People in the News: Reader Comments on Tax Reform

By : Knowledge Bureau Staff Posted in: Strategic Thinking, knowledge bureau, Evelyn Jacks, income tax, tax courses, tax changes, tax education, finance canada, tax reform, tax proposals, Liberal government, Morneau, unfair tax changes, small business taxation, Klaus Theyer
At Knowledge Bureau, we love to receive feedback from our readers. Klaus Theyer of Exact Tax Services commented on thought leadership about recent federal tax changes.  Here’s what he said:

Analysis of Tax Reforms to Passive Investment Income

By : Knowledge Bureau Staff Posted in: Strategic Thinking, Tax Planning, Financial Literacy, Federal Government, knowledge bureau, Evelyn Jacks, tax courses, financial education, tax reform, small business tax, tax proposals, Liberal government, Morneau, Minister of Finance, passive investment, Parliamentary Budget Office, PBO, corporate investment income, tax consultations
Breaking news from Ottawa: The Parliamentary Budget Officer (PBO to follow-up on The Minister of Finance’s July 18 proposals, releasing a new report on November 23.

Avoiding the Tax Consequences of Transferring Assets to Children

By: Evelyn Jacks Posted in: Strategic Thinking, Estate Planning, Financial Advisor, knowledge bureau, Evelyn Jacks, retirement planning, tax courses, tax professional, wealth management, inheritance, financial education, asset transfer, tax on assets, beneficial ownership, tax on principal residence, capital gains tax, property transfer, real estate tax, estate planner
The transfer of assets to family members is an important part of retirement and post-retirement planning, as the tax consequences can be enormous. This is especially true now for average families as well as high-net-worth clients, because all final tax returns will carry with them the requirement to report any deemed disposition of a common family asset: the principal residence.

CRA Targets Business PayPal Accounts

By : Knowledge Bureau Staff Posted in: Strategic Thinking, Succession Real Wealth Management, Debt Management, Financial Literacy, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, voluntary disclosure program, tax debt, tax courses, debt and cash flow management, Marcia Elaschuk, financial courses, CRA debt, PayPal, online business transactions, CRA interest, CRA penalties, income tax filing, business tax, T2 Tax Preparation for Small Businesses
Do you or your clients use PayPal for business transactions? Did you report them on your tax return?  If not, you’ll want to correct those errors or omissions quickly under the Voluntary Disclosures Program (VDP), because you are in the sights of the CRA.  A federal court ordered PayPal to disclose information about all business account holders who received or sent a payment between January 1, 2014, and November 10, 2017.

Debt Management Series: Mortgage Debt Management Matters

By : Marcia Elaschuk Posted in: Strategic Thinking, Debt Management, Real Wealth Management, President - Knowledge Bureau, Financial Advisor, Evelyn Jacks, Investing, tax courses, wealth management, financial education, CE summits, Marcia Elaschuk, mortgages, debt strategies, new mortgage rules, stress test
As of October 17, 2017 new mortgage rules were introduced that could change the way Canadians approach debt management. Advisors, we’ve prepared this resource to share with your clients so they understand how mortgages play a significant role in debt management strategies.

How Should You Manage CRA Tax Debt?

By : Knowledge Bureau Staff Posted in: Strategic Thinking, Debt Management, Financial Literacy, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, voluntary disclosure program, tax debt, tax courses, debt and cash flow management, wealth management, Marcia Elaschuk, financial courses, CRA debt, PayPal, online business transactions, CRA interest, CRA penalties, income tax filing, business tax, T2 Tax Preparation for Small Businesses
If you owe money to the CRA, but you can’t pay, what is the best course of action? For example, if you or your clients use Paypal for business and were not previously reporting this income on your tax returns, the new CRA requirements may leave you in a position where you have to pay taxes you weren’t anticipating.