All items in: Tax Planning

Proposals Tax Kids Working in The Family Business

Posted: July 19, 2017 By: Evelyn Jacks
Posted in: Strategic Thinking, Tax Planning
The proposed changes to the taxation of private business income and equity, released on July 18, 2017, will affect the income paid to family members who are not actively engaged in the business, as well as limit their access to the Capital Gains Exemption.

TFSA Investors: You Have to Know the Fine Print

Posted: July 07, 2017 By: Evelyn Jacks
Posted in: Strategic Thinking, Tax Planning
Investors and day traders beware: CRA is looking to collect $75 Million in taxes and penalties due to mistakes investors are making in their TFSAs. What’s at stake is the possible repayment of most of the investment, once penalties and interest are factored in. However, taxpayers may have more rights than may appear at first glance.

The “New” Sandwich Generation Need Both Financial and Emotional Support

Posted: July 07, 2017 VIA: Knowledge Bureau
Posted in: Strategic Thinking, Investment & Retirement, Succession & Estate Planning, Tax Planning
A demographic shift has been happening since 2000: the Canadian population continues to age and live longer, such that the number of seniors is becoming larger than the number of young people under 20, according to Statistics Canada. Financial advisors need to be concerned about the “new” Sandwich Generation.

Helping Your Clients with a Mid-Year Financial Review

Posted: July 07, 2017
Posted in: Strategic Thinking, Investment & Retirement, Succession & Estate Planning, Tax Planning
Now that the rush of tax season is over, how did your clients do? Were they faced with a big tax bill or did they receive a refund? Perhaps they feel as if they’ve had a less than stellar fiscal year, but they shouldn’t feel discouraged. As you know, mid-year is a great time to review financial goals and to make necessary changes now to ensure a better outcome next year. 

Special bookkeeping considerations: When divorce touches a family-owned business

Posted: July 07, 2017
Posted in: Strategic Thinking, Bookkeeping and Accounting, Tax Planning
Here’s a true-to-life case study: Let’s suppose that you, as a bookkeeping services professional, have a client named George, who is the owner-manager of a family-run restaurant. Working with George is his wife, brother, sister-in-law, a couple cousins and his teenaged daughter. While the business is going well, his marriage isn’t. 

Selling the Cottage? Remember New CRA Reporting Rules Will Affect You

Posted: July 04, 2017 By: Evelyn Jacks
Posted in: Strategic Thinking, Tax Tips, Tax Planning
Are you planning to sell a personal residence, such as your cottage, in 2017? If so, refresh your tax compliance requirements by making an appointment with a tax specialist before you sell.