Highlights:
Tax Ticklers
The Underground Economy: CRA Highlights High-Risk Industries
Employee Benefits: Tax Efficient Compensation
Farms – Sales of Land and Related Rights: Business Income or Capital Gain?
Leasehold Improvements on Building Owned by Shareholders: Is there a Taxable Benefit?
Donating Items Rather Than Cash: A Valuation Concern
Executors for Americans: Watch Out!
Benefits Finder – Service Canada: Additional Support may be available
Highlights:
Tax Ticklers
Owner-Managed Business Transitions: Planning in Advance
Loans for Value
Day Trading in an RRSP, RRIF or TFSA
Family Tax Cut
Foreign Reporting
U.S. Persons in Canada
GST/HST Collected in Error on Naturopathic Services
Direct Deposit
Tax Scams
Get Cybersafe
The Government has proposed new rules regarding the payment of inter-corporate dividends for inclusion in the Income Tax Act. These rules will restrict the amount of dividends that can be paid by one company to another without paying Income Tax under Part I of the Act. More care is now required in planning for the payment of inter-corporate dividends.
Highlights:
Family Tax Cut
Canada Job Grant
Disability Tax Credit
Employment Expenses
Government Collection Policies
Gift Taxing Shelter
GST/HST and Taxable Benefits
Resource for Americans Abroad
Federal Not-For-Profit Corporations Act
Distributing Estate Property
The T4 tax reporting forms for employees must be filed with the Canada Revenue Agency by the end of February to avoid penalties for late filing. T5 forms reporting dividends, interest and other applicable income must also be filed by the end of February.
The Canadian Snowbird Association has information on US Tax Forms at the following location:
Please review the attached tips and traps for year end tax planning. Please contact our office to discuss any items and their applicability to your personal situation.
2014 Personal Income Tax Return Checklist
Highlights:
The attached summary highlights in general terms the advantage of an individual taxpayer donating a security to charity that has a significant accrued capital gain. In order to take advantage of the special treatment certain qualifying criteria must be met. Readers considering pursuing these types of donations should consult with their professional advisor.
