Tax Strategies

Receipts, records at tax time

We’re about to enter tax season. Not only will clients be calling with tax return preparation questions, but now is also a good time to get a head start on your own tax return by gathering documentation, slips and other records needed to substantiate your own business expenses. A recent tax case (St-Onge v The […]

By Jamie Golombek |February 8, 2011

4 min read

Beware those missing tax slips

Tax slips — whether T4s for employment income, T3s for trust distributions or T5s for investment income — are the CRA’s way of ensuring taxpayers don’t forget to report all their income under Canada’s self-assessment tax system.

By Jamie Golombek |January 28, 2011

3 min read

Home Buyers’ Plan troubles

The Home Buyers’ Plan (HBP) allows first-time home buyers to withdraw up to $25,000 from their RRSPs to assist them with the purchase of a home. The funds need to be paid back over a 15-year period. If payment is missed in a particular year, the amount not repaid must be included in the participant’s income for that year.

January 1, 2011

4 min read

The new CPP changes

January 1, 2011 will see the first of a number of changes impacting how clients (and advisors) incorporate Canada Pension Plan (“CPP”) retirement benefits into their financial plans. These changes will become effective between 2011 and 2016. Clients who are thinking about retirement need to be informed of the new rules. The benefits will differ depending on client age and earnings history, as well as their ability or desire to work past the age of 60.

By Carol Bezaire |December 7, 2010

4 min read