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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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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For many boomers, their wealth is in their home

For many boomers, their wealth is in their home A new survey by Manulife Bank indicates many baby boomers hold household wealth in home equity, and may need to rely on the sale of their primary residence to fund retirement. About 41% of baby boomer respondents to the poll said home equity accounted for more than […]

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Tax-News.com: Canada Criticizes Latest US Anti-Dumping Investigations

Tax-News.com: Canada Criticizes Latest US Anti-Dumping Investigations by Mike Godfrey, Tax-news.com, Washington 22 May 2017 The Canadian Government has said that it strongly disagrees with the US Department of Commerce’s decision to initiate anti-dumping and countervailing duty investigations into imports of Canadian large civil aircraft. On May 18, US Commerce Secretary Wilbur Ross announced the […]

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Tax-News.com: TPP Nations Agree To Continue Without US

Tax-News.com: TPP Nations Agree To Continue Without US by Mary Swire, Tax-News.com, Hong Kong 22 May 2017 The remaining eleven signatories to the Trans Pacific Partnership (TPP) pact have agreed to seek an accord without the United States. Member nations Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Malaysia, Peru, Singapore, and Vietnam met in […]

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Tax-News.com: Canada Responds To Launch Of US NAFTA Consultations

Tax-News.com: Canada Responds To Launch Of US NAFTA Consultations by Mike Godfrey, Tax-news.com, Washington 19 May 2017 Canada’s Foreign Affairs Minister has reiterated the Government’s commitment to NAFTA following the US Administration’s launch of consultations on its renegotiation. Chrystia Freeland said: “We are at an important juncture that offers us an opportunity to determine how […]

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Tax-News.com: Canada Announces Tax Exemption For Military Personnel

Tax-News.com: Canada Announces Tax Exemption For Military Personnel by Mike Godfrey, Tax-news.com, Washington 19 May 2017 The Canadian Government will exempt the military salaries of Canadian Armed Forces personnel deployed on named international operations from federal income taxes. The exemption will apply up to and including the pay level of Lieutenant-Colonel. The tax relief will […]

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Tax-News.com: US Kickstarts NAFTA Renegotiation Process

Tax-News.com: US Kickstarts NAFTA Renegotiation Process by Mike Godfrey, Tax-News.com, Washington 19 May 2017 The new United States Trade Representative has formally informed Congress of the Trump Administration’s intention to renegotiate the North American Free Trade Agreement (NAFTA). The notification from Robert Lighthizer, recently sworn in as USTR, begins a 90-day public consultation period, after […]

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