April 15, 2024
Published by Andy Gill at April 15, 2024
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Instead of spending it immediately, why not put that money to work? The majority of Canadians receive a refund each year, and all that means is […]
April 15, 2024
Published by Andy Gill at April 15, 2024
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Sign up for the Globe Advisor weekly newsletter for professional financial advisors on our sign-up page. Get exclusive investment industry news and insights, the week’s top headlines, […]
April 15, 2024
Published by Andy Gill at April 15, 2024
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Kim Moody: Tax reform and review needs to happen to counter the negative consequences of our tax system being tipped over Has the overall Canadian tax […]
April 6, 2024
Published by Andy Gill at April 6, 2024
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Canadians with bare trust arrangements, such as a co-signed mortgage or joint bank account, won’t be required to comply with new tax-reporting requirements for 2023. The Canada […]
March 4, 2024
Published by Andy Gill at March 4, 2024
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On February 29, 2024, Alberta Minister of Finance Nate Horner announced the 2024 Alberta Budget. The Budget aims to strengthen health care, education and communities, manage […]
January 2, 2024
Published by Andy Gill at January 2, 2024
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Have you received a gift from your employer this holiday season? Depending on what you got, and its value, that gift may be tax free, or […]
December 5, 2023
Published by Andy Gill at December 5, 2023
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$1.1B identified in carousel frauds, agency says The Canada Revenue Agency says funds were wired overseas by participants in a scheme that deprived the treasury of […]
November 30, 2023
Published by Andy Gill at November 30, 2023
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Canadians will again be able to put more into their tax-free savings accounts in 2024, according to Finance Canada. The department confirmed in a statement to […]
November 2, 2023
Published by Andy Gill at November 2, 2023
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Canadians’ tax burden isn’t actually that high. But it tilts toward income taxes levied at steep rates. Using the GST more would help Do you think […]
October 31, 2023
Published by Andy Gill at October 31, 2023
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Canadians’ tax burden isn’t actually that high. But it tilts toward income taxes levied at steep rates. Using the GST more would help Do you think […]
October 3, 2023
Published by Andy Gill at October 3, 2023
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Canadians Can Receive Financial Payments From These Federal Benefits & Credits In October he Government of Canada has a number of benefits, payments and credits that will be sent out […]
September 26, 2023
Published by Andy Gill at September 26, 2023
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What is the best place to retire in Canada, income-wise? Your after-tax income in retirement depends on the strategy you choose in drawing income from different […]
May 17, 2023
Published by Andy Gill at May 17, 2023
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How changes to Canada Pension Plan benefits affect your wallet today and retirement tomorrow Whether you’re an employee or self-employed, you are required to contribute to […]
April 27, 2023
Published by Andy Gill at April 27, 2023
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Nine ways to prevent triggering a CRA tax audit Sign up for the Globe Advisor weekly newsletter for professional financial advisors on our newsletter sign-up page. […]
April 18, 2023
Published by Andy Gill at April 18, 2023
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On March 28, 2023, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2023 – A Made-in-Canada Plan: Strong Middle Class, Affordable […]
April 17, 2023
Published by Andy Gill at April 17, 2023
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Jason Heath: Decision on when to apply for CPP becomes clearer when you think of it as an investment, not income The Canada Pension Plan (CPP) […]
April 6, 2023
Published by Andy Gill at April 6, 2023
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Amendments to Foreign Buyer Ban On Monday, the Government of Canada announced a series of amendments to the foreign buyer ban — officially called the Prohibition […]
April 6, 2023
Published by Andy Gill at April 6, 2023
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Canada’s top income earners are in for a steep hike to their tax bills under measures proposed in the 2023 budget. The government plans to tighten […]
