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:Meet the Unique Needs of Your Unincorporated Small Business Clients
Newly updated, T1 Professional Tax Preparation–Proprietorships will give you the upper hand in attending to your clients’ unique tax preparation and planning requirements. Covering the needs of sole proprietors, partnerships, farmers, fishermen, and professionals, you’ll place your clients in a position to leverage their valuable time and money. Enrol by September 11 to save $200.
Your Marginal Tax Rate
Your marginal tax rate is a measure of the rate of tax you’ll pay on the next dollar earned or, alternatively, the rate of savings on the next dollar deducted.
Life Insurance Rules “Modernized”
The Income Tax Act contains rules pertaining to the taxation of income earned on the savings in a life insurance policy. The tax treatment differs depending on whether a policy is classified as an exempt supply or not.
CRA: Absolutely No Reprisals In Reporting Service Mistakes
On August 23, the Minister of National Revenue, the Honourable Kerry-Lynne D. Findlay, and the Taxpayers’ Ombudsman, J. Paul Dubé, met with local business owners in Edmonton to discuss, in large part, the addition of a new right announced in the Taxpayer Bill of Rights in June.
Evelyn Jacks: Professional Back to School Tax Savings Tips
Did you just drop a bundle on school supplies and performance-enhancing running shoes? Parental peer pressure from the mini-mes can be daunting this time of the year, especially if Mandarin lessons, dance, and hockey all appear on the agenda.
The Court’s Analysis: Should Costs of Funding Young Tennis Talent Be Allowed?
Last week Knowledge Bureau Report told you about Michel Bouchard (the “Appellant”) established a partnership known as the Tennis Mania Limited Partnership (“the Partnership”) in order to generate funding to support his daughter’s tennis development. At just 9 years of age, the Appellant was confident that his daughter was talented enough to make a career out of playing tennis. What did the Tax Court of Canada think of the arrangement?
