Tax Alerts

Articles included: TAXATION - For the Record, MANAGEMENT- Looking Beyond Disability, MANAGEMENT- Value Billing, TECHNOLOGY - Projecting Your Image

Articles included: MANAGEMENT - New WSIB Rules for Workplace Stress, TAXATION - Registered Retirement Savings Plans, TECHNOLOGY - WhatsApp, Doc? , MANAGEMENT- Financial Statements for Your External CPA

Articles included: INVESTMENT - Investing for Retirement, TAXATION - Small Business and the CRA, TECHNOLOGY - Using Technology for Gain , MANAGEMENT- Jet Lag

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

Virtually no one looks forward to dealing with the need to file a tax return each spring, and while some of that reluctance is undoubtedly due to the complexity of our tax system, there’s another factor at work.

Many (even most) taxpayers don’t know, until they have actually completed their return for the year, whether additional taxes will be owed. And, no matter what the taxpayer’s financial circumstances, finding out that money is owed to the tax authorities is bad news.

The reach of Canada’s system is broad – residents of Canada are taxed on their world-wide income, and the income or capital amounts that escape the Canadian tax net are few and far between.

One of the most significant of those exceptions, particularly for individual Canadian taxpayers, is the “principal residence exemption”. Plainly put, when a Canadian taxpayer sells his or her home, the proceeds of sale are not included in his or her income for the year (and therefore not taxed), no matter how much that home has appreciated in value since it was acquired. And, of course, given the real estate market conditions that have prevailed in recent years, especially in some urban centers, the difference between the original cost of the family home and its later sale price can be very substantial.

While everyone knows that the best results are obtained when tax and financial planning take place on an ongoing basis, the reality is that most Canadians focus on their tax situation only once a year, at tax filing time. And the harsher reality is that, by then, the opportunity to take steps which will make a significant difference in one’s tax liability for 2017 is lost.

The rules surrounding income tax are complicated and it can seem that for every rule there is an equal number of exceptions or qualifications. There is, however, one rule which applies to every individual taxpayer in Canada, regardless of location, income, or circumstances. That rule is that income tax owed for a year must be paid, in full, on or before April 30 of the following year. This year, that means that individual income taxes owed for 2017 must be remitted to the Canada Revenue Agency (CRA) on or before Monday, April 30, 2018. No exceptions and, absent extraordinary circumstances, no extensions.

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

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