February 10, 2023
Published by Andy Gill at February 10, 2023
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Tax season is around the corner and fraudsters are already ramping up their attacks against Canadians. Some of this year’s scams are very sophisticated-looking email links […]
February 8, 2023
Published by Andy Gill at February 8, 2023
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As tax season fast approaches, navigating this time of year is no easy feat and with new changes outlined by the Canada Revenue Agency — it can sometimes feel too […]
February 1, 2023
Published by Andy Gill at February 1, 2023
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WHY DO WE NEED IT? The company has to make sure it has enough money. To pay for things it needs like rent and payroll for […]
January 28, 2023
Published by Andy Gill at January 28, 2023
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When my kids were young, they could often give me a splitting headache. As they got older, they began to give me opportunities for splitting income […]
January 19, 2023
Published by Andy Gill at January 19, 2023
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From inflation to high interest rates and a possible recession, this year is off to a rough start for most Canadians, moneywise. But here’s a silver lining: The […]
January 19, 2023
Published by Andy Gill at January 19, 2023
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Officials say the agency has already discovered about 25,000 cases of fraudulent payments tied to identity theft, ‘a scale we haven’t seen in the past’ OTTAWA […]
November 17, 2022
Published by Andy Gill at November 17, 2022
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Follow these tips to breathe new life into your business A rapid market shift, disruptive technology, a more challenging performance target, unpredictable regulatory changes…several situations can […]
August 9, 2022
Published by Andy Gill at August 9, 2022
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From: Employment and Social Development Canada News release July 21, 2022 Gatineau, Quebec Employment and […]
August 6, 2022
Published by Andy Gill at August 6, 2022
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Jamie Golombek: Here’s what you should be doing in anticipation of the looming interest rate increase Interest rates continue to rise. As a result, this week […]
August 6, 2022
Published by Andy Gill at August 6, 2022
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Canadian real estate owners are stuck paying a buttload in penalties after trying to avoid taxes owed. New data from the Canada Revenue Agency (CRA) shows their crackdown […]
June 24, 2022
Published by Andy Gill at June 24, 2022
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Jamie Golombek: CRA can cancel penalty if it determines overcontribution a ‘reasonable error,’ withdrawn ‘without delay’ Despite the flexibility of the tax-free savings account (TFSA), from […]
June 4, 2022
Published by Andy Gill at June 4, 2022
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Jamie Golombek: With no records, the burden of proof is certainly higher as this ‘independent spirit’ from PEI found out It’s often said that cash is […]
May 26, 2022
Published by Andy Gill at May 26, 2022
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Are you a professional financial advisor? Register for Globe Advisor and then sign up for the new weekly newsletter on our newsletter sign-up page. Get exclusive investment industry news […]
May 26, 2022
Published by Andy Gill at May 26, 2022
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Almost four in 10 mortgage holders are going to receive a crash course in the economics of rising interest rates. A Calgary ‘land flipper’ was handed […]
May 18, 2022
Published by Andy Gill at May 18, 2022
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Tax Tidbits Some quick points to consider… The luxury tax affecting new vehicles and aircraft retailing for more than $100,000 and new boats over $250,000 has […]
April 25, 2022
Published by Andy Gill at April 25, 2022
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Almost four in 10 mortgage holders are going to receive a crash course in the economics of rising interest rates. A Calgary ‘land flipper’ was handed […]
April 15, 2022
Published by Andy Gill at April 15, 2022
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If your points come from either business travel or using a personal credit card to pay for business expenses, you need to be aware of the […]
April 15, 2022
Published by Andy Gill at April 15, 2022
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On April 7, 2022, the Deputy Prime Minister and Finance Minister, the HonourableChrystia Freeland, presented Budget 2022: A Plan to Grow Our Economyand Make Life More […]
