“You don’t buy life insurance because you are going to die, but because those you love are going to live.” — Unknown author Of the four tax-free options that the Canadian tax law permits, the use of tax-exempt life insurance is one of the least known tax strategies. You’re likely familiar with the other three…
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CRA Challenges A Photographer’s Source Of Income
In a February 19, 2020 Tax Court of Canada case (Hurwitz vs. H.M.Q., 2018-406(IT)I), at issue was whether the taxpayer (H) had a source of income in respect of his abstract photography endeavor. For the two years in question (2013 and 2014), H earned gross income of $5,000 and $10,000 but had net losses of…
Hand In Hand – How To Multiply Your Impact And Tax Savings With The Creative Use Of Life Insurance
As we approach the season of generosity, it is common for most people to dip more into their pockets to support their favorite charities this coming Holiday season. Some will be playing catch up on their annual charitable donations while others will be looking to go far above their usual annual donations. As is typical,…
What you need to do to stay ahead now that tax season is over
For most Canadians and particularly for accountants and tax practitioners, the end of tax season comes with a lot of relief…relief from all the long hours of compiling financial information and filing of tax returns. However, in the midst of the relief, we often forget to take time to consider important planning tips to save…
Self-Employment: Is It For You?
Quite often, we run into a lot of people who want to become self-employed for a number of reasons ranging from just being tired of working for someone else, job loss from downsizing or those simply sick of office politics. Whatever your reason, the big question is: Should you? Is Self-Employment for you? I recently…
PERSONAL TAXES: ARE YOU READY?
First, we want to thank you for entrusting our team with the completion of your personal tax returns and we look forward to assisting you again this year. For those that have not filed their taxes yet, be reminded that the tax filing deadline is April 30, 2018. As you file your taxes this season,…
The Story of Ralston and Doreen – Small Business Owners, Collateral Damage?
Summer has drawn to a close, the children are settling down in school and university, and Ralston and Doreen are preparing to implement the new menus in the restaurant for the last four months of the year, to ensure that they meet the sales and profit targets set at the beginning of the year. Doreen…
8 REASONS YOU’RE HAVING A TOUGH TIME WITH THE TAXMAN
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…
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…
