Hudson’s Bay Artifacts May Have Tax Benefits

Hudson's Bay has received a judge’s permission to auction off 4,400 artifacts and art pieces which includes the 355-year-old royal charter that launched the company.  Did you know that the buyer may qualify for a little-known donation tax credit if that property is subsequently donated to an institution of public authority designated by the Minister of Canadian Heritage?  This opportunity in fact should be incorporated as part of the high value professional discussions astute tax and financial pros can have with their clients in possession of such treasures. 

Home office expenses are common for the self-employed; some employees may claim them too, when their employer signs Form T2200 to confirm this requirement. These claims are often audited so be sure to know the rules.

Family business owners typically have most of their net worth tied up in their business. Finding solutions to properly structure the business to allow it to flourish while allowing owners and their families to plan for their future can be difficult, especially if there is little time to explore strategies. This book will outline the options available to the family to ensure they know how to protect one of their most valuable assets.

Unincorporated small businesses have unique tax preparation and planning requirements. Provide superior service to a broad range of proprietorship clients including sole proprietors, partnerships, farmers, fishermen, and professionals. Learn how to complete income statements, capital cost allowance schedules, auto and home workspace schedules, and other unique calculations specific to the profile using the most recent tax laws and budget proposals.

Easily project investment income into the future. Use this calculator to input detailed figures of all the different types of investment income your client may have in the future, based on their current savings pattern. This planner will quickly determine the tax impact on investment income and help you reconfigure solutions when alternative saving strategies are required.

The March 21, 2013 budget is an extensive and far-reaching document, which underscores the depth of the tax reforms Canada is in today. Trust and estate planning will be affected by the proposals as well, as explained.

We accept editorial submissions for the Knowledge Bureau Report from Distinguished Advisors until 5 PM CST Thursday weekly.