April 9, 2022
Published by Andy Gill at April 9, 2022
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You might want to act now on at least one of these potential changes A Calgary ‘land flipper’ was handed a 15-month conditional sentence and a […]
April 2, 2022
Published by Andy Gill at April 2, 2022
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Editor’s note: An earlier version of this story listed an incorrect amount that the parcel of land was bought for. We regret the error. A Calgary […]
April 2, 2022
Published by Andy Gill at April 2, 2022
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Budget expected to account for new uncertainties following the Russian invasion of Ukraine The federal government will table its next annual budget on Thursday, April 7 […]
March 25, 2022
Published by Andy Gill at March 25, 2022
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Jamie Golombek: CRA’s recent crackdown on perceived abuse of the PRE has sparked a barrage of reader interest Canada Revenue Agency’s recent crackdown on perceived abuse of […]
March 21, 2022
Published by Andy Gill at March 21, 2022
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Jamie Golombek: For a property to qualify as your principal residence, four criteria must be satisfied If you sold your principal residence in 2021, you need […]
March 7, 2022
Published by Andy Gill at March 7, 2022
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Inside a little-known tax ‘loophole’ experts say is helping rich Canadians avoid millions in taxes The CRA has reassessed at least three companies, one owned by […]
February 26, 2022
Published by Andy Gill at February 26, 2022
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It’s about time for this crazy RRSP rule to change Some laws don’t make much sense. If you’re thinking of climbing a tree on municipal property […]
February 22, 2022
Published by Andy Gill at February 22, 2022
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Seven ways to get a bigger tax refund Did you know that 70 per cent of individuals get a refund? The remaining 30 per cent either […]
February 22, 2022
Published by Andy Gill at February 22, 2022
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Changing Compilation Engagement Standards As your trusted advisors we want to inform you of changes that will impact the compilation engagement(s) (informally known as a “Notice […]
February 14, 2022
Published by Andy Gill at February 14, 2022
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Start saving early and save often. I know you have already heard this before but I do think it is worth repeating, and here’s why: it […]
January 21, 2022
Published by Andy Gill at January 21, 2022
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Tax Tidbits Some quick points to consider… The annual TFSA limit for 2022 remains at $6,000. As such, if an individual has never contributed and has […]
January 2, 2022
Published by Andy Gill at January 2, 2022
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It is the second year in a row of higher-than-usual increases for CPP Aside from inflationary prices at the check-out, Canadians will see more pandemic-related hits […]
December 31, 2021
Published by Andy Gill at December 31, 2021
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Instead of giving your children a gift of cash, pay an expense for them Research has shown that when young children give a gift to someone, […]
December 14, 2021
Published by Andy Gill at December 14, 2021
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Don’t miss the deadline to file your tax return! Our 2021 income tax guide for Canadians is here to help. The year 2021 has been a […]
December 13, 2021
Published by Andy Gill at December 13, 2021
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I’m that person who makes New Year’s resolutions every year. But what if we decided to make changes to our financial situation today? Where do you […]
December 9, 2021
Published by Andy Gill at December 9, 2021
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YEAR-END TAX PLANNING December 31, 2021 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to […]
October 25, 2021
I recall years ago hearing about a teacher in New York who, by his own admission, had spent about 12 of the previous 15 years not working – […]
September 24, 2021
Published by Andy Gill at September 24, 2021
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Jamie Golombek: Court case demonstrates dangers of what can happen when an employee exercises stock options, but doesn’t sell them right away Employee stock options and […]
September 13, 2021
Published by Andy Gill at September 13, 2021
