Trade Wars: Why Income Tax Filings Matter More Now

It’s hard not to get caught up in the trade wars saga, and of course it has serious economic repercussions. In times like these, our tax system can help. The federal government has indicated three pillars of support will be enacted, details of which are to come shortly:

Retirement planning may begin for you–quite unexpectedly–with the receipt of a retiring allowance or severance package from your employer.  

Year-end is charitable giving time, but remembering to verify the tax status of any organization that you intend to donate a considerable sum to is very important as not all benevolent oriented organizations will allow a tax credit under the Income Tax Act. Last month, a hopeless appeal was lost in the Tax Court of Canada, for example.  

If a surviving spouse or common-law partner is designated as a successor holder of the TFSA either in the TFSA contract or in the deceased taxpayer’s will, the successor becomes the owner of the TFSA.

With the Senate scandal dominating the news, the issue of what is a principal residence for tax purposes seems an appropriate question.

Where a taxpayer has disposed of a capital property and a portion of the proceeds is receivable after the end of the taxation year, the taxpayer may claim a reasonable capital gain reserve for the funds not yet received.

For the experienced professional, get started on the Fast-Track toward designation by enrolling in November’s Corporate Tax Bootcamp.