Big News: Simplified Method Prescribed Rates for 2018 Finally Released

By: Walter Harder Posted in: Strategic Thinking, tax credits, Medical expenses, Moving Expenses, claiming expenses, tax deductions, income tax filing, personal income tax, travel expenses, meal expenses, deducting expenses
On February 12, the simplified method rates for calculating deductible auto and meal expenses for various important provisions on the 2018 tax return were finally released by the CRA. It’s an important missing piece for tax professionals and taxpayers alike, that in prior years was generally released in January.

Six Tax Tips for a Special Valentine: Acquiring a Spousal RRSP

By: Evelyn Jacks Posted in: Strategic Thinking, Evelyn Jacks, tax tips, rrsp, spousal RRSP, Registered Retirement Savings Plan
Here’s a unique way to share some love with your sweetheart: make a spousal RRSP contribution by March 1. It’s a gift that’s a win-win to help secure your financial future together. Even better, it’s you, the contributor, who gets the RRSP deduction. Whether you have a spouse or common-law partner, here are six basic tips to know:

IRS Shutdown: Tips for Canadian Taxpayers

By : Beth Graddon Posted in: Strategic Thinking, Cross Border Tax, Foreign Tax Credit, IRS, U.S. tax, snowbird, student, 1040NR, IRS shutdown, Foreign Investment in Real Property Tax Act, FIRPTA, U.S. buiness
The Internal Revenue Service (IRS) is operating again after a lengthy shutdown of the U.S. federal government that began in December 2018.  A tentative deal was negotiated* late on Tuesday to avert yet another one. Still, Canadians with cross-border tax obligations should understand the specific implications of government shutdowns - like that of the IRS - and the backlogs they cause, and plan accordingly with their tax filing specialists.

Thought Leadership: Five Tips on Building Team Culture

By: Evelyn Jacks Posted in: Strategic Thinking, Evelyn Jacks, thought leadership, business development, leadership, Executive Business Growth Specialist, team culture
For many organizations – especially those in the tax and financial services – now is the time to build team culture in advance of a busy season of client interaction. Success of the team depends on so many factors including the right skills, processes and evaluation. For leaders of the team, there are five essential steps to building team culture in good times and bad.

Changes Coming to Trust Filings

By: Evelyn Jacks Posted in: Strategic Thinking, Evelyn Jacks, trust rules, Trust and Estate Planning, trust filing, filing trust returns
The CRA has been provided funding of $79 million over a five-year period, and $15 million on an ongoing basis, to support the development of an electronic platform for processing T3 returns. The goal: to address the government’s concerns about “significant gaps” in trust filing. By the year 2021, there will be new requirements for filing trust returns, and advisors in tax and financial services will need to come up to speed on this issue.

Tax Tips: Checklist for Rental Property Owners

By: Evelyn Jacks Posted in: Strategic Thinking, Evelyn Jacks, Essential Tax Facts, tax tips, claiming expenses, tax deductions, real estate investors, landlord
Returns that include income from rental properties are often audited, so, it’s important to consider your increased tax compliance burden as a real estate investor. If this is your first year with a rental property, it’s especially important to set up the tax reporting and documentation properly for an audit-proof experience. Use this checklist to help: