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All items tagged with: income tax

Critical Financial Education on Family Business Tax at November CE Summits

Posted: November 14, 2017 By : Knowledge Bureau Staff
Posted in: Strategic Thinking, Current Issue , CRA, knowledge bureau, Evelyn Jacks, tax courses, financial advisors, ce credits, year-end tax planning, financial education, tax preparers, CE summits, tax proposals, Liberal government, Larry Frostiak, Morneau, taxation of private corporations, tax issues, small business taxation, financial workshops, passive income taxation, corporate valuation, Frostiak and Leslie Chartered Accountants

The tax proposals introduced on July 18, 2017, are complex and continue to evolve, promising some mind-numbing complexing for business clients. Tax and financial advisors need to gain a thorough understanding of the intricacies of these proposals in order to reduce the impact on their clients. The November CE Summits will address this need, in a focused session featuring family business tax expert Larry Frostiak. Note - Registration ends today, November 15.

Final Tax Instalment for 2017:  Help Clients Budget for Savings and Holidays

Posted: October 31, 2017 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , Tax Planning, Financial Planning, CRA, taxation, knowledge bureau, Evelyn Jacks, income tax, financial advisors, Canadian taxation, tax education, financial education, tax preparers, CE summits, financial planners, tax deadlines, tax instalment 2018, budgeting

Do you need more cash flow before Christmas?  It’s a great question for tax and financial advisors to ask their clients who are pensioners, divorces or proprietors.  That’s because the final quarterly tax instalment of the year is coming up soon – December 15 – and with proper planning, it might be avoided.

Fall Economic Statement: Low Earners Benefit from Strong Economy

Posted: October 24, 2017 By: Walter Harder
Posted in: Strategic Thinking , taxation, knowledge bureau, Evelyn Jacks, Small Business, tax courses, tax changes, financial education, tax reform, entrepreneur, Liberal government, Fall Economic Statement, Finance Department, Canada Child Benefit, Working Income Tax Benefit, 2018 Federal Budget, Moreneau

On October 24, 2017, Finance Canada issued the Fall Economic Statement, which forecasts better-than-expected economic growth, at least in the shorter term.  The resulting increase in tax revenues have blessed the department with new funds for spending priorities; notably to help families with children and the working poor.

It’s Over 50% - Top 3% Pay More Than Their Fair Share

Posted: October 10, 2017 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , CRA, Financial Advisor, knowledge bureau, Evelyn Jacks, income tax, Small Business, tax courses, Canadian economy, wealth management, tax changes, tax education, financial education, tax reform, Liberal government, Morneau, Canadian Controlled Private Corporations, unfair tax changes, tax fairness, federal income tax, middle class taxation, entrepreneurs, CTF, high-income, government issues

Amidst calls by the federal government to improve “tax fairness,” a report by the Canadian Taxpayers Federation (CTF) shows that while a mere three per cent of all tax filers earn $150,000 or more, they contribute over one-third of all federal income taxes collected.

Capital Gains Deduction Series, Part I: The Basics

Posted: October 10, 2017 By: Walter Harder
Posted in: Strategic Thinking , Financial Literacy, CRA, knowledge bureau, Canada Revenue Agency, income tax act, Evelyn Jacks, income tax, tax deductions, tax education, financial education, small business tax, tax benefits, taxpayer, farming tax, fishing tax, agriculture tax, Capital Gains Deduction, corporation shares, disposition dates, spousal taxation, agricultural property, fishing property, business partnership, business taxation

With proposed changes looming to the eligibility for the Lifetime Capital Gains Exemption (LCGE), which becomes the Capital Gains Deduction on the personal tax return, tax and financial advisors are well advised to review the rules and have discussions with their clients on whether any year end planning opportunities should be pursued.

What Do You Do If You’re Audited by the CRA?

Posted: October 03, 2017 By : John Tucciarone, CPA, CMA
Posted in: Strategic Thinking , CRA, tax credits, knowledge bureau, Canada Revenue Agency, tax avoidance, income tax act, Evelyn Jacks, tax evasion, taxpayer bill of rights, criminal code, Excise Tax Act, tax deductions, tax education, business expenses, CRA audit, audited by the CRA, audit process, tax laws, Canadian businesses, individual tax returns, income tax returns, income tax audit, tax write-offs, home office deductions, rental properties, tax issues, John Tucciarone, Chartered Professional Accountants of Canada

The Canada Revenue Agency completed nearly 112,000 audits during fiscal 2016-17, according to a government report on recent efforts to crack down on tax cheats. If you or your clients are chosen for an audit, there are a few best practices that can help you through the process.