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TAXTICKLERS…somequickpointstoconsider… Access to the Canada Emergency Wage Subsidy (CEWS), Canada Emergency Rent Subsidy(CERS) and Canada Recovery Benefits has been extended to October 23, 2021. A recent […]
July 21, 2021
Published by Andy Gill at July 21, 2021
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One-time $500 payment, plus extra 10% annually for those over age of 75 in 2022 comes on top of indexation adjustment. Seniors may be in […]
April 21, 2021
Published by Andy Gill at April 21, 2021
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A. Personal Measures COVID-19 Benefit Amounts – Tax Treatment Budget 2021 proposes to allow individuals the option to claim a deduction in respect of the repayment […]
March 30, 2021
Published by Andy Gill at March 30, 2021
As the devastating economic consequences of the novel coronavirus pandemic started to emerge, the Bank of Canada hurriedly pushed through cuts to its key policy interest […]
March 30, 2021
Published by Andy Gill at March 30, 2021
Death and Taxes – Tax Planning Opportunities and Pitfalls With the Canadian demographic aging and a health crisis sweeping the globe, many individuals are reflecting on […]
March 23, 2021
Published by Andy Gill at March 23, 2021
March 23, 2021
Published by Andy Gill at March 23, 2021
HUNTSVILLE, ONT. — As the April 30 tax filing deadline rapidly approaches, it isn’t wise to think you can outsmart the Canada Revenue Agency. They know where […]
March 13, 2021
Published by Andy Gill at March 13, 2021
As the devastating economic consequences of the novel coronavirus pandemic started to emerge, the Bank of Canada hurriedly pushed through cuts to its key policy interest […]
March 1, 2021
Published by Andy Gill at March 1, 2021
Those who worked from home may get money back while those who collected benefits may get tax bill. Heads up, Canadians: Due to the COVID-19 pandemic, […]
February 13, 2021
Published by Andy Gill at February 13, 2021
HUNTSVILLE, ONT. — The clock is ticking – RRSP or TFSA – you decided, but it’s a good idea to pick one of them. It is […]
January 20, 2021
Published by Andy Gill at January 20, 2021
The maximum pensionable earnings and contribution rate for 2021 have now been released and are a surprise to many; the cost of CPP is significantly increasing. […]
January 19, 2021
Published by Andy Gill at January 19, 2021
While the normal age to begin receiving regular CPP is 65, individuals can apply to start receiving earlier at a cost, or later for a greater […]
January 16, 2021
Published by Andy Gill at January 16, 2021
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SOME 2020 YEAR-END TAX PLANNING TIPS INCLUDE: 1) Certain expenditures made by individuals by December 31, 2020 will be eligible for 2020 tax deductions […]
January 15, 2021
Published by Andy Gill at January 15, 2021
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Tax season is fast approaching and Canadians will be required to include the total amount of any aid they received from a number of government programs […]
December 17, 2020
Published by Andy Gill at December 17, 2020
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Employment Minister Carla Qualtrough said today she feels “bad” for Canadians who applied for the Canada Emergency Response Benefit thinking that they met the minimum income requirement, only to […]
November 16, 2020
Published by Andy Gill at November 16, 2020
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At the Canadian Tax Foundation’s annual conference held in late October, the Canada Revenue Agency provided a bit of good news when responding to a couple […]
August 17, 2020
Published by Andy Gill at August 17, 2020
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In an April 14, 2020 French Technical Interpretation, CRA was asked whether amounts paid to an employee for costs of equipment for working remotely would be […]
July 15, 2020
Published by Andy Gill at July 15, 2020
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There could be lost cheques, a dormant bank account or an inheritance waiting for you Strapped for cash during the COVID-19 pandemic due to the economic slowdown? […]
May 24, 2020
Published by Andy Gill at May 24, 2020
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STARTING A BUSINESS AND NOT GETTING PAID: Can I collect EI? In a January 10, 2020 Federal Court of Appeal case, the Court conducted a judicial review of […]
May 9, 2020
Published by Andy Gill at May 9, 2020
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Writer: JAMIE GOLOMBEK Tax Expert Financial Post Jamie Golombek, CPA, CA, CFP, CLU, TEP is the managing director, Tax & Estate Planning with CIBC Private Wealth […]
March 31, 2020
Published by Andy Gill at March 31, 2020
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March 20, 2020
