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Aboriginal Peoples: Tax Filing Considerations

Posted: February 06, 2018 By: Evelyn Jacks
Posted in: Strategic Thinking , Financial Literacy, CRA, dividends, capital gains, tax credits, knowledge bureau, Canada Revenue Agency, RRSPs, income tax act, Evelyn Jacks, corporate tax, old age security, tax courses, interest income, tax education, financial education, online courses, online education, Knowledge Journal, Aboriginal people, tax deductions for aboriginals, Indian Status, tax exemptions, Guaranteed Income Supplements, support payments, trust tax

Canada has 1,673,785 aboriginal people, representing 4.9 percent of the population. According to our census, this population has grown 42.5 percent in the period 2006-16 and the average age of the aboriginal people, at 32.1 years, is close to a decade younger than the rest of Canada. There are unique tax filing concerns for these Canadians, requiring specialized knowledge.

Tax and the Bitcoin: Real Money Owing to CRA

Posted: January 09, 2018 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , Financial Literacy, CRA, dividends, investments, trading, knowledge bureau, Evelyn Jacks, income tax, tax courses, bitcoin, tax education, financial education, Real Wealth Manager, interest, capital gains tax, taxation issues, Bitcoin value, Bitcoin trading, tax on digital currency, gold, PayPal tax

“Bitcoin Rush” is all over the news as speculators have tried to get in on the trend which saw skyrocketing values at the end of 2017. But there is a spoiler: gains on trading digital currencies like Bitcoins are subject to taxation in Canada, a liability that must be settled in real dollars.

Small Business Capital Gains Deduction Part II: Multiplying the Deduction

Posted: October 17, 2017 By: Walter Harder
Posted in: Strategic Thinking , CRA, dividends, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, Small Business, tax education, financial education, entrepreneur, income sprinkling, Capital Gains Deduction, distributing small business income, capital gains deductions

By issuing shares in a small business to family members, it is possible to multiply the capital gains deduction available to the family. A similar strategy allows for the multiplication of the deduction for family farms or fishing operations.

Changes to Corporate Income-Splitting Rules Could Hurt Women and Families

Posted: September 08, 2017 By : Evelyn Jacks, MFA, DFA-Tax Services Specialist
Posted in: Strategic Thinking , Federal Government, dividends, knowledge bureau, Evelyn Jacks, income tax, Small Business, distinguished advisor conference, income splitting, finance canada, financial education, entrepreneur, post-secondary education, CE summits, Canadian income tax, Morneau, gender inequality, gender issues, women and families, taxation of private corporations, feminism, income tax reform, tax planning strategy, gender statistics, income tax proposals, tax for stay-at-home parents

Finance Canada’s controversial proposals on the taxation of private corporations, which require comments on the changes by October 2, will potentially affect businesspeople of all income levels, from all walks of life, who serve and employ Canadians in their hometowns across Canada. However, they will also affect families and, in particular, women.

Is a Foreign Dividend Taxable?

Posted: April 01, 2013
Posted in: Strategic Thinking, You Asked Us, Investment & Retirement, Tax Planning , foreign dividends

I held 200 shares of Kraft Foods in my non-registered investment account. Kraft split into Kraft Foods and Mondelez International. I now have 66 shares of Kraft and 200 of Mondelez. I noticed that my T5 slip is indicated that I received a foreign dividend of over $3,000. Is this a taxable dividend? I didn't receive any cash and the value of the two shares together were more or less the same. Please advise as this is a nasty shock.