This Month’s Poll
Should the Old Age Security clawback start at a lower net income than the current $93,454?Evelyn Jacks: Minimize Tax on Severance
Retirement planning may begin for you–quite unexpectedly–with the receipt of a retiring allowance or severance package from your employer.
Year-End Planning: Verify Charitable Status
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.
Tax Free Savings Accounts at Death
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.
What is a Principal Residence for Tax Purposes?
With the Senate scandal dominating the news, the issue of what is a principal residence for tax purposes seems an appropriate question.
Tax Consequences of Holding a Mortgage
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.
Accelerate Your Designation on the Fast-Track
For the experienced professional, get started on the Fast-Track toward designation by enrolling in November’s Corporate Tax Bootcamp.
