Tax Filing Basics: Claiming Medical Marijuana After Legalization

With the 2018 legalization of marijuana in Canada, more taxpayers may wish to claim their purchase as a medical expense. That may be possible, but there are rules to follow to pass a CRA audit test. 

Payroll News: 2019 Employment Insurance Rate Changes

One important change has been introduced that affects payroll processing in 2019: the rate applied to calculate the maximum Employment Insurance (EI) contribution amounts have been reduced, though benefit amounts remain the same.

High Standards: Take-Aways from the Advanced Tax Update

It’s been a complex year of significant tax change, and our six-city CE Summit Workshop tour gave many tax and financial advisors a comprehensive refresher to prepare for the upcoming tax season.  If you missed it, the 355-page Knowledge Journal can still be purchased. Here’s what our delegates liked best about this sold out event:

Business Owners: Beware the Demographic Trap

Who will inherit the family business?  What will it be worth when time for transition comes? Why is this issue so difficult to discuss? There are many reasons, but demographic change is bringing it to the forefront and for these reasons, planning needs to happen sooner rather than later, according to a new book by Jenifer Bartman and Evelyn Jacks, entitled Defusing the Family Business Time Bomb.

Debt and Fear: Tax Season Can Bring Peace of Mind

Tax season provides a trigger for advisors and their clients to have an important discussion: should the tax refund be used for debt reduction or savings? In some cases, the best strategy may be to do a little bit of both. But the big issue to uncover is whether taxpayers understand their credit health well enough.

Avoid a Tax Trap: Separate Business and Personal Assets

Most people seem to understand that you can’t treat your business’ money as your own . . . or do they? How many small business owners expense personal items from the company general account? This can get you into trouble on a tax audit and worse; significantly erode personal wealth.

Driving for Uber: Tax Requirements in the Gig Economy

Beware the taxman, Uber drivers. The rise of the gig economy comes with its own unique challenges from a tax perspective, and an appeals case from Uber Canada Inc., currently with the Tax Court of Canada sheds light on the grey areas that exist.
 
 
Knowledge Bureau Poll Question

Last tax season, the average tax refund was $1,765. Should tax withholdings be reduced to help Canadians with debt and savings?

  • Yes
    95 votes
    42.79%
  • No
    127 votes
    57.21%