Smart tax tips
GST/HST registered suppliers – reporting the sales tax exemption for Ontario’s First Nations
With the introduction of the harmonized sales tax (HST) regime in Ontario on July 1, 2010, Ontario’s First Nations have continued to be exempt from paying the 8% provincial portion of the HST on eligible purchases off-reserve. [September 2, 2010] More...
Don’t inadvertently overcontribute to your TFSA or penalties may apply
If you withdraw money from your Tax-Free Savings Account (TFSA), you can recontribute the same amount, but beware: the contribution room is not increased until the beginning of the following year. [August 10, 2010] More...
Continued sales tax exemption for Ontario’s First Nations
The Ontario Ministry of Finance recently announced that Ontario will continue to provide a provincial exemption for First Nations under the new HST. [June 18, 2010] More...
Changes to US estate tax laws—do you know how they may affect your estate plan?
Recent changes to US estate tax laws mean that caution should be taken when implementing estate planning measures if you have property (real, tangible and intangible) situated in the US. [June 10, 2010] More...
Employment Insurance special benefits—available soon to the self-employed!
If you’re self-employed, you may be eligible for special EI benefits (maternity benefits, parental benefits, sickness benefits, and compassionate care benefits) starting in January 2011 [May 4, 2010] More...
Fewer options for employees with stock options
The 2010 federal budget included a number of proposed changes to the rules governing the taxation of stock options. If you have entered into any stock option agreements, you should become familiar with the proposed changes to determine if you will be impacted by them [April 15, 2010] More...
New RZ accounts for certain tax filers
Certain tax slips now require new business numbers when filing. Examples of slips that you may be filing that fall under this requirement include... [December 2, 2009] More...
Income splitting loans with a spouse — the 1% solution
For couples where one spouse or common-law partner is in a higher tax bracket than the other, consider an income splitting loan. And reduce taxes by taking advantage of the 1% prescribed interest rate — the lowest in Canadian history. [October 13, 2009] More...
Overcontributing to your RRSP—be mindful of the penalty tax
You’re permitted to overcontribute a cumulative lifetime total of $2,000 to your RRSP without incurring a penalty tax. But you should be careful—you could be taxed on any overcontributions in excess of that amount. [September 14, 2009] More...
Tax-Free Savings Accounts—a caution for U.S. citizens and those with foreign investments
The Tax-Free Savings Account (TFSA) which was introduced this year is a great new investment vehicle. However, Canadian residents who are also US citizens or green card holders should be aware of both the US and the Canadian tax implications. [August 13, 2009] More...
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