This Month’s Poll
Should the Old Age Security clawback start at a lower net income than the current $93,454?Interest Paid By and to the CRA
Did you calculate whether a December 15 instalment remittance was required to top up tax pre-payments for the 2020 tax year? At this busy pre-Christmas time, it is easy to miss. For these reasons, it is so important to plan to reduce taxes payable. One way to do that is by making charitable donations before year-end. Here is what you have to know about avoiding expensive CRA interest:
Donations Tip: Giving Gifts in Kind
It is in December that millions of people around the world will give to one another and to their favorite charities. Typically, gifts will be in cash; however, you may also give gifts in kind and receive a donation receipt. But, you have to be very careful about the tax consequences before and after the gifting. Here are some tax tips to consider:
CERB Confusion: Gross or Net Income?
The Grinch just keeps showing up at the doorway of Canada’s ailing small business community. Due to a lack of clarity on the definition of qualifying income levels for the receipt of the Canada Emergency Response Benefit (CERB), many now face the prospect of repaying as much as $14,000 along with some unwelcome tax complexity. Help from a local tax specialist could help.
TFSA or CPP? A Business Owner’s Dilemma
Over age 65 and still working? Should you stop contributing to the CPP at age 65 in favour of a TFSA contribution? It’s a commonly asked question. In fact, the TFSA has an especially important multi-generational role in 2020.
November 30 Economic Report: Employee Stock Options
The federal government confirmed that a cap will be applied to the preferred tax treatment of certain employee stock options in their November 30 Fall Economic Statement. A correction has been made to our Special Report in regard to this figure.
More People Consider Retirement in Pandemic Challenge
Will COVID-19 push you into retirement? It’s a concept for the times as more teachers, health care workers, business owners and others face their exhaustion from the changes forced upon them by the devastating COVID-19 pandemic. Others have faced job termination before choosing their own retirement date. Fortunately, a new edition of Master Your Retirement by best-selling author Doug Nelson, CFP, CLU, MFA™, RWM™, CIM can help. We asked Doug why he wrote the book and how it will help with these important deliberations.
