Income Tax Advice
Skyrocketing housing prices in the GTA and Vancouver have been all over the news with record-setting sales difficult to ignore. Over the years, the government has tried a few different strategies to try and calm the market but to no avail. Last week the federal government tried again. Currently, when a person sells their principal … Continued
A client (Canadian resident) recently asked whether he was required to complete tax form T1135 for a condo purchased in Florida for CAD$125,000 equivalent. The simple answer – it depends! Form T1135 is used for foreign income verification and is to be completed if the cost to the taxpayer of specified foreign property was more … Continued
Remember those trading cards that you had so much fun collecting? It might be time to dig those out of storage. A Wayne Gretzky rookie card was recently sold for a record-breaking $475,000. Before you cash out though, make sure you are aware of the capital gains tax consequences associated with selling your collector items!
It is that time of year again when phone calls and emails that appear to come from CRA are common. They can look and sound convincing. Scammers often send an email or call to lure victims to give up their personal and financial information. The crooks then use this information to commit identity theft or steal … Continued
What You Can Do to Prepare for Promised 2016 Increase in Income Tax The new federal Liberal government has announced its intention to increase personal income tax rates by 4% on income earned in excess of $200,000 starting in 2016. Assuming this rate increase will come into effect as of January 1, 2016 and the … Continued
A new mobile app launched by the Canada Revenue Agency (CRA) promises to provide easy and secure access for taxpayers to access data and view personal information such as: Taxes, assessments and return status RRSPs and TFSAs Benefit and credit payment dates Tax directories and other resources Information from the app MyCRA will be available … Continued
Do you plan to take advantage of RRSP contributions for the 2014 tax year?
Charitable donations make all sorts of sense: they support worthy causes, donors can be eligible for tax write-offs and let’s face it, helping others makes us feel good.
You would expect an accounting firm to encourage the paying of taxes in a timely manner, but really, it just makes good financial sense to avoid paying interest on outstanding monetary obligations. SB Partners can help if you need assistance in planning for your tax payments.
As seen by the major flooding in Alberta last summer, natural disasters can escalate quickly. During these events, filing deadlines are put on the back burner and personal safety takes priority.