Month: March 2017

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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Month: March 2017

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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Month: March 2017

Clients may risk steep penalties if they don’t file U.S. tax forms

Clients may risk steep penalties if they don’t file U.S. tax forms Haven’t filed all your required U.S. tax paperwork? If you’re really unlucky, you might get sued. Last May, the U.S. Department of Justice (DOJ) sued Jeffrey P. Pomerantz — a U.S.-Canadian dual citizen resident in Canada — for more than US$860,300 in penalties

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Month: March 2017

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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Month: March 2017

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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Month: March 2017

Op-ed: Why Finance shouldn’t target passive investments in private corps

Op-ed: Why Finance shouldn’t target passive investments in private corps The March 22, 2017 federal budget hinted at three major changes to private corporations that are part of a discussion paper to be issued later this year. Read: How Finance might curb tax advantages for private corps Let’s examine the Liberals’ concern that holding passive

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Month: March 2017

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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Month: March 2017

RRSPs, RRIFs and fee deductibility: what you need to know

RRSPs, RRIFs and fee deductibility: what you need to know We’ve talked about what kind of investment fees are deductible, and how management expense ratio (MER) fees are treated versus direct fees. This article will discuss deductibility in relation to RRSPs, RRIFs and TFSAs. For a mutual fund held in an RRSP/RRIF, there will be

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Month: March 2017

Tax-News.com: Uber Canada Concerned Over Ride-sharing Tax Reform

Tax-News.com: Uber Canada Concerned Over Ride-sharing Tax Reform by Mike Godfrey, Tax-news.com, Washington 24 March 2017 Uber Canada has said that changes to the goods and services tax (GST) rules for ride-sharing businesses will “hurt over a million Canadians who use ride-sharing to earn income and get around their cities.” The 2017 Budget included a

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Month: March 2017

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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