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…
Benefits: An employee has received a benefit if an employer pays for or gives something that is personal in nature directly to one’s employee or to a person who does not deal at arm’s length with the employee (Employee’s spouse,…
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…
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…
Bookkeeping is usually a time consuming and tedious process, which needs to be performed to keep the books up-to-date. Up-to-date financial statements provide sufficient information for any business owner/director to make the appropriate financial decisions. As with advancement in technology,…
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…
A business valuation may be required to value individual assets or to determine the value of a business as a whole. Valuation techniques used will depend on what is being valued. The most common reasons for requiring a valuation of…
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…
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…
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…