The federal government is giving Canadians more time to file and pay their taxes this year, as a result of the COVID-19 pandemic. TORONTO — […]
March 3, 2020
Published by Andy Gill at March 3, 2020
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No, this isn’t a scam: A new ‘uncashed cheques’ feature on the Canada Revenue Agency (CRA) website has Canadians cashing in. EDMONTON — No, this isn’t […]
February 25, 2020
If you purchased a home using the Home Buyers’ Incentive or were prescribed cannabis for medical use then you may be affected by changes to Canada’s […]
February 13, 2020
RRSP March 2, 2020 is the deadline for contributing to an RRSP for the 2019 tax year. December 31 of the year you turn 71 years of age is the last day […]
February 1, 2020
Calgary widow forced to pay $270K to CRA over beneficiary oversight Donna Phillips’ patience is wearing thin as she fights to have $270,000 in tax losses […]
January 24, 2020
Published by Andy Gill at January 24, 2020
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TAX TICKLERS… some quick points to consider… The amount of income an individual can earn without paying tax (basic personal amount) will begin increasing in […]
January 23, 2020
After reading this article you’ll understand what a shareholder loan is and how to use it. You’ll also be aware of potential tax issues that can […]
January 23, 2020
2020 Tax Due Dates for Canadians A new year is here and as diligent accountants (read: nerds), we’re already planning for 2020. To get the ball […]
January 3, 2020
Written by: Sean Cooper When you look at your household budget, the amounts you’re spending on mortgage/rent, transportation and food are usually top of mind. While all […]
December 20, 2019
Published by Andy Gill at December 20, 2019
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If you’re one of the many Canadians who are approaching retirement, you have probably heard of the Old Age Security (OAS) program. While the Canada Pension Plan […]
December 20, 2019
Jamie Golombek: For one, there’s an increase to the basic personal amount Canadians can earn before facing federal income tax This week, the government announced increases […]
December 4, 2019
December 31, 2019 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these […]
November 6, 2019
‘They told me it was untaxable in 1965’ no excuse for failing to declare income, judge finds Jamie Golombek: You can rack up significant penalties and […]
November 2, 2019
Published by Andy Gill at November 2, 2019
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TAXABLE BENEFIT: Parking Pass In a June 10, 2019 Federal Court of Appeal case, the Court upheld the previous Tax Court decision which classified an employer-provided […]
September 13, 2019
Published by Andy Gill at September 13, 2019
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Should you donate personally or through your corporation? In Alberta, there is an added incentive to make donations personally, as each dollar of donations (in excess […]
September 1, 2019
Published by Andy Gill at September 1, 2019
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Did you know that a corporations can also benefit from a life insurance policy? Insurance policies can be more than just offering funds to cover funeral […]
August 20, 2019
Published by Andy Gill at August 20, 2019
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SPECIAL WORK SITE ALLOWANCE: Home Base Needed In a January 29, 2019 Technical Interpretation, CRA discussed the criteria for tax-exempt allowances for board and lodging received […]
May 18, 2019
Guidance from the Government of Canada on the new CPP regime, with a specific focus on the age to start your CPP retirement pension is now […]
April 10, 2019
Published by Andy Gill at April 10, 2019
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Professional consulting services are essential to the stability and growth of every business. The solution to your strategical challenges requires a second set of eyes from […]
March 29, 2019
TAX TICKLERS… some quick points to consider… The annual TFSA contribution limit for 2019 will be increased to $6,000 (from $5,500) due to indexation. For those […]
March 23, 2019
Published by Andy Gill at March 23, 2019
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On March 19, 2019 the Honourable Bill Morneau, Minister of Finance, presented the 2019 Federal Budget, Investing in the Middle Class, to the House of Commons. […]
March 17, 2019
Canada Revenue Agency Payment Options CRA My Payment Our top recommendation for paying any tax balance is through CRA’s “My Payment” function that allows you […]
February 19, 2019
Published by Andy Gill at February 19, 2019
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Do you ever feel you are wasting too much time handling all the invoices, recording purchases or finding that one missing transaction? Don’t you think you […]