48% of Canadians have no will: survey

48% of Canadians have no will: survey Warren Buffett famously noted that, when it comes to inheritances, the perfect amount to leave children is enough so that they feel they can do anything, but not so much that they can do nothing. Sounds like a plan for success. The only problem is, many Canadians don’t […]

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Tax-News.com: Quebec Announces Income Tax Reforms

Tax-News.com: Quebec Announces Income Tax Reforms by Mike Godfrey, Tax-news.com, Washington 29 March 2017 The Quebec Government has announced plans to increase the income tax-free threshold and retroactively reduce the health contribution for 2016. The 2017-18 Budget included a proposal to increase the basic personal amount from CAD11,635 (USD8,708) to CAD14,890. Income above this threshold […]

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Have clients in northern Canada? Here are tax tips

Have clients in northern Canada? Here are tax tips For Canadians who live in the north, CRA offers two deductions: a residency deduction and a deduction for travel benefits. To qualify for these deductions, the agency says, “You must have lived, on a permanent basis, in one or more prescribed northern or intermediate zones for […]

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Tax-News.com: Canadian Budget Focuses On 'Tax Fairness'

Tax-News.com: Canadian Budget Focuses On 'Tax Fairness' by Mike Godfrey, Tax-news.com, Washington 23 March 2017 The tax measures contained Canadian Finance Minister Bill Morneau’s second Budget are focused on closing loopholes, cracking down on tax evasion, and improving tax reliefs for the “middle class.” Morneau delivered the Budget on March 22. In his Budget speech, […]

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CRA sets Q2 interest rates

CRA sets Q2 interest rates The CRA has set the prescribed annual interest rates for amounts owing in Q2. The family loan rate remains the same, at 1%. Read: Liberals reviewing private corporations, high-income tax strategies The only change from last quarter is the rate for corporate taxpayers’ pertinent loans or indebtedness, which will be […]

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Tax-News.com: US Begins Process Required To Renegotiate NAFTA

Tax-News.com: US Begins Process Required To Renegotiate NAFTA by Mike Godfrey, Tax-News.com, Washington 24 March 2017 The White House is preparing to issue the notification to Congress that it will renegotiate the North American Free Trade Agreement (NAFTA). Commerce Secretary Wilbur Ross has reportedly met with the House Advisory Group on Negotiations, paving the way […]

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