Tax Alerts

Why Estate Planners should not Coach Football Teams (or why Ottawa would have lost the Grey Cup if their coach was an estate planner). 3 Tips.

It is overtime in the championship Grey Cup game between Ottawa and Calgary. The score is 33-33. Burris, the Ottawa Quarterback and the oldest Quarterback to have ever started a Grey Cup, throws the ball to an open Ernest Jackson. Everyone pauses as Ernest bobbles the ball in his hands. Is it going to be caught? Will Ottawa win the 2016 Grey Cup? Ernest catches it! He catches it! Ottawa Wins! Ottawa Wins!

Doctors! Should you incorporate?

When Adam came in to my office I could see the sweat forming on his forehead. He was finishing residency soon and his wife Amanda was 20 weeks pregnant and they were getting ready to enter a new life chapter. He was no longer going to be a student but now a main breadwinner and a father. After talking about the upcoming baby and me showing some photos of my two kids we got in to how life will be changing when he ends residency and starts his staff position. Having maxed out his RBC line of credit ($250,000) he wants to start planning for the future.

Liberal Tax Rate Changes Announced

LIBERAL TAX CHANGES ANNOUNCED

Today the Liberals revealed the details on its ‘Tax Cut to Strengthen the Middle Class’ by reducing the federal tax bracket from 22% to 20.5% on incomes between $45,282 and $90,563 for the 2016 year. Those with incomes over $200,000 will pay more tax at a federal rate of 33%. Anyone with ordinary income over $45,282 and under $216,000 will benefit from this tax reduction.

Hear are some points to be aware of.

4 Common Tax Traps for Private Companies

The following are some of the common traps for small businesses:

Trap #1 - Employees receive incentive prizes from company’s vendor.

Giving to U.S. Charities & the Canada-U.S. Tax Treaty... not a simple process

Giving to U.S. Charities & the Canada-U.S. Tax Treaty... not a simple process

U.S. citizens/residents/greencard holders filing a U.S. Tax Return

Charitable contributions made are not always deductible in the year they are incurred.  Unlike Canada, which issues a non-refundable tax credit based on the value of the donation, the U.S. has a systematic process for determining if donations are deductible and if any additional forms are required.

Step 1 – standard vs. itemized deductions

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