Foreign Reporting Requirements in Canada

Recently, International Consortium of Investigative Journalists’ (ICIJ) released an investigative report on the use of secret offshore accounts in Panama, for the purpose of tax avoidance by wealthy individuals, limited enterprises, limited partnership, and trust companies, around the globe. With progressive insight on the issue, many taxpayers have started paying attention to the development made…

Learn More About the Family Tax Cut – Q&A

What is the new Family Tax Cut? All about the new family tax cut . Under Canada’s tax system, federal personal income tax rates increase with the level of taxable income of the individual. As a result, a couple in which one individual has a higher taxable income than the other often pays more federal…

The Family Tax Cut

The Family Tax Cut The Government of Canada is proposing a new Family Tax Cut of up to $2,000 for couples with children under the age of 18, effective for the 2014 tax year. The proposed Family Tax Cut will take the form of a federal non-refundable tax credit that will allow the higher-income spouse…

Principal Residence Exemption and Capital Gains Tax

Principal Residence Exemption and Capital Gains Tax: Contrary to the popularly held belief that any capital gain – or increase in value – made on a primary residence is not taxable, in Canada it is ! However, there is a stipulation in the Canadian Income Tax Act know as the: ”Principal residence exemption” which allows…

How Holding a Company is Advantageous to Small Businesses

How Holding Companies are Advantageous to Small Business Owners: In Canada, as other places in the world, the smaller businesses have a low survival rate, more specifically small businesses and medium sized businesses. Industry Canada claims only 51 percent of these sized business are able to survive and last longer than five years. Efficient planning…