Late Filing Penalties: Talk About It!
While most T1 returns are in the hands of the Canada Revenue Agency (CRA) by April 30, we know many are not. In fact, millions of returns were still outstanding as of mid-May. Late-filing clients they need to know about the consequences, especially if they owe. Here’s a rundown to be aware of:Minimizing Tax on Asset Transfers
As we all know, “you can’t take it with you” so sooner or later, everyone has to transfer their assets to someone else.
Personal Service Businesses: New Rules Curtail Benefits
Changes to Personal Service Businesses were amongst those enacted in Bill C-48. They will be discussed in more detail in Knowledge Bureau’s November Corporate Tax & Year-End Planning Bootcamp. However, key changes are described below.
New! Charitable Donation Tax Credit Calculators
Fall is a great time for year-end tax planning and this year, strategic philanthropy in the family has taken on new meaning in light of the new temporary First-Time Donor’s Super Credit for first time donors.
Guest Column: Prescribed Rate Loans
The current prescribed rate is likely to increase on October 1, 2013. This guest column, provided to you by Frostiak & Leslie Chartered Accountants, Inc., a member of the Tax Specialist Group (TSG), offers some tips on how to benefit from the prescribed rate before it changes.
Evelyn Jacks: Managing Risk—Consumers Need To Look For Value Propositions
Spending money can be hard work; after all, there are a lot of demands for it and its supply is usually short. Therefore, careful consumers have to manage risks to their disposable income and choose the absolute right supplier for their needs and wants.
Back to School: Should Costs of Developing Promising Young Athletes Be Deductible?
It’s back to school time and as every parent knows, arts and athletics are expensive activities for children to partake in at this time of the year.
