: CRA Increasing Reviews
• Teachers and Early Childhood Educators:T Expanded Access to Tax Credit
• Canada Worker Lockdown Benefit (CWLB): Modified Support for Individuals
• Old Age Security (OAS): Clawback Planning 
• 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 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....pitfalls 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!