Canada Child Benefit
The Canada Child Benefit is a sizeable amount for those who qualify. The benefit is a tax-free amount paid to families with children under the age of 18. If you have two young children and qualify based on your income…
What the CRA Said
Confirm a Representative Using My Account or My Business Account This tax season, there's a new way to confirm authorized representatives using My Account or My Business Account. Whether you're an individual or a business, this easy, two-step digital process will help you…
Important Dates
Please note the following important dates are estimates only. Please confirm your deadlines directly with your professional advisor. March 15, 2022 - February payroll remittances due March 30, 2022 - Trust filings due March 31, 2022 - Fiscal year…
Effective tax strategies help you minimize the amount of tax you need to pay
The following is taken from the CPA Series on Financial Literacy Acquire tax smarts Contrary to popular belief, the Canada Revenue Agency, or the CRA, does not create tax law, nor are they the final and absolute word when…
Analysis of Section 84(2), MacDonald Case, McNichol and the Pipeline
The MacDonald case has left its mark on the risks associated with a pipeline transaction and the interpretation of the text of section 84(2) of the Act. Section 84(2) S 84(2) of the Act discusses the dividend treatment of funds…
Personal Care and Health Care Decisions
A personal directive is a document that provides instructions for the personal care and/or health care decisions by the person who makes the directive. The instructions in this document are often referred to as a living will and appoint a…
Section 86 Share Exchange
Section 86 allows for the exchange of shares within a corporation. Corporations are permitted to exchange all of the class of shares for an entirely different class of chares through this section without incurring a tax liability for the corporation…
Caregiver Credit
Caring for someone with a physical or mental impairment who is dependent on you is challenging. The caregiver credit provides some support if you find yourself in this situation. Who Can Make the Claim? This claim is for individuals who…
Spousal and Child Support
Separation and divorce are a challenging process and can be convoluted when it involves costs for child and spousal support. Understanding the tax treatment of how funds are distributed may have an impact on your decisions. Qualified Support Payments A…
First Time Homebuyers Credit
Buying your first home is an exciting milestone. While some of the financial aspects could be daunting, there is a simple credit that should be considered when filing your personal tax this year. Qualifying for the Credit The following conditions…