If you have lived or worked in the U.S., you may have an Individual Retirement Account (IRA) or 401k plan. Leaving these accounts in the U.S. can be administratively challenging and you may wish to consider moving them to Canada. In certain circumstances, a person with a 401k or IRA may be able to rollover their U.S. retirement account to a Canadian…
This articles discusses the general issues around joint accounts (in all provinces except Quebec). Why Have Joint Ownership? Many people set-up joint accounts for a variety of reasons. For a married or common law couple, it could be for the day-to-day management of expenses. The account provides all parties equal access to the funds in the account to pay bills and manage…
The June edition of Business Matters is available directly from our website along with past copies as well as Tax Tips and Traps. Download Business Matters In this Edition …. Salary or Dividends The way a bonus is paid has a significant effect on corporate and personal after-tax income. You’re Hired Human rights legislation governs all hiring practices. Improve the…
If the CRA can latch on to something, they will. For most of us, the investment income we earn inside our TFSA’s are 100% tax free. However, if you are day trading inside your TFSA, the Canada Revenue Agency may come knocking. You see, under the Income Tax Act, there is a subtle but highly important distinction between a business…
If you use a car for business or your company provides a vehicle, the driving must be allocated between personal and business . This allocation is based on the total number of kilometers driven and the kilometers driven for business and the CRA requires that a log be kept. Why Track Kilometers? When we file a tax return, we must…
The 2015 1st quarter edition of tax Tips and Traps is out! In this edition: Tax ticklers - Quick points to consider Family Tax Cut - Income splitting for families with children Canada Job Grant - Government funds available Employment Expenses - Are You Eligible? Government Collection Policies - When you money other than taxes HST and Taxable Benefit - Impact on the employer…
