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INSIGHTS, NEWS & EVENTS

Our team is always up to something. Read our latest insights, news and updates here.

Tax Implications on U.S. Property Purchases

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

Family Trusts

Introducing a family trust as part of a corporate structure may offer huge benefits but its merits should be evaluated on a case-by-case basis.

Help! I’m Being Audited by CRA

Receiving the ‘T1 Processing Review’ notice may make you feel like you are being audited but in reality, this is a common practice.

Childhood Treasures - A Heads Up on Capital Gains

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!

Having Your Cottage Owned by a Family Trust Has its Benefits

A tax question I am often asked, especially when thoughts turn to summer activities, whether one’s cottage should be owned by a family trust.

First-Time Home Buyer Tax Credit (HBTC)

Are you a first-time home buyer? Did you know you can claim an amount of $5,000 for the purchase of a qualifying home acquired in 2015?

To be eligible for the Home Buyer’s Tax Credit (HBTC) you must meet the following criteria…

Small Business Job Credit

Receiving money from CRA and don’t know why? If you are a business owner that has recently received a cheque from the Receiver General, do not be alarmed.

Think Twice Before Inter-Corporate Dividends!

Accountants and the tax community are slowly gaining increased clarity from Canada Revenue Agency (“CRA”) regarding very significant, complex, unfavorable tax changes proposed during the 2015 year which have widespread impact to private corporations that move funds, as dividends, within a corporate group, among other things. Historically, dividends have usually been received by Canadian corporations … Continued

Beware of Fraudsters Representing Themselves as the Canada Revenue Agency (CRA)

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

Tax-Free Savings Account Contribution Limit 2016

Over the years, many Canadians have opened a Tax-Free Savings Account or “TFSA” to take advantage of the significant tax benefit of those plans. TFSA’s started in 2009 and allowed Canadians who were 18 years of age or older to contribute funds to the TFSA. Any investment income earned on the funds in the TFSA … Continued