A Challenge for New Clients: How to Choose a Trusted Advisor

If you’re in business for yourself, you have a unique opportunity to build wealth in an asset class that others don’t have: equity in a business enterprise that some day may be sold for millions of dollars. In addition, that business can spin off income for family members that can provide significant tax advantages, done well. Understanding how to realize on this asset requires the help of a trusted financial advisory team. Who should be on that team and how do you find them? This is a challenge your next new business clients may wrestle with. Here are some tips on how you can open discussions to help them:

Bill C-60 proposes to implement certain provisions of the March 21, 2013 federal budget; among these, proposed legislative amendments that pertain to the audit process in the Income Tax Act, and provisions in the Tax Court of Canada Rules. Discussed below in the last of a four-part series are changes to the Expert Witness rules.

Last week we launched our five-part Disability Awareness series discussing tax relief for those who have become disabled and their caregivers. In this second part, we talk about income supports that are available. These articles are excerpted from Jacks on Tax, by Evelyn Jacks.

According to Statistics Canada there were 2.3 million businesses in Canada as of June 2009, with 57% of all business establishments located in Ontario and Quebec. 

Since 1988, 1,125 files have been referred to the GAAR Committee, according to recent statistics from CRA; CRA presented this and other statistics as it went through the GAAR process at the CRA & Professionals Breakfast Seminar in Toronto on June 6. 

South of the border, our American friends have proposed new legislation aimed at imposing sales tax on customers shopping at large online retail websites.

With very minor exceptions, the definition of “income” used to determine the amount of the Guaranteed Income Supplement is the same as “Net Income” under the Income Tax Act.