On April 7, 2022, the Honourable Chrystia Freeland tabled her second budget as federal Minister of Finance and Deputy Prime Minister. While previous years’ tax-and-spend budgets have been peppered with some more constraint and long-term plans for containing Canada’s growing deficit, this year’s budget takes aim at several of the Liberal campaign promises and was […]
While we can all agree it’s great to pay less tax, it goes without saying that you need to make sure any methods of tax reduction you utilize follow the law. That’s why it’s important to know the difference between tax planning, avoidance and evasion when you’re looking for ways to keep your taxes down. […]
We’ve put together the below calendar to help you keep track of the 2022 tax deadlines and be prepared well in advance of any due dates. Included are all provincial, federal and US tax deadlines. For more information on federal and provincial COVID-19 economic relief programs, see Notes 2 and 3 below. Deadline Action January […]
Attention trustees, As we noted in previous posts, the CRA has been asking trustees to provide their details, as well as details on other trustees, the settlor, the protector (if any) and beneficiaries, starting with the 2021 T3 income tax return due March 31, 2022. As a trustee, obtaining the information the CRA is requesting […]
December 31 is fast approaching. If you haven’t already began to think about your tax planning strategies, there’s still time to take advantage of the opportunities before the year-end.
As 2021 comes to an end, below are a few reminders and things to note in your tax planning.
As we near the final months of the year, discussions of holiday gifts and parties for employees are often the main topics of the season. While an unwanted tax bill may not be in the minds of employers during the holiday, it’s important not to overlook the tax implications of these wonderful perks. Holiday Gifts […]
As an employee, you may be able to claim a deduction on your Canadian T1 personal income tax return for (1) home office expenses (work-space-in-the-home expenses) and (2) office supplies, and (cell) phone expenses you incur in doing your job. Employee Home Office Expenses You may be able to claim a deduction for home office expenses: […]
If you are buying Canadian real estate it is important to know whether the seller is a “resident” of Canada or not. If the seller is a non-resident of Canada, you may be required to make a withholding from the payment of the purchase price to the seller, and to remit the amount withheld to […]
There are three basic ways that an owner-manager can draw funds from their company: Payment of wages/salary, Payment of dividends, and Repayment of loans previously advanced to the company. However, many owner-managers have found that a fourth way to draw funds from their company is to simply borrow money from the company. This seems like […]