Tax Alerts

Articles included: TAXATION - Changes to Income Tax Rules for 2017, MANAGEMENT - The High Cost of Low Interest Rates, MANAGEMENT - Pricing Your Product or Service , TECHNOLOGY- The Heat is On

Articles included: MANAGEMENT - Cannabis 101, MANAGEMENT - The Five Finger DiscountTAXATION - The Tax Refund Myth, TECHNOLOGY- Connecting for Profit 

Articles included: TAXATION - Consider the Taxes, MONEY SAVER - Rising Interest Rates, MANAGEMENT - Top Challenges, TECHNOLOGY - Password Management

Articles included: TAXATION - Income Tax Filling Alert, TECHNOLOGY - Road Warriors, MANAGEMENT - Motivation, MANAGEMENT - Face to Face

Articles included: TAXATION - Available for Use, TECHNOLOGY - It’s a Bird, It’s a Plane…No…It’s 3D XPoint Technology, MONEYSAVER - Penny-Pinching Pays, Management - Life Is a Gamble

Articles included: MONEYSAVER - Consider 2017, TECHNOLOGY - Technology for Seniors, TAXATION - Corporate Year End, TRADEMARKS - Trademarks for Your Business 

Articles included: MANAGEMENT - Where Am I Headed?, TAXATION - For the Record, HEALTH AND SAFETY - Tech Stress...It's a Pain,  TECHNOLOGY - You Need One of These

Articles included: TAXATION - Tax Planning for 2016, TECHNOLOGY - Business Apps You Must Have, MANAGEMENT— Workplace Literacy, MANAGEMENT - Protecting Your Future

Articles included: TECHNOLOGY - Security Cameras, MANAGEMENT - If Tomorrow Never Comes, TAXATION - Registered Disability Saving Plan (RDSP), MONEYSAVER— MedicAlert Bracelets 

Articles included: INCORPORATION— Let's Incorporate, TAXATION -Crowdfunding, MANAGEMENT - I Hear You, TECHNOLOGY - Dashcams

Articles included: PERSONAL FINANCE — Happy New Year, TECHNOLOGY - Marshmallow, Anyone? , TAXATION -Tax Benefits for the Self-Employed , MONEYSAVER- I Am So Tired

A note of appreciation

Articles from 2006 to 2015 can be viewed in the archive

Two quarterly newsletters have beed—one dealing with personal issues, and one dealing with corporate issues.

Sometime around the middle of August, millions of Canadians will receive unexpected mail from the Canada Revenue Agency (CRA), and that mail will contain unfamiliar and unwelcome news. Specifically, the enclosed form will advise the recipient that, in the view of the CRA, he or she should make instalment payments of income tax on September 15 and December 15th of this year – and will helpfully identify the amounts which should be paid on each date.

The traditional idea of retirement – working full-time until age 65 and then leaving the workforce completely to live on government-sponsored and private sources of retirement income – has undergone a lot of changes over the past couple of decades, and Canada’s government-sponsored retirement income system has evolved in response. Generally, the changes to the Canada Pension Plan (CPP) and Old Age Security (OAS) programs have increased the flexibility of those programs and, in particular, have given individuals a greater range of choices with respect to, especially, the timing of their receipt of CPP and OAS.

While Canadians typically think of taxes only in the spring when the annual return must be filed, taxes are a year-round business for the Canada Revenue Agency (CRA). The CRA is busy processing and issuing Notices of Assessment for individual tax returns during the February to June filing season. To date, in 2017, the CRA has received and processed just under 28 million individual income tax returns. That volume of returns and the CRA’s self-imposed processing turnaround goals (two to six weeks, depending on the filing method) mean that the CRA cannot possibly do an in-depth review of each return filed prior to issuing the Notice of Assessment.

The Bank of Canada’s recent decision to raise interest rates generated a lot of media attention, for the most part because while the increase itself was only one quarter of a percentage point, it was the first move made by the Bank of Canada to increase rates in the past seven years. Much of the media coverage of the rate change centered around the effect that change might or might not have on the current real estate market. One of the issues under discussion was whether this or future increases in interest rates (and therefore mortgage rates) would act as a barrier to those seeking to get into the housing market. And a phrase that was prominent in that discussion — the mortgage financing “stress test” — is likely one that is unfamiliar to most Canadians, even those who are affected by it.

Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues.