On October 3, the Government announced an administrative change to reporting requirements for the sale of a principal residence. The principal residence exemption is an income tax benefit that generally provides you an exemption from tax on the capital gain realized when you sell the property that is your principal residence. Generally, the exemption applies for each year the property is designated
Read more
Generally, casual labour is when you have someone working for a few hours on a sporadic or intermittent basis and is not on the Company’s payroll. Up until about 10 years ago, CRA accepted casual labour as a valid expense. Now however, they do not. The two options available are: Subcontractor, or Employee In either case, the employer must have
Read more
Business Law and Legal Issues Facing Finance Professionals – Workshop CONFERENCE DETAILS Business Law and Legal Issues Facing Finance Professionals is a conference series created to provide CFOs and Finance executives a primer on some of the more common legal issues they will deal with so as to help them process and understand legal agreements dealing with these issues in an efficient manner, freeing
Read more
Does your company have foreign subsidiaries? Do you want to get an update on Transfer Pricing and how to repatriate funds and the tax implications? Find out more from the experts at Gowlings and KPMG. Come listen to Speakers Joseph Devitt, Partner, Global Transfer Pricing Services, KPMG Canada, Dale Hill, Partner, Gowling WLG and Jamal Hejazi, PhD, Chief Economist, Gowling WLG. Topics include Applications of
Read more
RRSP Contributions – just because a taxpayer has made an eligible contribution is no reason to automatically claim the deduction. If a contribution takes a taxpayer into a lower tax bracket – consider not claiming all of the contribution and using it next year against higher taxable income. Rollovers – Remember that theT2057 is an election for the deemed proceeds
Read more
Important notice: Beware of fraudulent communications The Canada Revenue Agency has a security announcement stating that they are aware of scams involving email e-transfers of funds. CRA goes on to say payments are only made via: direct deposit or by cheque, they don’t use INTERAC e-transfers. While taxpayers may receive telephones, mail, text messages or emails, they could also receive
Read more
In April, even those of us who do not do taxes are prodded for tax advice. This year see the following from CPA Canada Member News to stay calm with their tax-time survival tips. READ MORE Do you have any tips for our readers to mitigate friends and family asking for our tax advice when we are not involved with
Read more
Is your company affected by FATCA? The U.S. government has enacted the Foreign Account Tax Compliance Act (FATCA) to combat offshore tax evasion by U.S. people. In 2014 Canada and the U.S. have entered into an intergovernmental agreement (IGA) that in effect requires Canadian financial institutions (FIs) to comply with FATCA. If your company is affected by FATCA; what are
Read more