Month: May 2017

Tax-News.com: Mixed Bag For Canadian Revenue In 2016-17

Tax-News.com: Mixed Bag For Canadian Revenue In 2016-17 by Mike Godfrey, Tax-news.com, Washington 30 May 2017 Canadian revenues rose by just 0.2 percent in 2016-17, with increases in corporate and non-resident income tax revenues offset by falls in Employment Insurance (EI) premium revenues. The latest Fiscal Monitor shows that for the April 2016 to March

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Month: May 2017

3 investment rules estate trustees must know

3 investment rules estate trustees must know Estate trustees are fiduciaries. As such, they owe numerous duties to both the estate and to its beneficiaries. One of those duties is the duty to invest the trust property with care. To do so, the trustee must follow three legal rules when investing. We’ll examine each of

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Month: May 2017

Salary or dividends: Which is better for business owners?

Salary or dividends: Which is better for business owners? All incorporated small business owners eventually must decide how to pay themselves: by salary or dividends. There’s no simple response, so let’s unpack the process to answer that question. Theory of integration No discussion about an incorporated business owner’s compensation can start without introducing the theory

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Month: May 2017

Homeownership rights for cohabiting clients

Homeownership rights for cohabiting clients Whether clients are taking a new relationship to the next level or have already made a trip to the altar, it’s important they know their rights when it comes to owning real property with a partner. These days, relationships come with a host of considerations. One or both members may

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Month: May 2017

How to minimize OAS clawback

How to minimize OAS clawback Higher-income senior clients are often disappointed when their Old Age Security (OAS) benefit gets clawed back – and as their advisor, you could bear the brunt of that disappointment. Here’s how to answer common client questions about OAS reductions, and how to help them avoid the clawback in the first

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Month: May 2017

Tax-News.com: Canada Extends Consultation On Farming Tax Break

Tax-News.com: Canada Extends Consultation On Farming Tax Break by Mike Godfrey, Tax-news.com, Washington 24 May 2017 The Canadian Finance Department has extended to July 24 a consultation on the future of the income tax deferral available in respect of cash purchase tickets for deliveries of certain grains. The consultation was announced as part of Budget

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Month: May 2017

Tax-News.com: Malmstrom: EU, US Need More Time On Trade Deal

Tax-News.com: Malmstrom: EU, US Need More Time On Trade Deal by Ulrika Lomas, Tax-news.com, Brussels 24 May 2017 EU Trade Commissioner Cecilia Malmstrom has said that the case remains for an ambitious trade agreement with the US, but that both sides “need a bit more time.” In a speech to the European Business Summit, Malmstrom

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Month: May 2017

Tax-News.com: Canadian Taxpayers Federation Criticizes Gasoline Taxes

Tax-News.com: Canadian Taxpayers Federation Criticizes Gasoline Taxes by Mike Godfrey, Tax-news.com, Washington 23 May 2017 The Canadian Taxpayers Federation (CTF) has called on the federal Government to end the practice of applying the HST/GST to gasoline after provincial and federal excise taxes have already been charged. According to the CTF’s 19th annual Gas Tax Honesty

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Month: May 2017

Tax tips for parents

Tax tips for parents Why read this? › Your client is a new parent or has had a child come to live with her › Your client has a child and is a new Canadian resident. What to do? 1. Apply for and report benefits Use the RC66 Canada Child Benefits Application to apply for

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Month: May 2017

Why inherited IRAs are taxable in Canada

Why inherited IRAs are taxable in Canada As we discussed in my March AER column, “When a pension isn’t a pension,” pension income is taxable. That’s true whether the pension income is from a Canadian or a foreign plan. A recent tax case (McKenzie v The Queen, 2017 TCC 56), however, looked at whether Canada

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