At GMS, we have found that many of the difficult interactions with CRA can be avoided by a simple shift in how we approach them. The top 8 reasons that cause this strained/difficult relationship are highlighted below. We have included suggestions on how to avoid or get out of these situations, if you have…
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TOP 13 WAYS THAT THE 2017 FEDERAL BUDGET IMPACTS YOU
Caregiver tax credit now consolidated. Dependant does not have to live with you in order for you to claim this credit. Credit can no longer be claimed for seniors who are not sick, and who reside with their adult children. Elimination or modification of some tax credits – loss of public transit amount (July 2017),…
BEWARE! YOU MAY BE PAYING TAXES ON SALE OF YOUR PRINCIPAL RESIDENCE
On October 3, 2016, the Government announced an administrative change to Canada Revenue Agency’s reporting requirements for the sale of a principal residence. A principal residence is considered your primary home of residence, a home that is ordinarily inhabited by the taxpayer or by his or her spouse or common-law partner, former spouse or common-law…
THE PURPOSE DRIVEN BUSINESS: WHY IT IS IMPORTANT TO COMMUNICATE WHY YOU DO
In today’s world of economic turmoil, I believe that the key to building up Canada’s economy is by strengthening Canadian businesses. Over 69.7% of the Canadian private labour force in 2012 worked for small businesses, start-ups and professional businesses. Small businesses are therefore the backbone of our economy and create the added benefit of strengthening…
INCORPORATING YOUR BUSINESS
As a business owner, you’re likely to face the decision of whether to incorporate once your business becomes successful. You’ll need to base your decision on a number of factors, both commercial and tax related. Incorporation can bring a number of commercial benefits, such as: The potential for liability is limited to assets owned by…
7 BUSINESS TRUTHS NOT TAUGHT ANYWHERE BUT ESSENTIAL FOR SUCCESS
A few years ago, my firm hosted a special event for our business clients and other close business associates. Our special guest, Nick Karadza of Rock Star Real Estate shared some insights that are essential for business success. Here is a summary of the points shared by Nick that still hold true today: It’s about…
CLARITY IS CRITICAL! WITHOUT IT, YOU WILL FAIL TO REACH YOUR GOALS
My goal is to retire at age 55. For a long time, I’ve had this retirement age in mind. I’m 45 now and only have 10 years left to achieve my retirement goals. Like most people, I’ve always had a vague picture of what I want my retirement to look like – sufficient passive income…
HOW PREPARED ARE YOU?
Following the increase in activities in the Canadian real estate market over the last couple of years, the CRA currently has a significant audit initiative underway that will impact taxpayers buying and selling real estate. The initiative is aimed at challenging various positions taken by individuals on tax returns and forms filed with the government….
WILL YOU BENEFIT FROM THE LIBERAL TAX PLAN IN 2016 AND IN THE YEARS AHEAD?
This year, most of us will have more money in our pockets…thanks to the Liberal government’s tax cut. As some of you may already know, the Prime Minister wasted no time in implementing his campaign promise to reduce the rate for the middle-income bracket (income between $45,282 to $90,563) from 22 percent to 20.5 percent….
FIVE MISTAKES THAT TAX-FILING PROCRASTINATORS MAKE
Following the Heartbleed bug that shut down the CRA online filing system for a couple of days, the tax-filing deadline extended from April 30 to May 5. As a result of this extension, many will be using this final weekend to file. If you’re among these procrastinators, be careful to avoid any errors in the…
