What the CRA Said
Lower-income renters in Canada can now apply for a one-time $500 top-up to the Canada Housing Benefit Canadians must meet all the following conditions to be eligible for the new benefit: have filed a 2021 tax return; be at least…
Global Minimum Tax Set at 15% Targets Digital Companies
International tax reorganization will now need to contend with a global minimum tax rate. Globalization and digitalization have facilitated legal tax avoidance by allowing multi-national enterprises (MNE) to shift profits to low or no tax jurisdictions. This has impacted domestic…
Underused Housing Tax
It is anticipated that many corporations, partnerships, trustees, and individuals are going to be caught off guard and subject to large penalties, simply for failing to file an annual return stating they own residential property in Canada. The Underused Housing…
Powers of Attorney for Property
With an aging population, more and more Canadians are finding themselves in need of assistance in managing their financial affairs. A power of attorney for property allows a person of your choosing to exercise financial decision making when you are…
Retirement Income Planning
A transition into retirement should be accompanied by an income plan for this phase of life. A good understanding of taxes in retirement will facilitate tax saving strategies. A retirement income plan should be planned to pay less tax, maximize…
Strategizing Your Savings: RRSP vs. TFSA and Introducing FHSA
As experienced tax accountants, we often advise clients on optimizing their savings strategies. The choice between a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA) largely depends on your current and anticipated future income levels. Additionally, for…
Insurance Strategy for Retirement Income for Business Owners
Retirement savings strategies for small business owners need to evolve with the changing tax landscape. The 2018 federal budget may have significant impacts on the corporate tax rate charged to businesses with a new claw back rule on the small…
When to Invest in RRSPs Verses when to Invest in TFSAs
An RRSP contribution is most tax advantageous if made during your highest earning years and withdrawn in your lowest earning years. Otherwise, a TFSA may provide the better investment vehicle from a tax perspective. So when should you invest in…
Individual Pension Plans – You down with IPP?
An individual pension plan is a retirement vehicle commonly set up for owners of private corporations. The corporate set up is imperative as non-incorporated organizations such as partnerships and sole proprietors would not be eligible for an individual pension plan…
Holding Investments in your Corporation and the Passive Income Claw back
Traditional tax plans have hit a snag since the 2018 federal budget when it comes to holding investments in your corporation, if that corporation uses the small business deduction. However, there are strategies that continue to allow for this. Dividends…