Overview On March 19th 2019, Finance Minister Bill Morneau delivered his 4th Federal Budget since the Trudeau Liberal Government took office in 2015. After significant corporate and personal tax changes made over the past three years, Budget 2019 was light on tax changes but big on spending. Budget 2019 projects a deficit of $14.9 […]
Five Reasons to Always File a Personal Tax Return
As a Canadian resident, you’re only required to file a personal tax return if: You owe taxes (i.e., before applying credits for source deductions and installments). You’ve earned taxable capital gain or disposes of capital property in the year. You have a balance in your Home Buyer’s Plan or Lifelong Learning Plan at the end […]
Resigning as a Company Director? Get it in Writing.
If you’re planning on resigning as a director of a company, a signed and dated letter attesting to your resignation is key. This is because of two obligations from the Income Tax Act and one from the Excise Tax Act that can become personal liabilities for up to TWO YEARS after you’ve resigned. These obligations […]
Manage Your Risks to Ensure Your Company’s Long-Term Success
The risks you’ll face as a business will change constantly based on the market (new competitor, new product), the organization (international expansion strategy, acquisition of another company, initial public offering), products (product obsolescence, major recall of a defective product), etc. As such, risk evaluation should be built into your structure, and ideally have a person […]
BC Employer Health Tax Summary
BC’s new Employer Health Tax (“Health Tax”) is in effect now – as of January 1, 2019 For 2019 – the BC government is collecting BOTH the new Health Tax and 50% of the MSP premiums (it collected 50% of the premiums for 2018). MSP is completely phased out at the end of 2019. […]
RESPs and TFSAs for US Citizens Living in Canada
Are TFSAs and RESPs US Tax Traps? The headlines tell us (Canadian residents over the age of 18) why we should contribute to a Tax Free Savings Account (TFSA) every year. They also tell us how to support a child’s future education by opening a Registered Education Savings Plan (RESP). As attractive as TFSAs and […]
