2018 Federal Budget Insights

2018 Federal Budget Insights

The Federal Government’s 2018 Budget touts Canada’s strong economic growth over the past two years, including real GDP growth of 3.2 per cent since the second quarter of 2016, an unemployment rate of 5.9 per cent, and significant improvements in average weekly earnings, consumer confidence, and household consumption.

Empty Homes Tax 2018

Empty Homes Tax – Are you prepared?

If you are a City of Vancouver residential property owner you should have recently received notification that you have to make a 2017 Property Status Declaration.  The City of Vancouver has extended the deadline to March 5, 2018. The purpose of this declaration is to determine if you are subject to Vancouver’s new Vacancy Tax […]

US Tax Reform Summary

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (HR 1).  This legislation, which was passed through Congress strictly on party lines, has made a significant number of changes and modifications to existing US tax law.   Although the new tax law is getting an enormous amount of press coverage […]

Income Sprinkling Rules Simplified

On December 13, 2017, the Department of Finance released further clarification on the previously proposed tax on split income (“TOSI”) or income sprinkling rules.  The government has simplified the rules, excluding family members who make “meaningful contributions” to the business. Additionally, family members excluded from the new rules include: A business owner’s spouse, provided the […]

Charitable Donations – Giving and Tax Savings

The season of giving has arrived!  You may be thinking of making some final charitable donations for 2017.  Many are inspired to give back to the community by donating to charitable organizations.  As you embrace the giving spirit by making donations, keep in mind the tax benefits available to you. Eligible Donations Donations are eligible […]

Tax Planning Changes for Private Corporations – Where Do We Stand And What Should We Do?

Over the past few months the Federal Government has refined its previous July 18, 2017 proposal with more announcements expected in the near future.  Pressured by a large public outcry, Finance Minister Bill Morneau has revisited the means by which his agency will address strategies used by high-income individuals through private corporations to gain “tax […]

how will the IRS catch me

How Will the IRS Catch Me?

How will the IRS catch me? Sticking your head in the sand and wishing your troubles away is never a sound tax strategy.  You may be surprised, though, as to how many US persons (i.e. US citizens, green card holders or resident aliens) continue to follow this path even after years of media attention on […]