As Mark Twain pointed out, the only two certainties in life are death and taxes. And even in death you can’t escape taxation. In this article we’ll look at some of the tax issues that will arise after your death. Final Tax Return Your final tax return will include all income received in […]
2019 Federal Budget Highlights
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 […]
2018 Tax Preparation Checklist
We’re pleased to release the DMCL Personal Tax Return (T1) Checklist for 2018 >>
Buyers and Sellers Beware: Tax Rules for the Sale of U.S. Real Property
Are you a resident of Canada thinking about selling your U.S. real property? Whether you hold the property for investment, rent it out, or use it as an escape from Canadian winters, you should be aware of the rules outlined in the Foreign Investment in Real Property Tax Act (FIRPTA). Sellers If you are a […]
Buyers and Sellers Beware: Tax Rules for the Sale of Canadian Real Property
Are you a non-resident of Canada thinking about selling real property located in Canada? Whether you hold the property for investment, rent it out, or use it as a vacation home, you should be aware of the Canadian tax rules that will apply when you sell the property. Sellers If you are a non-resident of […]
